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Synthetic PoW Mining Index formula #9
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Please verify whether the difficulty coefficient is 2^32 for the denominator of the Ethereum Mining Index as well. |
After talking with the member from Market Protocol, I propose the index candidate 4: Candidate 4This candidate makes the index equal to the math expectation of 100P/s (100,000T/s) Hashrate mining revenue in 1 day. This candidate has the same formula with candidate 1, but use the parameters below:
Today's difficulyt is 9.06T, and the index is 2.774. Use 100P/s rather than 10T/s of candidate 1 is because:
Contract Size 1 WBTC per index point. 0.001 index point per contract token.
Pros
Cons
|
Candidate 5:This candidate makes the index equal to average daily bitcoins mined by 1T/s hashrate over the last N days Same as the previous candidate, this index is only related to the reciprocal of mining difficulty. Rather than one difficulty number in the previews formulas, this index uses last n difficulty numbers. The formula is below:
As the difficulty ajust every 2016 blocks, which is roughly 14 days, the N of index is set to be a multiple of 14. Examples
Contract Size
Pros
Cons
|
Candidate 5 is accepted by governance meeting July 14th 2019. |
Background
A basic principle that has been agreed upon is that the index is only related to the reciprocal of mining difficulty.
As a result, the form of Bitcoin Hashrate Contract Index is something like:
The discussion of the index converges to the discussion of Constant.
Candidate 1
The first index candidate makes the index equal to the math expectation of 10T/s Hashrate mining revenue in 14 days.
Let Constant as below:
Contract Size
1 WBTC per index point.
Pros
Cons
Candidate 2
The simplest index. Let Constant be 1, which leads to the index as below:
Contract Size
1 WBTC per index point. 1012(1T) index point per contract.
For now (2019/07/07), the difficulty is about 7.9T, so it is 0.126WBTC per contract.
Pros
Cons
Candidate 3
Combine candidate 1 and 2.
Use index from the candidate 2:
Contract Size
1 WBTC per index point. Constant index point per contract.
Pros
Cons
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