Overview
The operation of the protocol has been designed to optimise for:
- Onchain transparency, value flows, and activity.
- Computation and accounting handled via relayer smart contracts.
- A clear & simple pricing model.
By structuring a set of System Variables we create a flexible economic system that is flexible to real world demand and complex pricing scenarios to allow all protocol revenue to exist on-chain.
Supply
The OPN token was migrated previously from OPN which was originally minted during an initial ICO crowdsale in 2017, allocated to a number of partitions (public, user growth fund, stability fund, team, and bounty).
The OPN token has a total and circulating supply of 22,926,928,000 OPN.
Demand
OPN Fuels the Ecosystem
OPN is the fuel for each and every ticket processed through the OPEN Ticketing Ecosystem.
The economics of OPN have been designed to ensure that there is on-chain transparency of value flows and activity whilst providing a clear and simple pricing model for ticketing integrators of OPEN.
The amount of OPN required per ticket varies depending on three factors:
- The price of the ticket.
- The products consumed (defining the rate charged).
- The price of OPN in USD at the time of top up.
All accounting on-chain is managed in USD to protect integrators against volatility of OPN. This means that the amount of OPN needed is reflexive to it's USD price; when prices are low then more will be required, and when prices are high less will be needed. Upon each top-up the price of OPN is fixed per-integrator account so that a reduction in price does not result in lower than expected service-paid.
Glossary
Before getting started, there are a number of concepts worth orienting on as these will continue to be referenced throughout the documentation. These will be covered in more depth in upcoming sections.
| Term | Meaning |
|---|---|
| Interactions | Any event or change of on an NFT ticket, modifying its history or properties. E.g. 'sold', 'resold', 'scanned' |
| Integrator | A user of the protocol. Other than their config the protocol makes no distinction between users, Whether an existing ticketing company, or a partner using of our white-label product, both are integrators. |
| Relayer | The address assigned to an integrator to propagate transactions to the network. Always unique to each integrator but managed by the Ticket Engine API. |
| Available Fuel | The pre-funded OPN balance used by an integrator to fund blockchain interations. OPN is topped up through the Integrator Dashboard. |
| Reserved Fuel | Deducted from available fuel at the time of minting a ticket. This holds a reserved balance within the system until the ticket is checked-in or invalidated. |
| Spent Fuel | The fuel ready to be sent to the collection addresses. This is funded using the reserved fuel when a ticket completes its lifecycle. Can be collected using FuelDistributor.collect() |
| Spent Fuel Destinations | The assigned destination addresses that the spent fuel can be distributed to. |
Updated 3 months ago