UT Token Economics Model
The Utility network token has a complete and ma- ture economic system model. According to the plan, th model is separated into four Age periods:Talos Age, Vajra Age, Golem Age, and Maria Age. These are described in detail below.
Talos Age
Until the release of this whitepaper, the Utility net- work environment is in the first Talos Age, during which UtilityNet coins(UNT) are issued, the Public Chain Foundation is established, and the commu- nity and public chain are in the development phase. During this phase, the first internal test will be launched, and the incentive model will be tested based on BEP20 (Binance Smart Chain, BSC). Par- ticipants transact through a decentralized network and then update the network state by writing and processing messages in their blocks. Running trans- fers of data and messages consumes computing and storage resources on the network. Accordingly, the GAS fee consumed is BNB. The internal testing phase also requires a certain amount of UNC to be filled as fuel (Fuel) to be burned for mining. The planned fuel will be burned in 200 days, and 5% of the total amount burned each day will go into the project foundation wallet as operation and technology development funds. The production of UNC coins mined will be released directly, without locked positions. The production will be based on every 200 days as a mining cycle, with each cycle reducing production by 5%, and it is expected to be able to produce 9.7 billion pieces in 90 cycles. The initial cycle yield is set at 500 million coins, with 2.5 million coins produced per day. The details are shown in the following table:
Based on this output rule, Utility expects a minting limit of 10 billion UNC, which is the token for Utility network. Finally UNC will be burned at 95% of the total amount, with the total amount deflated to 500 million. UNC will be allocated to UtilityNet miners as mining rewards for provid- ing AI computation, blockchain maintenance, data distribution, running contracts, and other services. These rewards will support multiple types of min- ing in the future.
Vajra Age
In the second epoch, the Vajra Age, the test network UT Testnet will be deployed online and an early incentive program will be announced. Computation miners are the only group of miners that will be rewarded when the network goes online, and it is the earliest group of miners that is also responsible for maintaining the core functions of the protocol. The purpose of the incentive program is to reward these early miners to achieve a rapid build-up of computational power.
Golem Age
Significant events in the third Golem Age includes the deployment of the UT mainnet to be pushed online, the mapping of testnet UNC token to the mainnet UNC token and it is the unfolding of the era of decentralized computation for artificial in- telligence. A complete UNT ecological network is officially established.
Maria Age
In the Maria Age, the fourth epoch, the largest man-made parametric models are trained and run in the UNT network. A powerful UNT ecological network continues to grow and enlarge the scale of AI training, building models with trillions of parameters and super trillions of computational networks.
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