Apron Network Token Economy and Token Utility
Apron network is a decentralized platform for dApp users, dApp developers, and operators to provide infrastructure service. It is built on Substrate and it can operate as a parachain on Kusama/Polkadot. Apron Network provides node service, on-chain data indexing service, random numbers and price feed. It can also be described as “Apron = Api3 + Infura + Graph”.
As the foundation of Web 3.0, the Apron Network would become the new gateway to Web 3.0 by ensuring the freedom of individual choice, making the Web3.0 world accessible to any participant.
Introducing Apron Network Token Utility
APN is the native utility token of Apron Network. The service provider earn APN as a reward for what they provide to the Network. The APN holder reward algorithm introduces difficulty adjustment and reward attenuation mechanism to reflect the real demand and therefore maintain the long-term stability of the system. The service call may charge a certain amount of gas fee and service fee. While the gas fee will be charged automatically depending on the current network usage, it is the service provider who sets what amount to charge for the service fee, therefore anchors the intrinsic value of the APN token. Part of the fee collected will be burnt after the deal is finalized to ensure the stability of APN token value.
APN is introduced mainly in the following scenarios:
Service Assurance: node providers need to stake APN as the service assurance fee. When node service incurred a bad behavior, the service assurance fees may be confiscated depending on the result of arbitration. Service nodes will also receive proportional rewards relative to the staking condition and service duration.
Service Usage：DApp developers need to pay a certain amount of APN as the service fee in order to use the existing services in the Apron marketplace.
Community Governance: Apron DAO is the organization of governance of the Apron Network. Only by holding APN can one participate in community governance on Apron Network through voting to make decisions regarding protocol upgrade etc.
Apron Network will implement the service reward mining mechanism to better motivate the early participants. The reward will be decided by three dimensions: time, service quality and staking proportion. The service provider can apply to open staking portal to its supporters. After the staking portal is opened, the APN holder can stake for the service provider, in turn receiving a share of the service fee based on the proportion their staking takes up in the pool. The supporters will also be vouching for the service provider, and the tokens staked by them will be forfeited if the service provider behaves wrongfully.
The incentive attenuation of APN is not a radical design. Initial-stage miners and early APN holders enjoy an absolute contribution-rewards ratio while contributing to the future development of the Apron Network.
Apron Network token details
Token name: Apron
Token ticker: APN
Max supply: 1 billion APN
Seed round and Private round token sale
Out of the 600M tokens, a total of 150M tokens(max of supply 15%) will be sold on the seed and private sale round
Seed sale(closed):
Tokens sold: 60M Token price: $0.005
25% unlock upon listing, followed by daily unlock of all the remaining tokens in 12 months.
1st round Private sale(ongoing):
Tokens sale: 60M Token price: $0.015
30% unlock upon listing, followed by daily unlock of all the remaining tokens in 12 months.
2nd round Private sale(unstarted) (a part of tokens for communities)
Tokens sale: 30M Token price: $0.02
30% unlock upon listing, followed by daily unlock of all the remaining tokens in 12 months.
Team Allocation
50M of tokens(max 5% of supply) will be distributed among founders, team members, etc.
These tokens have a lock-in of 6 months from listing and will distribute 15% every 6 months.
Ecosystem Construction
170M of tokens(max 17% of supply) will be held by foundation, unlock when needed.
Consultant
30M of tokens(max 3% of supply) will be distributed to advisors.
25% unlock upon listing, followed by daily unlock of all the remaining tokens within 12 months.
Mining
600M(max 60% of supply) will be distributed to miners. Linear release based on mining time and number of nodes.
Initial Circulating Supply
The initial circulating supply will be around 42M. The breakdown will be as follows:
25% of Seed sale tokens: 15M
30% of 1st round of Private Sale tokens: 18M
30% of 2nd round of Private sale tokens: 9M
Follow us:
Twitter: https://twitter.com/apronofficial1
Github: https://github.com/apron-network
Telegram: https://t.me/ApronNetwork
Discord: https://discord.gg/Bu6HzJP2YY
Website: https://apron.network
