$CONET and $cCONET
CoNET Network is a fully open-source project driven by the community, adhering to the principles of Bitcoin. CoNET Network is deploying two different tokens $CONET and $cCONET , they will have different utilities. The total supply of $CONET is 1 billion.
Utilities & Economy
Utilities
The CoNET economy includes two tokens: $CONET and $cCONET. $CONET is built on a chain to be announced and $cCONET is built on CoNET Network. The only way to mint $cCONET is to burn your $CONET. $cCONET acts as the central currency of the CoNET Network
$CONET can be : Tradable on exchanges Converted to $cCoNET via burn and vice versa via burn and mint mechanism
$cCONET is used for Dapp transactions Users accessing dApps on the CoNET network pay fees to gain a decentralised, zero-trust, secure, and reliable open network communication experience provided by the underlying protocol
$cCONET is used for protocol governance.# The development of the CoNET protocol is driven and managed by a decentralised community
$cCONET is used for mining In the initial phase, a dual proof-of-time and proof-of-bandwidth mechanism is implemented to establish community engagement and attract more participants
$cCONET is used for staking Users will be able to stake to receive rewards and to partake in governance
$cCONET is used as a reward mechanism The $cCONET token will be used to reward ecosystem participants to drive demand.
Token Utility
# | TOKEN UTILITY | ECONOMIC OUTCOME |
1 | Conversion to $cCoNET | Injection |
2 | Dapp transactions | Injection |
3 | Governance | Injection |
4 | Staking | Injection & Sink |
5 | Mining | Injection & Sink |
6. | Reward mechanism | Sink |
Economy
Actors:
PU - Protocol Users
M – Miners
RN – Relay Nodes
S - Stakers
CN - Conet Network
Ex – Exchange
Economy Flow
Phase 1
Phase 1 begins with no tradeable token and CNTP Points. It consists of a Miners Pool, a referral program and a community incentive programme. The goal of phase 1 is to onboard users to the CoNET Ecosystem.
PU can purchase a guardian node and receive CNTP Points as a reward
Phase 2
Phase 2 begins with CNTP points being converted to $CONET tokens. For more info on the conversion from CNTP to $CONET tokens please see the economic policy section of the token paper.
The economy in phase 2 consists of the following flow : PU purchase $CONETon a Dex or Cex.Y PU burn their $CONET to receive $cCoNET via the Conet native bridge and vice versa to change their $cCoNET to $CONET I= PU use $cCoNET for Dapp transactions on the Conet Network to pay for services.
Miners
M lock up their $cCoNET to purchase Guardian nodes to take part in mining. In return they receive $cCoNET as a reward.
Relay Node
Relay Node Participants register, act as relay nodes, and connect to the CoNET network to prove the online time of their devices.
Stakers
S can stake $cCONET to boost their mining rewards and to receive $cCONET rewards.
AlK
M, S, and PU all receive access to take part in governance on the CoNET network and ecosystem.
Token Distribution TBA
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