Thanks for the reply!
Did you refer to the old docs or the Beta MVP on website?
Please refer to the newest whitepaper draft at the end of first post – tokenomics is stil being discussed internally with the help of experts on this matter.
The underlying reason of the energy token is that energy cost can be a significant percentage of the mining reward itself, and we had a bunch of investors insights that wants to get their full reward in BTC and paying their energy cost upfront to maximize their capital gain.
But yes you’re right, LET is an unnecessary additional step so we will use stablecoin instead since the cost will be paid in $. Also, The Trove (mining contract) will automatically convert necessary amount of BTC mining reward to pay the energy cost if there’s no “reserve” in the “trove battery” which then paid every day to miners.
Will be using existing canister for the first version, but I think eventually we will host our own full node when we create our own mining pool (still long way though)
The objective is full decentralization without any central entity, but we still working on the structure.
We are inspired by Liquity model – democratizing front-end operators on demand side to achieve full decentralization and censorship resistance.
The idea here is that FE ops can be anyone, and also can add additional layer like on-ramp payment, autoswap from their own currency/token, and manage the legal side if they need to comply to certain jurisdiction.
Not yet, but we aim to have interoperability with any possible network, one of the reasons why we’re building on ICP. Thanks for the info on UMA – will dig on that.
Thank you!