SOV can best be described as a decentralized peer-to-peer digital asset with a variable deflation model, able to transact in high enough volumes for global adoption. This is made possible with the AntelopeIO/Leap protocol and its ability to transact in the 1000s per second and scale infinitely.
SOV is also the in-game currency of a newly launched game called SOV INVADERS. This is a persistent open-world real-time strategy (RTS) game that is designed to offer an engaging experience to gamers. What sets SOV INVADERS apart from other games in its category is that it blends NFTs (non-fungible tokens) and AMMs (automated market makers) to create a dynamic, liquid economy.
SOV’s deflation is coded to a variable schedule with 3 phases / 21 stages. This was done to incentivize SOV accumulation, saving, and usage. Every time SOV is transferred to another account, a % of the transfer will be burned. The burn rate starts very low but rises quickly and peaks at 1.25% before decreasing to 0%. The starting supply is 1 billion, and the final supply will be 21 million, the same final supply as BTC. Though equal in final supply, SOV arrives at this final amount via deflation instead of inflation and uses an entirely separate consensus mechanism (DPoS via EOS). It is a completely different type of asset/tool.
SOV’s deflation is also supplemented via burning unclaimed SOV. This will be done at a rate of 7.5 million per week. This will continue until the supply in the SOV contract account is all claimed or burned.
SOV’s distribution is designed to be even and fair
A snapshot based on current EOS holdings was ruled out due to the goal of having an even distribution. Instead, it was decided to distribute as follows.
82% will be available for all the 163,930 EOS Genesis accounts to claim at 5,000 SOV each. Even before it was officially a live blockchain, their support for the EOS project made the decentralized launch of EOS possible and, by default, SOV. This also prevents too much starting supply from being concentrated in any entity’s control. Also, unclaimed SOV can be burned by anyone in the community at a rate of 7.5 million per week, as outlined above.
9% reverberation fund for early and general contributions to the project, including code audits, listings, and awareness promotion. It is our aim for this fund to be completely distributed before trading.
9% distributed to the development team behind SOV. This is far lower than the typical development team takes. It is also split among several contributors, so the 9% is not controlled by any single entity, further decentralizing the distribution.
SOV provides additional security via storing
SOV takes the concept of staking and eliminates dividends, voting, and other functions that could cause it to be considered a security or investment contract. Instead of stake, you can “store” SOV, and when you choose to “withdraw” it, it will take 72 hours before it is available to transfer. This is entirely optional and only an extra means of security. If someone else has your Active Key and tries to steal your SOV, he must “withdraw” it. You would then be alerted and have 72 hours to use your EOS account Owner Key to change the compromised Active Key and lock the intruder out without losing any SOV. A simple yet effective tool for the constant battle against scammers and thieves.
Visit the SOVEOS Website to find out more.
Author: Sebastian Beyer
Editor: Markus Hinrichs, Randall Roland
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