The Geode Token
GEODE is the native token of the Geode network. The smallest unit of account in Geode is the Zeolite (a reference to the very small mineral structures in many crystal geodes #NerdFun).
GEODE UNITS
| Unit | Decimal Places | Example |
|---|---|---|
| Zeolite | -12 | 0.000000000001 |
| MicroGeode (uGEODE) | -6 | 0.000001000000 |
| MilliGeode (mGEODE) | -3 | 0.001000000000 |
| Geode (GEODE) | 0 | 1.000000000000 |
| Million Geode (MGEODE) | 6 | 1,000,000.0000 |
What You Can Do With GEODE Tokens
GEODE serves three key functions in the Geode Network:
- to be used for governance of the network,
- to be staked for the operation of the network,
- to be used for claims and endorsements and other app activities in the application ecosystem.
GEODE can also serve other functions by virtue of being a transferrable token. For example, GEODE stored in the Treasury can be sent to teams working on relevant projects for the Geode network.
GEODE for Governance
The first function of GEODE is to entitle holders to control the governance of the platform. Some functions that are included under the governance mechanism include determining the fees of the network and exceptional events such as upgrades and fixes to the Geode platform. The Geode interface will enable any holder of GEODE tokens to participate in governance. For details on how holders can participate in governance, as well as their rights and responsibilities, see the documentation on how to Get Involved.
GEODE for Consensus
GEODE will be used to facilitate the consensus mechanism that underpins the Geode Network. For the platform to function and allow for valid transactions to be carried out, Geode will rely on holders of GEODE tokens to play active roles. Participants will put their GEODE at risk (via staking) to perform these functions. The staking of GEODE acts as a disincentive for malicious participants who will be punished by the network by getting their GEODE slashed. The GEODE required to participate in the network will vary depending on the activity that is being performed, the duration the GEODE will be staked for, and the total number of GEODE staked.
Vesting
GEODE may have a lock placed on them for vesting funds. Like other types of locks, these funds cannot be transferred while locked, but can be used in other parts of the network such as for voting in governance or being staked as a validator or nominator. Vesting funds are on a linear release schedule and unlock a constant number of tokens at each block. Although the tokens are released in this manner, it does not get reflected on-chain automatically since locks are lazy and require an extrinsic to update. That means, someone must explicitly call an extrinsic to update the lock that is placed on an account.
- The vest extrinsic will update the lock that is placed on the caller.
- The vest_other will update the lock that is placed on another “target” account’s funds.
These extrinsics are exposed from the Vesting pallet.
If you are using Polkadot-JS (Node version of GEODE), when there are GEODE available to vest for an account, then you will have the ability to unlock GEODE which has already vested from the Accounts page.
There are two ways that vesting schedules can be created.
- One way is as part of the genesis configuration of the chain.
- A second way is through an extrinsic type available in the Vesting pallet, vested_transfer. The vested transfer function allows anyone to create a vesting schedule with a transfer of funds, as long as the account for which the vesting schedule will be created does not already have one and the transfer moves at least MinVestedTransfer funds, which is specified as a chain constant.
Vesting schedules have three parameters, locked, per_block, and starting_block. The configuration of these three fields dictate the amount of funds that are originally locked, the slope of the unlock line and the block number for when the unlocking begins.
Calculating When Vesting GEODE Will Be Available
Generally, you should be able to see by looking at your accounts. However, some GEODE vest with “cliffs” – a single block where all the GEODE are released, instead of vesting over time. In this case, you will have to query the chain state directly to see when they will be available (since technically, the vesting has not yet started – all of the vesting will occur in a single block in the future).
- Navigate to the Chain State page on Geode Portal
- Query chain state for vesting.vesting(ACCOUNT_ID)
- Note the startingBlock where the unlock starts, and how much GEODE is unlocked per block (perBlock).
- You will have to translate the result yourself into “human time” given that each block is 6 seconds.
Making Your Own Tokens & NFTs
- Users of the Geode network can create their own fungible assets (tokens) using the ASSETS pallet.
- All NFTs within the system are made using the NFTs pallet.
More details will be added here as these options are activated in the system.
The NFTs pallet implements the most basic kind of NFT – a data record referencing some metadata. This metadata reference is mutable until frozen, so NFTs and their classes (entities derived from) are mutable unless specifically made immutable by the issuer. The NFTs pallet in Geode takes a very bare-bones approach on purpose, to keep the chain a simple balance-keeping chain for both fungible and non-fungible assets.