[ANN] IDNA/BTC Eligible for Market-making as Mining and 3X MM Mining Rewards for One Week

Dear Users,

Trading pair IDNA/BTC will soon be enabled with MM as mining, starting 15:00 (UTC+8) on Nov 26.

A week of special event to receive 3X market-making as mining rewards for trading pair IDNA/BTC will also start from 15:00 (UTC+8) Nov 26 and last through 15:00 (UTC+8) Dec 03.

About IDENA

Idena is the first proof-of-person blockchain where every node belongs to a certain individual and has equal voting power. It is one of the most decentralized blockchains.

Idena's network of validated people solves the blockchain oracle problem: Its independent mining nodes can act as oracles. To formalize a unique human, Idena does not require the disclosure of any personal data (no KYC). It proves the humanness and uniqueness of its participants by running an AI-hard Turing test at the same time for everyone around the globe.

Mining Range

 

Trading Pair	Operator	Eligible Range for Buy Orders (distance to the best bid)	Max. Ratio between Buy Order VX Rewards and Sell Order VX Rewards	Eligible Range for Sell Orders (distance to the best ask)	Max. Ratio between Sell Order VX Rewards and Buy Order VX Rewards
IDNA/BTC	Vgate	15%	10	15%	10

Note:

The ratio of VX rewards from buys versus sells is capped. When the ratio hits the cap, if one continues to place buy orders, their VX rewards will NOT be increased.

The ratio of VX rewards from sells versus buys is also capped. When the ratio hits the cap, if one continues to place sell orders, their VX rewards will NOT be increased.

Example

Suppose that the BTC market has only IDNA/BTC trading pair and all orders are placed for 24 hours, a total of 250 VX will be allocated as mining rewards. Consider five scenarios as follows:

 

	Trading Pair	Total Eligible Buy Order	Total Eligible Sell Order	Ratio of VX for Buy Order : VX for Sell Order	Mined VX
Scenario 1	IDNA/BTC	1000 BTC	10000 BTC	1:10	Buy Order: 22.73 Sell Order: 227.27
Scenario 2	IDNA/BTC	1000 BTC	15000 BTC	1:10	Buy Order: 22.73 Sell Order: 227.27
Scenario 3	IDNA/BTC	2000 BTC	5000 BTC	2:5	Buy Order: 71.43 Sell Order: 187.57
Scenario 4	IDNA/BTC	10000 BTC	1000 BTC	10:1	Buy Order: 227.27 Sell Order: 22.73
Scenario 5	IDNA/BTC	20000 BTC	1000 BTC	10:1	Buy Order: 227.27 Sell Order: 22.73

The mining calculation is conducted as follows:

The Base Number of 1 user on one market in a day = the sum of all Base Numbers of every single order of that market. Here, the Base Number (m) is subject to three factors: the order time (T), the order amount (A), and the mining coefficient (y). That is, m = T * A * y (T ≥ 300 seconds)

The sum of the Base Number on one market in a day = the sum of the Base Numbers of all eligible orders on that day. That is, M = m1+ m2 + m3 + .....mn

Mined VX of 1 user = m / M * 2.5% * VX daily released amount on that day

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Nov 25, 2020

Team ViteX