Radix DLT

The RADIX PROTOCOL (the ‘Protocol’) is public open source code that may be downloaded and run without any permission by any person or company. When configured correctly this Protocol will autonomously connect to other computers running the same Protocol and create a shared public ledger. A version of this shared public ledger will be published for adoption and will become identified as the RADIX LEDGER/NETWORK.

The RADIX TOKEN (XRD) is to be a non-redeemable Token. The RADIX or RAD is intended to have two principal functions on the RADIX LEDGER: first, it may be used to pay for services for use of the Network (NETWORK FEES); second it may be used as part of the mechanism to secure the RADIX LEDGER/NETWORK against attack.

Most on-Network operations will incur a fee that is payable in RADIX TOKENS. The RADIX TOKEN is intended to facilitate the mechanism defined by the RADIX PROTOCOL whereby users pay for use of the RADIX LEDGER/ RADIX NETWORK.

The RADIX LEDGER is to be secured against attack by a Proof of Stake sybil prevention mechanism. Token holders can choose to Stake a portion of the RADIX TOKEN they control (the STAKE) to engage in the Proof of Stake network. Alternatively, token holders may delegate a portion of the RADIX TOKENS they control to a Node run by someone else. Staking is designed to cause the cost of attacking the RADIX LEDGER to rise in proportion to the total value of RADIX TOKENS Staked.

The RADIX PROTOCOL will allocate XRD to those who choose to delegate their STAKE to NODE RUNNERS that choose to participate in the Proof of Stake mechanism to secure RADIX LEDGER. It is intended that the RADIX PROTOCOL should exhibit a constant rate of new token emission. These new tokens are programmatically generated by the RADIX PROTOCOL and delivered automatically to all delegators of STAKE, in proportion to the STAKE they delegate.

As the RADIX LEDGER will be based on a Proof of Stake protocol it is desirable that there is a broad decentralised ownership of RADIX TOKENS before the mainnet is instantiated.

Prior to release of the first RADIX LEDGER, an ERC20 token called the E-RADIX will be generated which can be exchanged for a RADIX TOKEN when the RADIX LEDGER (mainnet) is instantiated.

It is envisaged that a maximum of 24Bn RADIX TOKENS will be generated by the RADIX PROTOCOL over the life of the Public Network. 18.3% are to be issued as E-RADIX TOKENS on the Ethereum network, 31.6% are to be pre-allocated as RADIX TOKENS at genesis of the RADIX LEDGER, and the remaining 50% released as new NETWORK EMISSION paid to STAKING delegators over a 40-year period. Token STAKING may commence once the RADIX LEDGER is instantiated.

The balance between market supply and demand of RADIX TOKENS, will be improved by a mechanism which will use the market price of the RADIX TOKEN to determine how many RADIX TOKENS will be unlocked, making them available to be Staked or otherwise used. The design of the UNLOCK MECHANISM is intended to promote supply and demand that tends towards equilibrium.

The UNLOCK MECHANISM will initiate shortly after the release of the E-RADIX TOKEN and will continue on the RADIX LEDGER once instantiated.