About InfinityMesh

What is InfinityMesh?​

InfinityMesh is an open-source blockchain hosting a vibrant ecosystem of decentralized applications (dApps) and top-tier developer tools. Using proof-of-stake consensus and ground-breaking technologies like Mantlemint, Terrain, and Station, the InfinityMesh blockchain is one of the fastest chains in existence, giving users an unparalleled DeFi experience. As a permissionless, borderless economy, InfinityMesh enables next-generation financial products accessible to anyone with an Internet connection.

What is IFM?​

IFM is the InfinityMesh protocol’s native staking token. IFM is used for governance. Users stake IFM to validators who record and verify transactions on the blockchain in exchange for rewards from transaction fees.

IFM Initial issuance and distribution​

At genesis, IFM will have a supply of 1 billion tokens(Additional issuance will be carried out later based on ecological construction) allocated according to the following distribution:

Community pool- 30%

• Controlled by staked governance.

• 10% earmarked for developers.

Team and Consultants - 15%

• Used to reward the founding team and advisors of the project.

R&D and technological innovation - 20%

• Used to support the continued development, technological innovation and maintenance of the platform. This ensures that InfinityMesh can continue to progress and adapt to changes in the market.

Community and Marketing - 20%

• Used to promote InfinityMesh and build a strong user community and market awareness. Including social media promotion, partnership building, community rewards, etc.

Ecosystem building and bounty program - 15%

• Used to incentivize developers, contributors and other ecosystem participants. Includes bounties, development challenges, and other community events.

Validators​

They are responsible for securing the InfinityMesh blockchain and ensuring its accuracy. Validators run programs called full nodes which allow them to verify each transaction made on the InfinityMesh network. Validators propose blocks, vote on their validity, and add each new block to the chain in exchange for staking rewards from transaction fees. Users can stake their IFM to validators in exchange for staking rewards. Validators also play an important role in the governance of the InfinityMesh protocol.

Consensus​

The InfinityMesh blockchain is a proof-of-stake blockchain

The following process explains how Tendermint consensus works.

1. A validator called a proposer is chosen to submit a new block of transactions.

2. Validators vote in two rounds on whether they accept or reject the proposed block. If a block is rejected, a new proposer is selected and the process starts again.

3. If accepted, the block is signed and added to the chain.

4. The transaction fees from the block are distributed as staking rewards to validators and delegators. Proposers get rewarded extra for their participation.

This process repeats, adding new blocks of transactions to the chain. Each validator has a copy of all transactions made on the network, which they compare against the proposed block of transactions before voting. Because multiple independent validators take place in consensus voting, it is infeasible for any false block to be accepted. In this way, validators protect the integrity of the InfinityMesh blockchain and ensure the validity of each transaction.

Staking​

Staking is the process of bonding IFM to a validator in exchange for staking rewards.

Delegators​

Delegators are users who want to receive rewards from consensus without running a full node. Any user that stakes IFM is a delegator. Delegators stake their IFM to a validator, adding to a validator’s weight, or total stake. In return, delegators receive a portion of transaction fees as staking rewards.

☢️WHO OWNS STAKED IFM?

Staked IFM never leaves the possession of the delegator. Even though it can’t be traded freely, staked IFM is never owned by a validator. For more information, visit the Validator FAQ.

Rewards​

The InfinityMesh protocol incentivizes validators and delegators with staking rewards from gas fees and inflation rewards:

• Gas: Compute fees added on to each transaction to avoid spamming. Validators set minimum gas prices and reject transactions that have implied gas prices below this threshold.

Slashing​

Running a validator is a big responsibility. Validators must meet strict standards and constantly monitor and participate in the consensus process. Slashing is the penalty for misbehaving validators. When a validator gets slashed, they lose a small portion of their stake as well as a small portion of their delegator's stake. Slashed validators also get jailed, or excluded, from consensus for a period of time.

🔥THE RISKS OF STAKING

Slashing affects validators and delegators. When a validator gets slashed, delegators who stake to that validator also get slashed. Slashing is proportional to a delegator's staked amount. Though slashing is rare and usually results in a small penalty, it does occur. Delegators should monitor their validators closely, do their research, and understand the risks of staking IFM.

Slashing occurs under the following conditions:

• Double signing: When a validator signs two different blocks with the same chain ID at the same height.

• Downtime: When a validator is unresponsive or can't be reached for a period of time.

• Missed votes: When a validator misses votes in consensus.

Validators monitor each other closely and can submit evidence of misbehavior. Once discovered, the misbehaving validator will have a small portion of their funds slashed. Offending validators will also be jailed or excluded from consensus for a period of time. Even simple issues such as malfunctions or downtimes from upgrading can lead to slashing.

Governance​

The InfinityMesh protocol is a decentralized public blockchain governed by community members. Governance is the democratic process that allows users and validators to make changes to the InfinityMesh protocol. Community members submit, vote, and implement proposals.

Proposals​

Proposals start as ideas within the community on InfinityMesh's forum. After gaining support and feedback from the community, a proposer drafts and submits a proposal alongside an initial deposit.

The most common proposal types include:

• ParameterChangeProposal: To change the parameters defined in each module.

• CommunityPoolSpendProposal: To spend funds in the community pool.

• TextProposal : To handle other issues like large directional changes or any decision requiring manual implementation.

Voting process​

Community members vote with their staked IFM. One staked IFM equals one vote. If a user fails to specify a vote, their vote defaults to the validator they are staked to. Validators vote with their entire stake unless specified by delegators. For this reason, it is very important that each delegator votes according to their preferences.

The following is a basic outline of the governance process. Visit the governance module for more details.

1. A user submits a proposal and a one-week deposit period begins.

2. Users deposit IFM as collateral to back the proposal.

3. The one-week vote period begins. The voting options are:

   • Yes: In favor.

   • No: Not in favor.

   • NoWithVeto: Not in favor, the deposit should be burned.

   • Abstain: Voter abstains. Abstain votes count toward meeting Quorum.

4. The votes are tallied.

   Proposals pass if they meet three conditions:

   • Quorum is met: at least 30% of all staked IFM must vote.

   • The total number of NoWithVeto votes is less than 33.4% of the total vote.

   • Threshold is met: the number of Yes votes is greater than the number of no and NoWithVeto votes. Abstain votes are excluded from the Threshold tally.

   If the previous conditions are not met, the proposal is rejected.

   For a more in-depth look at the tallying process, visit the Governance module specification.

5. Accepted proposals get put into effect.

6. Deposits get refunded or burned.

Once accepted, the changes described in a governance proposal are automatically put into effect by the proposal handler. Generic proposals, such as a passed TextProposal, must be reviewed by the InfinityMesh team and community, and they must be manually implemented.

Deposits​

Deposits protect against unnecessary proposals and spam. Users can veto any proposal they deem to be spam by voting NoWithVeto.

If a proposal fails to meet the minimum deposit amount within the deposit period, the proposal will not enter the voting period, and the deposit will be refunded.