Latest TEA Project Developments for Epoch 11

Moving to Ethereum

TEA as a layer-2 running on top of Ethereum.
  • The TEA Project moves closer to becoming one of the largest and most comprehensive web3 ecosystems available. Through our layer-2, users will be able to bridge their assets from various blockchains and begin interacting with dApps and exchanges from other chains. But the main draw will be our compute layer that runs as a meta layer to all compatible blockchains as well as the tools we’ll have available to develop TApps, our version of dApps that go beyond smart contracts.
  • While we now support the Ethereum ecosystem, we didn’t remove support for the Polkadot ecosystem. That’s because the TEA Project can technically cooperate with any main chain that supports multi-signature. The actual development time to deploy to a new layer-1 chain should be only a few weeks of work.
  • Transactable assets won’t be limited to the ERC20 standard.
  • Since transactions occur on our layer-2, the gas fee will be close to 0.
  • The transaction speed and capacity are no longer limited by blocks.

Separating Dev and Host

The TEA Project has pioneered a tokenomics model that separates the economy of the web3 app owner and the host owner. In the traditional cloud computing web2 model, the owner of an application is responsible for securing hosting for both its app and the data it interacts with. This hosting could be either on-premise or rented (the cloud). The owner of the app has full control and responsibility over the data and the app. An additional consideration is that cloud computing service providers also have the ability to terminate service to an app developer.

  • The end-user pays the gas fee to the miner, which is the primary source of their profits.
  • The end-user pays a fee to use the app to the app developer. You can think of the owner of the app obtaining application charges of the app through in-app-purchases. The different profit models of the hosting miner and the app developer don’t depend on each other and cannot control or influence each other.
  • The app owner no longer has full control over their app being listed or delisted. App delistings are a common form of censorship in web2 app marketplaces. As long as there are miners willing to host, the app will run. This process is completely decentralized and doesn’t require the participation and control of cloud computing service providers.
  • The data being executed by the app is entirely located in the hardware enclave of the mining machine, which technically still belongs to the end-user. Unless authorized by the user, others, including miners themselves, cannot get access to their private data.
  • The gas fee paid by the end-user is for the consumption of system computing resources and has nothing to do with the application logic. It’s extremely cheap from a hardware perspective and doesn’t require competition for computing power. The cost of gas is negligible and is just there to ensure the miners are compensated.
  • The fee that the user pays to the app owner for using the app is only related to the application logic, not to the consumption of computing resources. Because the app owner is not paying for the cost of running the server, the miners are responsible for the upkeep costs of their own machines.
  • Miners and app owners decide the rates themselves, which could even be free if they want.

Economic Incentives for Maintaining the State Machine

The global state maintainer nodes system uses Harberger taxation in an effort to be open and fair to the community Although TEA is not a blockchain and does not require computing power competition or staking for consensus, it still requires a fixed small group to maintain the state of the entire network. If this group does not have a reasonable rewards system which encourages everyone to participate, then it’s too easy for a privileged class to form which will damage the interests of the entire network. We want all members to share in the benefits of the state machine which is why we‘ve chosen the Harberger tax methodology to let all members share in the benefits.

  • It avoids wasting computing power or the centralization of power caused by PoS for the sake of consensus.
  • It publicly tokenizes the profits of the state maintainers and shares them with all community members.

Tokenization of Multiple TEA Ecosystem Entities

You’ll notice that entities in the TEA Project tend to get tokenized and become investment vehicles in their own right. Support for investment options is woven into all aspects of the TEA Project. We have aimed to tokenize almost anything that involves revenue. For example, the following roles are all investable through tokens in the TEA ecosystem:

The Current State of Nodes in Epoch 11

At present, the Epoch11 testnet is still using a hosting node emulator due to cost considerations. That said, the AWS Nitro mining machine support has already been completed and can be deployed on the mainnet at any time.

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