Subsocial’s energy system is finally here! In this post we’re going to cover what energy is, how it works, why the system was created, and how users can get energy. Let’s dive in!
Energy is an on-chain balance that allows users to efficiently perform actions on the Subsocial network. However, energy is not a token, and cannot be transferred.
Energy is created by burning SUB tokens at a 1:1 ratio, but transactions paid for with energy have lower fees than transactions paid for with SUB. The difference in the fees is determined by the energy coefficient, which is currently set to 5x, but can be changed by on-chain governance. In effect, burning SUB and using energy will allow you to perform 5x as many transactions.
This is beneficial for two reasons. First, burning SUB is good for tokenomics, as it creates deflationary pressure on the token. Second, it effectively makes Subsocial cheaper to use.
As previously mentioned, energy is not a token, and cannot be transferred. This means that a user should only create as much energy as they will use — energy cannot be converted back to SUB, and cannot be transferred or sold. When SUB tokens are burnt to create energy, the burning party will need to specify which account to create the energy in. By default, this is the account that is burning the SUB tokens, but it can be any account.
At the current moment in the Subsocial ecosystem, this will not have a large impact. However, this is a very important development going forward. By being able to create the energy in a different account, we enable developers of applications to pay for users’ fees, so that users do not need to acquire tokens. Alternatively, you can give your friends energy to get them started. This removes a massive barrier to user adoption. Developers can monetize their applications in various ways, use a portion of that revenue to purchase SUB tokens, and then burn them to create energy in the accounts of their users.
To create energy, simply go to the Energy Station. You can enter a number of SUB to burn and see the estimated number of transactions that you could complete by using SUB tokens or energy. If you wish to create the energy in a different account, check that box and enter the any of the account’s Substrate addresses there .When you are ready to burn some SUB, hit the “Generate energy” button, and sign the transaction.
Congratulations! You now have energy, and you can see an estimate of how many more actions you can complete by hovering over the lightning icon in the top right corner. Here you can see what the current energy coefficient is, and easily navigate back to the Energy Station with the “Get more energy” button.
We are excited to release this feature and provide the main utility for SUB, as well as start the deflationary pressure. As always, let us know any feedback that you have. If you don’t have any SUB, but you need energy, ask around in our Discord or Telegram. In the meantime, we will keep working towards enabling transfers!
Subsocial is a social networking platform built to support the social networks of the future. These apps will feature built-in monetization methods and censorship resistance, where users will own their content and social graphs. Built with Substrate pallets, Subsocial is a one-of-a-kind in the Dotsama ecosystem, and designed specifically for social interactions. These interactions do not have to be specifically social networking, as Subsocial can support apps like YouTube, Shopify, or even Airbnb.
To learn more about Subsocial and the future of social networking, check out our links: