Amoveo (VEO)

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## Amoveo (VEO)

### Total Supply

CMC: 69,838 VEO

 Basics

* Started in:
* Mainnet release: 2-3-2018
*"Proof-of-work blockchain driven by its community and aimed at prediction markets, investment, insurance contracts, and various derivatives, such as stable coins. Amoveo has Bitcoin-like Lightning channels which allow users to transact faster and cheaper than on the blockchain. The price for opening the channel is reportedly less than $1 and the transaction time inside the channel is reportedly in the millisecond range."*

## Token

### Launch

* From Bitcointalk.org (29-4-2018):

*"Amoveo has a governance mechanism to change the block reward. If many new users join at once, then it would make sense for us to increase the block reward, that way we don't over-reward the early participants. This prevents the "ninja mine" problem you mention.*

It is not compatible with Bitcoin miners.

Amoveo use single SHA256, and the header is smaler. overall, the Amoveo mining algorithm is about 4x shorter than the Bitcoin mining algorithm."

* From an interview (7-10-2019):

"*The first week after launch was pretty stressful. It was frozen for like 8 hours one day. There was a period of like 1000 blocks that all went to one miner in around 30 minutes."*

### Token allocation

* Zack has reportedly done 96% of the Github code and he has said (7-10-2019) that *"I receive 1/6th of each block reward as a developer reward."*

## Tech

* Whitepaper can be found here.
* Code can be viewed here.
* Programming language used: Erlang, on why, check out this interview (7-10-2019).

### How it works

* From this article (7-10-2019):

*"Currently Amoveo’s smart contract mechanism is based on state-channels, and our oracle mechanism is using Nakamoto consensus combined with a betting mechanism to prevent spam."*

### Other Details

* Zack has reportedly done 96% of the Github code and he has said (7-10-2019) that *"I receive 1/6th of each block reward as a developer reward."* which hints to a one man team and to much power to this one person. *“The FPGA mining software programmer charges a fee for using his software that is automatically forwarded to him.”* which hints to only one way of mining.

## Oracle Method being used

* From this article (7-10-2019):

*"Amoveo’s oracle resolution is based off a similar concept as the DAO hack recovery. Since the money in the DAO was locked up for a long enough period, there was time for the community to react and do a hard update to make sure the money doesn’t get stolen.*

*Amoveo’s oracle has a period of time where the money is locked up, so if it is going to resolve incorrectly, we have time to do a hard update to prevent this. There is a cost of communication to organize a hard update like this. So Amoveo’s oracle has a betting mechanism, that way the people organizing the defense against an attack can double all their VEO, which covers the cost of the defense.*

*The betting mechanism allows the situation to escalate to the point where a hard update becomes feasible.*

*Amoveo doesn’t have anyone who you need to bribe to not-cheat.*

*Amoveo doesn’t have a subcurrency like Rep or Votecoins that is collecting trading fees.*

*Amoveo doesn’t have trading fees at all.*

*The nash equilibrium is that one individual reports the outcome to the oracle, and then the oracle resolves on that outcome.*

*There is no reason for anyone else to dispute the honest outcome, since they would be throwing their money away. So the on-chain cost of an oracle is practically zero.*

*Augur has a forking system a little similar to Amoveo. They can fork their contract on-chain to resolve a dispute. The limitation with Augur is that they can’t fork the ETH that are being gambled on oracle results, they can only fork the Rep tokens. So in a failure mode, people who made winnings bets would not be able to get paid the money they won.*

*In Amoveo if there is a hard update we can change any aspect of Amoveo. We can make sure that the people who made winning bets still get paid their winnings."*

## Governance

* From this article (7-10-2019):

*"We use futarchy to make decisions about how Amoveo should work. In most blockchains, “code is law”, but for Amoveo “futarchy is law”. This makes us very adaptable.*

*It is resistant to being manipulated by someone rich and/or powerful who could profit from influencing which decision we make. There is this idea of an “invisible hand” that guides markets to choose the optimal price for allocating goods. Futarchy is like trying to use that invisible hand to find out the answers to other questions we could care about, besides allocating goods.*

*Amoveo has a turing complete programming language for making any kind of financial derivative you could want. By looking at the price in the markets for carefully crafted financial derivatives, we can find out the best choice for our community to make."*

* An introduction to futarchy can be watched here (25-7-2019).
* From this Ikigai report:

*"Governance in Amoveo runs on a process known as futarchy, whereby changes are determined through betting. A proposal is submitted, and an oracle is created. The market will be something like "proposal X will increase the value of VEO by y" and users will bet on whether they believe this is true. One interesting property of this system is that instead of "one token, one vote," we have "one token risked, one vote." This means you could lose your money by voting recklessly or trying to manipulate the market in bad faith. It's possible this results in a more accurate representation of the stakeholders' beliefs about a given proposal compared to direct token voting. The governance model is defined by the value of certain protocol parameters. These parameters can be broken down into four different categories:*

*• Fees for certain types of transactions*

*• Oracle mechanics such as the initial liquidity requirement, duration, and maximum question size*

*• Blockchain mechanics such as block time, size, and reward, and how much of the block reward is*

*distributed to the developers (currently 0.2 VEO per block)*

*• Gas limit and maximum size of the smart contracts*

*These values are stored on-chain and can be adjusted using an oracle question which is resolved with bets like any other oracle question. The efficacy of this process depends on VEO holders being incentivized to bet on values that make VEO most valuable. Changes can be made without requiring a hard fork update nor software upgrades to propagate across users of the network to enact the change. Instead, the value is changed on-chain and will be utilize by the smart contracts immediately."*

## Audits

* Bug bounty program can be found [insert here].

## Pros and Cons

### Cons

* 1 mining pool owns 100% (4-6-2020).
* Zack has reportedly done 96% of the Github code and he has said (7-10-2019) that *"I receive 1/6th of each block reward as a developer reward."* which hints to a one man team and to much power to this one person. *“The FPGA mining software programmer charges a fee for using his software that is automatically forwarded to him.”* which hints to only one way of mining.

## Competition

* Augur, Gnosis
* From their website (4-6-2020):

"*Amoveo does not use sub-currencies, exclusively relying on VEO. In contrast, Augur contracts are done in Ether (ETH), while its own token (REP) are used to pay for oracles. Amoveo does not depend on other networks and utilizes a single token for everything — including funding oracles."*

## Team, Funding, Partnerships, etc.

### Team

* Full team can be found [here].
* Zack Hess; original dev who launched the project.