Governance

nirVANA

PrimeInsight’s governance will be determined by a $VANA based vote escrow (ve) mechanism, as pioneered by Curve Finance ($CRV), which demonstrated how time-locked tokens can drive sustained value and participation. nirVANA will be non-transferable and once the tokens are locked they cannot be unlocked until the time-lock expires.

To participate, users will be required to lock up $VANA, for a minimum of 21 days to a maximum of 180 days. The amount of nirVANA minted by locking up $VANA will be determined by the following formula:

$$nirVANA = \frac{VANA \, Balance \times Days \, Locked}{180 \, days}$$

This formula incentivizes long term stakers as they get their full balance of $VANA in voting weights, whilst requiring shorter term stakers to deposit a multiple of that amount to achieve similar weights if they are only locking up for the minimum numbers of days. This will help attract Stakers aligned with the longer term success of the DLP. At the end of lock period users will be able to reclaim their full $VANA balance back.

Users can choose to lock additional $VANA at any time, however, the unlock date will remain the same. Additionally, users can also choose to extend the lock at any time. Furthermore, unlike $veCRV, there will be no decay factor applied to the nirVANA balance. Lastly, any $VANA added will not be eligible for distributions in the current epoch, minimising the ability for bad actors to stake a large balance prior to the end of a lock period to claim a large balance.

All $VANA locked through the nirVANA contract will then be staked to the DLP to increase $VANA emissions to the DLP. By tying the weight voting and API access to locking $VANA, users interacting with the protocol will increase rewards for data contributors.

Weight Voting

nirVANA grants voting power in DLP governance, allowing users to influence the distribution of rewards by determining which data types in the contributed data sets are most valuable.

The nirVANA system is designed to incentivize data users to stake $VANA to influence the value of data subsets, thus attracting more data in those categories, while rewarding the existing contributors who have provided the data. This dynamic system will also help curate datasets, by using free-market price discovery mechanisms to dynamically incentivize users.

The categories users can assign weights to are:

• Retail Cart items

• Digital Items

• Order History

• Audible History

• Prime Video Activity

Users will be able to vote per category assigning their $nirVANA weight. Voting will last the length of an epoch. At the end of the epoch the final weights will then be applied in the contract to calculate the Overall Score at the end of the next epoch.

By delaying the application of weights to the subsequent epoch the risk for exploitative voting to happen is mitigated, since exploiters will need to lock a large amount of $VANA required to gain a significant nirVANA weight.

When a new staker locks nirVANA, their weights will be automatically applied at equal weights between each category. Stakers can then interact with the contract and vote on their preferred weights. Voted weights will remain static until stakers vote again.