The SpankBank is an algorithmic central bank that powers the two-token SpankChain economic system.
- SPANK is a staking token which can be deposited with the SpankBank to earn newly minted BOOTY.
- BOOTY is low-volatility fee credit good for $1 worth of SpankChain services.
SpankChain will collect fees for using the camsite, payment hub, advertising network, and other services in BOOTY. The fees are sent to the SpankBank where they are counted and burned.
The SpankBank has a 30 day billing period. At the beginning of each new period, if the total BOOTY supply is under the target supply (20x the total fees collected in the previous period), new BOOTY is minted to reach the target supply and distributed proportionally to all SPANK stakers.
In the future, we plan to add features to incentivize decentralized moderation of the SpankChain platform, rewarding BOOTY to those who help maintain its integrity. We also plan to add mechanisms that will incentivize maintaining the $1 BOOTY peg.
More info here: https://github.com/SpankChain/spankbank