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Checked Inflation Pallet

Overview

The Checked Inflation Pallet is designed to facilitate the inflationary aspect of a blockchain's economy. It automatically mints new tokens at the start of every era, with the amount determined by a configurable inflation method. This functionality is crucial for maintaining a controlled expansion of the token supply, aligning with economic models or rewarding network participants.

Key Features

  • Configurable Inflation: The amount and method of inflation can be tailored to suit the blockchain's economic model.
  • Automatic Token Minting: New tokens are minted automatically at the beginning of each era.
  • Yearly and Era-Based Inflation: Supports fixed yearly, fixed per era, or rate-based inflation calculations.

Functionality

The pallet's core functionality revolves around the on_initialize hook, which triggers at the beginning of each block. If conditions align (start of a new era or year), the pallet calculates the amount to mint based on the configured inflation method and mints the tokens.

Inflation Methods

Inflation can be configured in one of three ways, as defined in the InflationMethod enum:

  • Rate: A percentage of the current supply.
  • FixedYearly: A fixed amount distributed evenly across all eras in a year.
  • FixedPerEra: A fixed amount minted at the start of each era.

The choice of method allows for flexibility in how the token supply expands over time, catering to different economic strategies.

Dispatchable Functions

set_first_year_supply

Configures the initial token supply at the year's start, preparing the system for accurate inflation calculation.

  • Access Control: Root

halt_unhalt_pallet

Toggles the inflation process, allowing it to be halted or resumed based on network needs.

  • Parameters:
    • halt: A boolean indicating whether to halt (true) or resume (false) the inflation process.
  • Access Control: Root

Events

  • NewYear: Marks the beginning of a new year, resetting era counts and updating the starting issuance for inflation calculations.
  • NewEra: Signifies the start of a new era, triggering token minting according to the configured inflation rate.
  • InflationMinted: Indicates that tokens have been minted due to inflation, detailing the amounts involved.
  • OverInflationDetected: Warns of excess token minting beyond expected amounts, prompting corrective measures.
  • HaltChanged: Reports changes in the inflation process's halt status.

Errors

  • NoHaltChange: Triggered when attempting to change the halt status to its current value, indicating no action is needed.

Conclusion

The Checked Inflation Pallet offers a flexible and automated way to manage token supply expansion through inflation. By configuring the inflation method to match your blockchain's economic model, you can ensure a controlled and predictable increase in token supply, this pallet is an essential tool for managing network growth and stability through controlled inflation in response to evolving economic conditions, ensuring long-term sustainability.