IoT Chain Announces Node Recruitment
IoT Chain begins node recruitment on Dec 19 2018 (Weds) to Feb 19 2019 (Tues).
The details of the node recruitment are found below:
IoT Chain Node's Tasks
The role of the node is to
- Providing cloud computing/server power to process transactions, maintaining IoT Chain's network stability.
- Actively participate in the IoT Chain's ecological system and implement more applications.
Node Incentive Model
- Node participants are incentivized through the transaction fee, i.e. the cost of the Gas.
- Node participants obtain revenue from the IoT Chain incentive pool.
Transaction fee estimate:
- Node Gas Revenue = Number of Transactions * Average Cost per Transaction / Number of Consensus Nodes
IoT Chain Incentive Pool
- The IoT incentive pool comprises of 5% of the community fund, with a total of 5,000,000 ITC.
- The incentive pool draws a certain amount of ITC as reward each year to motivate consensus nodes.
- The number of awards declines over the years. The total amount of ITC each year is 90% of the previous year.
The ITC of the incentive pool will be distributed on a monthly basis and will be allocated based on the
proportion of stake held by each consensus node.
Consensus node revenue estimates of Incentive pool
For example, in the 1st year, the incentive pool receives a total of 5,000,000 ITC, and in the 2nd year, it will
be 4,500,000 ITC (= 5,000,000 * 90%). The decrement of incentive pool amount follows this rule for all subsequent
years. In the 1st year, with a minimum staking of 100,000 ITC (and using average annualized rate of return of
approximately 23.8%), each node can receive a reward of 23,809 ITC from the node incentive pool.
IoT Chain Node enters the process
- Total number of nodes: 21 nodes.
- Submit a candidate application at https://reurl.cc/Vjm66.
- If the applicant passes the audit, the node enters the candidate pool list. If it fails the audit fails, no
cost will be incurred.
- Processing time: 2018/12/19-2019/2/19 (UTC+8)
- Proving high-performance computing server that meet the requirements.
*The cost of computing server may vary with market price fluctuations in different regions or time periods.
IoT Chain Node Recruitment Rules
Staking: 100,000 ITC ≤ Staked Amount ＜ +∞
- Nodes entering the candidate pool require at least a 100,000 ITC stake, with no maximum limit.
- The staked amount of ITC will be transferred to the official wallet address, locked during the election
period with a default lockout period of 1 year.
- The IoT chain Foundation will evaluate after receiving the application and will announce the candidates and
number of tokens each candidate has staked.
- According to the monthly proportion, the candidate obtains stake incentives.
- If the consensus node requests to withdraw, subsequent nodes will be added as replacements.
- Within 2 weeks of the announcement of consensus nodes, ITC must be transferred to the official address
(locked during the election period), and the staked amount must be more than 100,000 ITC.
Consensus Node Withdrawal
- Submit an application for withdrawal to the Foundation 2 months in advance.
- Once agreement has been reached, the exit process begins.
- All the staked ITC will be unlocked and returned after the withdrawal process ends