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Re: [ANN][Blocknet] truly decentralized exchange | token ecosystem infrastructure
Back of napkin calculation, do I have this right?
6 million BLOCKs are burned.
The top holders with enough to run a service node have roughly 3.6 million according to https://chainz.cryptoid.info/block/#!rich
The rest have 470k
Assuming that everyone who can run a service node is, and anyone who can stake is doing so.
If you have 5k and run a service node, you get a reward of 0.7 * 5k / 3.6 million = 0.00097222222
If you have 5k and stake through your wallet, you get a reward of 0.3 * 5k / 470k = 0.00319148936
Or do service nodes get both the service and staking reward?
if u run node service, u'll ve stake reward + transactions fees (≈ 0,13%-0,15%)...6 million BLOCKs are burned.
The top holders with enough to run a service node have roughly 3.6 million according to https://chainz.cryptoid.info/block/#!rich
The rest have 470k
Assuming that everyone who can run a service node is, and anyone who can stake is doing so.
If you have 5k and run a service node, you get a reward of 0.7 * 5k / 3.6 million = 0.00097222222
If you have 5k and stake through your wallet, you get a reward of 0.3 * 5k / 470k = 0.00319148936
Or do service nodes get both the service and staking reward?
The stake rewards 'll be negligible compared to transactions fees ...
If BLOCK succeeded to attract cryptocurrencies exchangers, u can imagine the volume of transit through the nodes, and the gains that can be generated by each node.
Thanks that makes sense. The piece that I was missing is that 1 BLOCK is already being created per minute. Proof of staking is new to me
. I wish I had found out about this project earlier, its incredibly promising.Does anyone know exactly how the 5000 requirement to run a node was decided? I saw it was referenced earlier as being decided by vote - so what's the benefits of 5000, and not 10000? Or 1000? The number sets an effective upper limit on the total market cap of the coin, correct?
Re: [ANN][Blocknet] truly decentralized exchange | token ecosystem infrastructure
Hi all
Quick update from Dan:
the new blocknet-qt wallet will be available for tomorrow evening (provided no last minute issues) for preview/testing
Updated specs
- 1minute block time
- 1 block reward per block (thus decreasing interest over time)
- split 70%/30%/ +10% (service nodes get 70%, stakers get 30%; the 10% is not a stake reward, but is via the self-funding model)
- 5k required to run a service node
- for staking, the wallet will need to be open as often as possible, since it is not based on coin age.
- migration/installation: it uses a new roaming folder, so simply install and copy your wallet.dat to the new folder.*
* tomorrow is the launch on testnet, so don't copy your wallet.dat over just yet. Wait for the mainnet launch mid-month.
Quick update from Dan:
the new blocknet-qt wallet will be available for tomorrow evening (provided no last minute issues) for preview/testing
Updated specs
- 1minute block time
- 1 block reward per block (thus decreasing interest over time)
- split 70%/30%/ +10% (service nodes get 70%, stakers get 30%; the 10% is not a stake reward, but is via the self-funding model)
- 5k required to run a service node
- for staking, the wallet will need to be open as often as possible, since it is not based on coin age.
- migration/installation: it uses a new roaming folder, so simply install and copy your wallet.dat to the new folder.*
* tomorrow is the launch on testnet, so don't copy your wallet.dat over just yet. Wait for the mainnet launch mid-month.
Back of napkin calculation, do I have this right?
6 million BLOCKs are burned.
The top holders with enough to run a service node have roughly 3.6 million according to https://chainz.cryptoid.info/block/#!rich
The rest have 470k
Assuming that everyone who can run a service node is, and anyone who can stake is doing so.
If you have 5k and run a service node, you get a reward of 0.7 * 5k / 3.6 million = 0.00097222222
If you have 5k and stake through your wallet, you get a reward of 0.3 * 5k / 470k = 0.00319148936
Or do service nodes get both the service and staking reward?