Node voting for IOST , a block chain platform that implements proprietary consensus mechanism “Proof of Believability (PoB)” began on the 15 th of this month.
Voting can be done by any token holder, if a voting node is elected, a dividend will be raised and stakeing fee can be earned only in this term before mainnet release.
Completely describe the IOST node application / voting rules, application method and compensation system!
Voting period is from January 15 to March 10
A candidate can become a node by winning more than 2.1 million IOST (changed from the original 10.5 million IOST) and the vote will be counted as 1 IOST = 1 vote.
IOST, which does not set an upper limit on the number of nodes, says it is aiming for more than 1,000 partners to be elected.
In this time node voting, the following Japanese companies and organizations including CRYPTO TIMES are also running candidates.
- Crypto Times
- Digital Journal
- Ever system Co., Ltd.
- Platinum egg Co., Ltd.
- MEET IOST development community
- Blockchain Kyoto
A dedicated website is prepared for voting nodes, it is possible to perform user registration, transfer the IOST token of ERC 20 to individual wallets on My Page, and vote from the portal.
The actual voting page is designed to allow you to see detailed information on each node candidate, and it is designed so that you can vote easily.
The tokens used for voting and remuneration generated through voting can be withdrawn from the end date of the voting period (March 10, 2019) .
Node voting includes compensation and dividend
The voting that selects the IOST node does not mean that only the organization that became a node can earn rewards. This time using the IOST, you can acquire up to two types of reward by doing node voting.
The first is an early voting fee commemorating the IOST main net launch which will be implemented on the 25th of next month, and you can earn 25% annual interest rate of the votes cast this time (campaign until March 10) as compensation.
Secondly, it is a dividend that occurs when voting node candidates are actually elected, and it is supposed to distribute 50% of the remuneration generated by node operation among voters.
Example of voting fee Assume that voter A voted for candidate B 1 million IOST and B won 2.1 million IOST (1% of all votes cast in B) and was elected as a node. Furthermore, assuming that the number of votes acquired by B is 50% larger than the number of votes obtained by other nodes on average, the node management fee for B will be 8.4 million IOST in the first year.
In this case, the compensation and dividend that voter A can earn is
- Early voting fee: The voting period expires on March 10 and ERC tokens are automatically transferred to the main net token and A is 1,000,000 votes x 25% (annual interest) x (53/365) = 36,301 IOST You can earn early voting fees
- Distribution of node fee: 1/21 (ratio of A’s votes in the total number of votes cast in B) x 8,400,000 (rewards the node gets) × 50% (rewards the node distributes to the voters) = 200,000 IOST
IOST Node Vote from here
【cryptocurrency】 Complete commentary on the features and future of IOST (IOS T)!
Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/iost-erc-voting/
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