Block Producer Recruitment

Recruiment plan

We officially launch the Block Producer recruitment and anyone meets the requirements can participate in the Block Producer election. This paper will introduce the Block Producer election rules of Bystack in detail, so as to help individuals and institutions who are willing to be the Block Producer of Bystack.

Bystack Block Producer campaign

Bystack Block Producer recruitment guidance

  1. Block Producer recruitment will be launched on June 5, 2019, which will be open for long-term;
  2. Candidates who meet the requirements can submit their applications immediately ( conditions can be viewed below);
  3. Filtering during the registration process;
  4. After the candidate passes the audit, the website will publish the candidate information and real-time staking balance as well as the dynamic results of the candidate ranking. In the end, the candidates will be selected according to the ranking. For details, please pay close attention to the official website (https://www.bystack.io/node);
  5. Real-time staking balance can only be increased. Any reduction found will be immediately disqualified;
  6. If any Block Producer exits after being successfully selected, we will make up the subsequent Block Producer according to the sequence;

Bystack Block Producer conditions

Node candidates should meet the following basic conditions:

  1. Candidates participating in Block Producer recruitment must stake at least 1,000,000 BTM;
  2. You should have your own servers, Block Producer operation and maintenance technologies that can run Block Producers (please refer to the detailed rules below for specific software and hardware requirements);
  3. A certain scale of community users will be priority;
  4. Those who have contributed a lot of Bytom ecosystem will be priority;

Node hardware, software, and network environment requirements

Three roles in Block Producer Recruitment

  • · Voter
    • Definition: BTM holders with any amount are voters.
    • Rights and obligations: Participate in Bystack Block Producer election by voting and get bonus.
  • · Candidate Node
    • Definition: Submit the application form of Block Producer, meet the basic requirements and be recognized by Bytom Foundation, then you can participate in the Block Producer election.
    • Rights and obligations: Contribute development and promotion resources to the Bystack network and get votes from the community .
  • · Block Producer
    • Definition: Block Producers are generated in a natural order based on the number of votes received by BTM. The top 10 are Block Producers, and 11-42 are Standby Block Producers.
    • Rights and obligations: the Block Producers are responsible for running the nodes and participating in block production. If any Block Producer exits and the Standby Block Producer is promoted according to the number of votes.

Bystack Block Producer reward

  • · The profits of Block Producers are mainly from Block Production reward and transaction fees and the Block Production reward are determined by Bytom Foundation.
  • · First year, Bytom Foundation will donate 10,000,000 BTM to the capital pool as the Block Production reward. According to the comprehensive situation of sidechain operation, the amount of BTM donation in the following year will be determined in every May.
  • · The reward from transaction fee will increase continuously as the ecosystem of sidechain will develop continuously and the on-chain transaction will be more frequent.
  • · ROI for Block Producers of every year is about 10%~60%.

BTM donated by Bytom Foudnation will be distributed to Block Producers and Standby Block Producers

Examples:

Block Producer A ranks no.5 so its Block Production reward is approximate:

(10,000,000× 60.98%)/10 = 609,800BTM

Bystack Block Producer recruitment FAQ

  1. Q:What's the rewards of Block Producers and Standby Block Producers?

    A: Bytom Foundation will donate 10million BTM in the first year. 10 Block Producers will be rewarded more than 6 million BTM in total and every Block Producer will be rewarded 600K BTM. The rewards of Block Producers are same. 32 Standby Block Producers will be rewarded about 4 million in total for one year and their rewards are determined by voting proportion.
  2. Q:When can Block Producers get the reward?

    A:After Block Producers produced a block and they will get Block Production Reward; Standby Block Producers will get rewards within one day.
  3. Q: How often does Bystack statistic votes and update the ranking?

    A: Everyday.
  4. Q: Voters can get the voting bonus, what's the bonus?

    A: It's determined by Block Producers.
  5. Q: Should I stake BTM when I apply, How can I redeem the staking BTM, is there a redemption flow?

    A: You don't need to stake when you apply and provide your own BTM address. We will provide redemption guidance before the launch of the sidechain.
  6. Q: Is there any voting rule? Can we know the voting rules now? How many candidates can 1 BTM vote? When can I vote to someone else again? Will my BTM be frozen?

    A: We will launch the vote on July 5th and we will provide app for votes.One BTM, one vote. BTM will be locked after voting and your BTM will be unlocked in 20 days, then you can vote for others.
  7. Q: I have the qualified amount of BTM but my technical skills are weak and will you provide supporting facilities then I can participate in Block Producer election after simple deployment?

    Matpool under the umbrella of 8BTC will provide technical service for Block Producers before July 5th.
  8. Q: How much will the sidechain reward be after the first year? What do you refer to?

    A: The rewards of Block Producers refer to 2 points

    1. Provide rewards to Block Producers and voters as much as possible, attract more people to participate in the sidechain ecosystem.

    2. It shouldn't influence the profits of POW miners.

  9. Q: what the recommended configuration of Bystack is so high?

    A: It's recommended configuration, not the minimum configuration. We won't require such a high configuration at the initial stage of the sidechain, but with the development of the sidechain ecosystem and the increase of the sidechain data, the configuration will need to meet our recommended configuration to produce block stably.
  10. Q: As mentioned in the whitepaper, sidechain supports pluggable consensus, how can 10 Block Producers support the Block Production of all the sidechain?

    A: We adopted BBFT and 10 Producers produce a block in turn. If less than a third of the Block Producers fail, sidechain can still run normally.
  11. Q: what is the requirement of node CPU for main frequency?

    A: recommended CPU type: Intel Xeon e5-2682 v4 (Broadwell) or Platinum 8163 (Skylake) 2.5 GHz.
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