Instructions for the Elastos DPoS Node Election
In order to raise the security and stability of the Elastos consensus mechanism and to avoid excess concentration of the hash rate, The Elastos Foundation would like to allow our global community to participate in the construction of the Elastos ecosystem and to broadcast the vision, mission and value of Elastos. Elastos will hold our DPoS supernode election and are pleased to share a draft of our official rules while accepting comments from the community.
Community comments will be collected through November 30th, 2018. We welcome each community member to submit thoughtful ideas and request that all feedback be sent to firstname.lastname@example.org. This is the first draft. After we consider community input we will release an updated version.
One: Rules for Running in The Node Election
- Node Categories and Quantities
Node categories include election participant nodes, elected nodes (supernodes) and candidate nodes.
All nodes that have successfully submitted the election participation transaction and who have pledged ELA according to the rules will be seen as participant nodes. Community members are welcome to establish nodes together.
The number of votes obtained by each participant node will be ranked from highest to lowest, where nodes 1 to 36 are elected as the rotating supernodes.
The number of votes obtained by each participant node will be ranked from highest to lowest, where nodes 37 to 108 will be candidate nodes.
- Requirements for Running in The Election
(1) Elastos is an open, secure blockchain-powered Smart Web and we welcome community members worldwide to enthusiastically participate in DPoS nodes.
(2) Participant nodes must make a deposit of 5,000 ELA (this quantity of ELA is not used for voting); the deposit is used as a penalty against malicious nodes.
(3) Nodes running for election must prepare software and network environments compliant with the suggestions. Refer to “Suggestions for Basic Configurations for Elastos Supernodes,” (this will be published soon).
- Election Process
(1) Running in The DPoS Supernode Election: To run in the supernode election, you must register to participate in the Elastos wallet (i.e. issue the election participation transaction), fill out node information for election participation (node name, public key, location, node’s publicity website, etc.); after the deposit of 5,000 ELA has been confirmed, and the election participation transaction has been successfully issued, you will be seen as a participant in the running for the DPoS supernode election;
(2) Withdrawing from The DPoS Supernode Election: when participating nodes withdraw from the election, they must issue a cancellation transaction, after which they will no longer qualify for running in the election. If no actions in violation of the regulations have been taken, the ELA on deposit will be returned to the address associated with the public key that was used to register 72 hours after the cancellation transaction comes into effect;
(3) There are no additional fees for the election transaction or the cancelation transaction apart from normal transaction fees.
- Node Profits
Every 72 minutes, DPoS will recount votes to select the 36 elected nodes (supernodes) and nodes with votes placed 37 to 108 will become candidate nodes. Node profits are as follows:
(1) Out of the 4% annual inflation of ELA, 35% is allocated to DPoS nodes. This is the total annual profit allocation for DPoS.
(2) 25% of the total profit allocation for DPoS will be distributed to the 36 elected nodes based on averages.
(3) 75% of the total profit allocation for DPoS will be distributed to the 108 nodes (elected nodes and candidate nodes), and profits will be distributed according to the ratio of votes obtained by each node.
Two: Rules for Voting
- Only circulating ELA has the right to vote in the DPoS node election;
- Fees for voting in a DPoS node election are the same as those of normal transactions;
- There are no voting rewards for voting in a DPoS node election.
- Rule for The Right to Vote
(1) 1 ELA may be used to vote for a maximum of 50 different nodes, but no more than one vote may be cast for each node with 1 ELA.;
(2) After exercising the right to vote, the corresponding ELA cannot be used for circulation;
(3) At the same time, ELA used for casting votes in the DPoS supernode election can be used for matters like Cyber Republic Council Elections.
Three: Adjustment of Rules
If there is a need to optimize or adjust the aforementioned rules following the test of the DPoS node election, Elastos ecosystem building, or industry development, the Elastos Foundation retains the right to revise these rules and will announce the revision 10 days prior to the community for the collection of comments.