The New Era: WaykiChain Super Node Election Started!
Apply portal: https://forms.gle/aFgxASLNULGWYYjt8
In May 2018, WaykiChain launched its official website. After almost three years of iterations and development, the public chain saw the Dragon, Fly, and Tiger upgrades and has an average of 4,500+ TPS. WaykiChain used Lua as the basis and introduced the powerful smart contract engine WASM on top of it, launched the WUSD stablecoin, the decentralized collateral lending system Wayki-CDP, Wayki-DEX, the decentralized synthetic asset protocol Wayki-X, and other products to form an integrated DeFi ecosystem. The use cases of the WUSD stablecoin include commercial applications such as payment for investment in Hong Kong innovative stock pre-IPOs in W Broker and payment in the global hotel chain Vintage Boutique Hotel Alacati.
Having improved the infrastructure and ecosystem applications of the public chain, following its vision of decentralization, in order to further improve the security and stability, on its third anniversary, WaykiChain decided to launch the Super Node Election and open a new era of the ecosystem development!
I. Improved Decentralized Governance for Better Security, Efficiency, and Fairness of WaykiChain
Earlier, seeking higher efficiency and faster completion of the public chain infrastructure, WaykiChain opted not to make Super Nodes open to the public. Instead, it held 11 Super Nodes itself. Now, the public chain and ecosystem development has been basically completed and Super Node deployment becomes open. Any organizations (institutions, teams, or communities) are welcome to participate in the common election of 21 Super Nodes. WaykiChain would like to mention that the addition of 10 Super Nodes will ensure higher decentralization, security, and more stable operation of the network.
Super Nodes use DPoS consensus. Decentralized governance through Super Nodes will be important for the construction of WaykiChain’s ecosystem in the following four aspects:
1. The first-generation consensus mechanism PoW requires enormous hash power to generate new blocks, which consumes a lot of computing power and wastes energy. WaykiChain adopts DPoS where Super Nodes are responsible for block production. This is efficient and saves energy.
2. The second-generation consensus mechanism PoS avoids energy consumption but is easily controlled by big holders and lacks fairness. DPoS adds a voting system and users can vote on Super Nodes representing their desires or opinion. This is a big feature for decentralization.
3. Due to the incentive mechanism, a Super Node has more stimuli to keep the ledger intact and verify transactions. This increases security.
4. The decentralized operation and management further promotes WaykiChain globally and strengthens the implementation of commercial use cases.
II. Super Node Rights and Interests
Super Nodes have to provide servers, collect transactions in the network, verify transactions, package them into blocks, broadcast blocks to other blocks, add blocks to their own local chain, and promote the development of the blockchain project. Naturally, they should also enjoy certain rights and interests. See the following two points:
1. Voting Rewards
After thorough consideration of node operating costs, WICC market price, and other factors, the voting rewards mentioned in the white paper and the mechanism are adjusted. The voting rewards come from the WICC by inflation, which is 1% of the total initial WICC circulation or 2.1 million WICC yearly. These WICC tokens will be equally distributed among the 21 Super Nodes.
Additionally, the 1.8 million WICC issued according to the white paper (currently held by WaykiChain) will be used to subsidize external (non-official) nodes to ensure that the annual voting rewards of the external nodes are not less than 210,000 WICC.
2. Contribution Rewards
WaykiChain Foundation will award each node every quarter according to its contribution. The Contribution Rewards have five levels: A, B, C, D, and E. The respective rewards are 60,000, 30,000, 20,000, 10,000 and 5,000 WICC.
The contribution is determined according to the performance of nodes to maintain network stability, product development, publicity in China and globally, product promotion and conversion, and active governance.
III. The Three Basic Conditions to Become a Super Node
1. The basic condition to become a Super Node is to recognize the business model, implementation, and other directions of the ecosystem development of WaykiChain, and to contribute to the prosperity of WaykiChain’s ecosystem actively.
2. To prevent double spending attacks and 51% attacks, for higher security and stability of the network, WaykiChain will actively ensure that the number of votes for each of the top 21 Super Nodes is not less than 1 million. When the number of votes of an external node is the same as that of the official node, the external node has the rank priority.
In addition to meeting the above two basic conditions, organizations running for a super node also need certain equipment, including software and hardware:
1. System software requirements:
l Native deployment: support Linux like 64-bit systems, such as Ubuntu 14.x / Ubuntu 16.x / Ubuntu 18.x / CentOS 7.x only.
l Docker deployment: any mainstream Linux version
2. Hardware requirements:
(1) Normal node:
l CPU: ≥2 cores
l RAM: ≥8 GB
l Hard drive: ≥100 GB (Currently, about 20GB of hard drive space is required to sync all blocks. We advise to prepare 100 GB of hard drive space for long-term usage.)
l Uplink broadband: ≥2 Mbps
l Downlink broadband: ≥2 Mbps
(2) Super Node:
l CPU: 8 cores
l RAM: 12 GB
l Hard drive: ≥100 GB (Currently, about 20GB of hard drive space is required to sync all blocks. We advise to prepare 100 GB of hard drive space for long-term usage.)
l Uplink broadband: ≥10 Mbps
l Downlink broadband: ≥10 Mbps
If the hardware is limited, it can be supplemented by virtual memory. See the reference commands below:
sudo dd if=/dev/zero of=/mnt/swapfile bs=1M count=4096
sudo mkswap /mnt/swapfile
sudo chown root. /mnt/swapfile
sudo chmod 0600 /mnt/swapfile
sudo swapon /mnt/swapfile
sudo sh -c ‘echo “/mnt/swapfile none swap sw 00” >> /etc/fstab’
Note: count is the size of added memory, 4096 = 4 GB
IV. Super Node Election Rules
WICC holders can vote for Super Node candidates according to the following rules:
1. One WICC token represents one vote and one vote can only be cast for one Super Node candidate.
2. WICC tokens participating in the voting will be locked in the voter’s wallet and will be unlocked three days after the voter cancels its vote.
3. Election cycle is one day. That is, candidate rank is updated once every day. If a user wants to vote for another candidate, it doesn’t need to cancel its vote to vote again. It can change its vote directly and the change will take effect in the next cycle. No vote change means voting for the original candidate.
4. Voters can get rewards defined by the elected Super Nodes.
V. How to Become a Candidate?
Individuals or teams who want to become a WaykiChain Super Node need to fill in the Super Node Application Form. WaykiChain will review the applicants to ensure that the Super Node can build servers, can operate in a stable way, and meets the technical specifications and standards. Candidates will be announced after approval and can then start promotion for Super Node Election.
After meeting the above basic conditions, the top 21 candidates can become Super Nodes.
WaykiChain Super Node Application Form link: https://forms.gle/16ULu1ZzhDseu8bE6
