WaykiChain Super Node Election Q&A

I. Basic Questions

Q1: What are the external Super Nodes?

A1: External Super Nodes are the nodes held not by WaykiChain team but by any individual or organization. WaykiChain team is neither the server host nor the node operator.

Q2: What is delegated Super Node operation?

A2: Delegated node operation means that operation and maintenance work of a node is outsourced to a third party.

Q3: How exactly to operate a Super Node?

A3: WaykiChain will later release the respective guides on server setup, maintenance, and operation. You can refer to the guides or contact us for help.

Q4: Is it required to hold 1 million WICC to run for a Super Node?

A4: No. A Super Node candidate is not required to hold 1 million WICC, however, to become a Super Node a candidate needs at least 1 million votes. If a candidate doesn’t have 1 million WICC, it needs to win the votes of other WICC holders.

Q5: When a candidate becomes a Super Node, apart from operating a node, what else does it need to do?

A5: Apart from node operation and maintenance, it needs to make the biggest possible contribution to WaykiChain ecosystem e.g. do PR, develop products, promote products, govern etc. The higher the contribution rank the higher the contribution rewards.

Q6: What is the approximate annual node maintenance cost?

A6: For stable and reliable operation, we recommend the following hardware specifications for each Super Node: 4 vCPU, 16 GB RAM, 500 GB SSD, up to 50 Mbps broadband under peak load. A reference for China: a virtual ecs.g6e.xlarge server by Alibaba Cloud costs around USD 2,300 to 3,100 yearly.

Q7: What are the powers of a Super Node?

A7: In WaykiChain ecosystem, Super Nodes have the right to submit governance proposals e.g. on modification of the operating mechanism and specific operation-related parameters. When 2/3 or more nodes vote for it, the proposal will take effect. Super Nodes have the right to vote on proposals.

Besides, Super Nodes can set rewards for their supporters on their own.

II. Questions on Rewards

Q8: What are the Super Node rewards?

A8: Super Nodes enjoy the following rewards:

1. Ledger keeping rewards. 21 Super Nodes equally share 2.1 million WICC yearly. That is, each Super Node gets 100,000 WICC yearly. Besides these, according to WaykiChain white paper, after the mainnet launch in 2018, 1.8 million WICC by inflation is issued. WaykiChain Foundation keeps it in custody. These tokens will be distributed to external Super Nodes each quarter to ensure that the yearly ledger keeping rewards of each external node are not less than 210,000 WICC.

2. Contribution rewards. WaykiChain Foundation will distribute quarterly contribution rewards as per the contribution level of each node: A is 60,000, B is 30,000, C is 20,000, D is 10,000, and E is 5,000 WICC.

Q9: What are the rank criteria for the quarterly rewards?

A9: The rank is based on the performance of different nodes in maintaining network stability, product development, publicity in China and globally, product promotion conversion, and active governance. We will announce the evaluation details later.

Q10: What rewards can WICC holders who vote get?

A10: Voters can get rewards set by Super Nodes. WaykiChain team encourages Super Nodes to spend some WICC to reward their voters on a yearly basis. The reward ratio is to be set by Super Nodes. The rewards will display on the voting page and users will be able to choose the node or nodes to support.

Q11: When is the reward distribution for Super Nodes and users?

A11: Voters can claim voting rewards once daily after 12:00 PM (HKT). The unclaimed rewards are accumulated and can be claimed later. The same is also true for ledger keeping rewards of Super Nodes.

As for the Foundation subsidies and contribution rewards, the Foundation will distribute them to the corresponding addresses of Super Nodes after the end of each quarter according to the announced rules. There is no need to claim these rewards manually.

Q12: Are the rewards of Super Nodes and voters subject to lock-up?

A12: No, there is no lock-up for the rewards of Super Nodes and voters.

III. Voting and Other Questions

Q13: When and where will the Super Node voting happen?

A13: Voting is planned for Q2 2021. It will be in WaykiTimes app.

Q14: Are the tokens used in voting locked?

A14: The WICC tokens used for voting are locked. When a user cancels its vote, the respective WICC will unlock automatically after three days.

Q15: Does WaykiChain guarantee a specific number of votes for Super Nodes?

A15: WaykiChain does not guarantee any number of votes a node can get. However, WaykiChain does not interfere with how a node distributes rewards to its supporters. A node can vote for itself, too.

Q16: How many Super Nodes does WaykiChain hold?

A16: In WaykiChain ecosystem, security comes first. To prevent nodes from malicious actions, we must increase the cost of such actions. Therefore, we set the minimal requirement of 1 million votes. As long as the external nodes meet the vote number and operate in a stable way, they can become Super Nodes and WaykiChain will not interfere with the ranking.

However, if there are not enough external nodes or their operation is unstable, nodes of WaykiChain will join to ensure the ecosystem security. Therefore, the final number of Super Nodes set by WaykiChain will depend on the voting results.

WaykiChain Super Node apply portal: https://forms.gle/Tdfr2SF3bspD4CXL8

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store