BTFS Releases New Staking Rules

According to official sources, BTFS team announced the first edition of the new staking rules to crack down on cheating, regulate miners’ storage actions and improve the overall mining return.

The new penalty rule is as follows:

1. Under the new BTFS staking mechanism, a portion of staked BTT (proportional to the amount and size of files that failed validation) will be charged as a penalty if files stored on hosts failed the network’s validation challenge (which examines the completeness and effectiveness of the stored files) until all BTT staked are deducted from the host’s account. Hosts who hold less than 500,000 BTT will be disqualified from earning airdrop reward from the storage competition.

2: Penalty: For each failed validation, 10,000 BTT will be charged as penalty for files under 50MiB, and a multiple of 10,000 BTT will be deducted for files exceeding 50MiB. All BTT will be deducted as penalty if the decentralized validators (validation hosts will be introduced soon) were found to perform malicious acts.

On staking liquidity:

1. 500K BTT constitutes one staking unit. You must stake an amount that is an integral multiple (equal or greater than 1) of the unit. 2. Hosts may keep adding or redeem the BTT staked at any time. Change in the balance of staked BTT comes into effect on the following day. Miners may submit requests to redeem their collaterals 90 days after their staking, and the BTT staked will be deposited to the original wallet address the following day after the submission.3. Hosts holding less than one staking unit in their accounts after redeeming BTT by units will be disqualified from the airdrop reward offered by storage competition.

BTFS team reserves the rights to modify the rules without prior notification to users, yet the team puts a premium on feedback from users and miners. You are more than welcome to contact the BTFS team if you have any suggestions or advice.

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FAQ from the community

1. When will the staking take place?

The community will be notified of the staking 2 weeks prior to its start.

2. Will my contract rewards be affected by staking?

Staking only affects airdrop rewards. Your contract rewards from storing files won’t be affected.

3. Some users want that the more they stake, the more contracts they can get

BTFS is a decentralized distributed network. The team does not have control over any specific contracts. It is only in the team’s capacity to modify the rules of airdrop rewards. We believe firmly in decentralized storage.

4. Will the BTT charged as a penalty be re-distributed? If not, will those BTT be burnt?

Those BTT will be re-distributed to the nodes that help repair the shards that fail the storage validation challenge, etc.

5. Some would like the staking to begin after accessing contracts is equally easy for miners in Mainland China and those in the rest of the world.

We are constantly lowering the difficulty for miners in Mainland China to access contracts to make the system fairer overtime.

6. How to stake?Where to stake?

There will be a dedicated page for staking on Host UI (run BTFS and visit http://127.0.0.1:5001/hostui with your browser); you may also call the API we provide.

7. Some suggest staking 50K. 500K is quite a lot.

We will make adjustments according to product needs and user feedback.

8. Where will the staked BTT be? Are they in the smart contract?

They are in an officially designated wallet address, not smart contract.