Weekly Update #17 — June 6th
Tael / Techrock developments and events.
Everything You Always Wanted to Know About Techrock Masternodes But Were (Not So) Afraid to Ask
Techrock will soon launch its masternodes. (If you are not clear on difference between Tael and Techrock blockchains, you can see it here.)
What are Techrock masternodes?
Our masternodes allow individuals holding Tael tokens to aid the project and be, in turn, rewarded for their efforts.
Techrock Masternodes will be auditing and securing the supply chain transactions occurring on the Techrock Blockchain. It is based on Hyperledger software. The Hyperledger Foundation is growing (here is a full list of members, we are in the process of becoming a member). We’ve chosen Hyperledger for ease of future integrations with blockchains of other partners as well as robust business functionality and fast development.
Initially, there will be 30 masternodes. It is sufficient for our current operations. We will increase this number as we develop, and we’ll notify the community about the increase well in advance.
Who can run a masternode?
There are a few conditions that must be met in order to participate:
- You must hold a minimum of 5,000 Tael in a private wallet (i.e. outside of an exchange).
- You must have a dedicated computer or cloud instance running on Ubuntu 16.04 and above that also supports Docker. Minimum specifications are: 2 Cores, 4 GB RAM, HDD 40 GB.
- You must register the wallet in which you hold Tael through our Tael Verification Bot.
- You must fill out a short Google information form.
Of all those who’ve registered through the Tael Verification Bot and submitted the Google form, the 30 wallets holding the largest amount of Tael at 13.00 Singapore time on 30th June will be invited to run Techrock masternodes. Others who are eligible will be placed in a ‘backup queue’. Should any of the top 30 bow out or otherwise fail to run a masternode, the next in line will be invited to run a masternode. Here’s how the queuing process will work.
What will the reward be for running a masternode?
You can see the percentages for yearly payout, depending on the amount of Tael held and type of node you are running, in the following table:
Please note: maximum amount accounted for in a masternode wallet is 100,000 Tael (WaBi). For balances higher than 100,000 Tael, the yearly payout will be based on value of 100,000 Tael.
How do I set up a masternode?
We will publish a detailed summary of technical specifications and a step-by-step tutorial on how to install and run Techrock masternodes in the near future. For now, all you need to do is to verify your wallet (with Taels in it) with telegram bot and fill in the google form mentioned above.
Where can I see how many Taels I need to get into top 30 masternode applicants?
In the next few days, we’ll publish the list of registered wallets at https://queue.wacoin.io/
What is the cut-off time to get into 30 top masternode applicants?
The initial 30 masternode invitations will be distributed according to state of the wallets at 1 p.m. on 30th June Singapore time.
I already verified my wallet to get into verified Telegram group. Will my wallet be published?
By default -no. It will only be published if you submit the google form.
As the system develops and grows we will periodically adjust the setup of how masternodes work. We will make sure to inform the community well in advance of any upcoming changes, including extra masternodes added to the system.
How are the masternode rewards calculated?
The weekly rewards are calculated by taking your annual payout, dividing it by days of the year, and multiplying it by 7 (days). For instance, an annual 6000 Tael payout will be calculated for the weekly payout like so:
6000 / 365.25 x 7
Your masternode status is verified every 15 minutes. Should your masternode not be up, that time will be deducted from your overall payout.
Want to join the conversation? Talk to the team?
Join our official Telegram channel at: https://t.me/wabi_ico