Development Update March 2022
After the launch of the first Baseledger Testnet “Lakewood” in September, and development updates in December, January and February, this blog post gives some insights on our last steps towards the Baseledger mainnet release.
Final Mainnet Steps
Currently, we are onboarding all council member nodes into the validator set. Until the end of the week, all additional validators that applied through the Baseledger council will be informed about the steps to join and extend the validator set.
As soon as the core validator set is running, we will launch the mainnet officially before end of March 2022.
Documentation on how to set up and join replicator nodes will follow.
Usage Fees
The Baseledger Governance Council (established with the council members Unibright IT, Consensys Mesh, Concircle, Finspot, Iconiq Labs, SPO Consulting, Unibright Benelux and Lakewood Consulting) decided the costs for one Baseledger Worktoken (used inside Baseledger to pay for dropping proofs) is 0,01 EUR (“1 EUR cent”). Baseledger Worktokens can only be obtained by paying with the Universal Business Token UBT, where the current UBT price at the time of the transaction is oracleized and used as the calculation reference.
Inside Baseledger, transactions are valued by the size of the payload (in bytes):
- 0 - 128: 1 Baseledger Worktoken
- 129 - 256: 2 Baseledger Worktokens
- 257 - 512: 6 Baseledger Worktokens
- 513 - 1024: 16 Baseledger Worktokens
Currently, payloads are only supported up to a size of 1024 bytes.
The fee structure can be adjusted with the approval of the Baseledger Governance Council.
Validation Power Calculation, Proxy-Staking and Rewards
Validation Power is calculated by the ratio of the UBT amount staked per validator, where…
- …minimum stake per validator is 50,000 UBT (“fifty-thousand UBT”)
- …maximum stake per validator is 1,000,000 UBT (“one million UBT”)
- …validators can stake more than 1,000,000 UBT (e.g. when offering proxy-staking: the pools do NOT have to be capped at 1,000,000 UBT), but higher stakes will NOT be reflected in higher validation power
- …validator staking rewards (coming from usage fees) are distributed according to the ratio of the validation power
- …additional staking rewards (e.g. coming from grants) can be distributed in different ratios, e.g. to support validators that offer proxy-staking or certain features.
Changes in the staking amounts will not be reflected in real-time in the early phase of the network, but on a weekly base.
Announcements on proxy staking offerings are published by the validators that offer proxy-staking. First offerings are expected this week.
The validation power calculation, the reward mechanisms and the frequency of validation power updates can be adjusted with the approval by the Baseledger Governance Council.
Further updates that have been agreed and approved for publication by the Baseledger Governance Council will be published here.
Baseledger is a public network designed for storing and managing baseline proofs, which are an essential part of synchronizing systems of record across the internet in accordance with the Baseline Protocol. The high-performance, high-availability network provides verified systems integration services at very low cost, without requiring companies to spend time and capital setting it up.
Baseledger complies with the Baseline Protocol to ensure that no data is moved from companies’ systems of record onto any kind of blockchain, and proofs cannot be used by an observer to learn anything about companies’ confidential information, relationships or business activities.
Initially established by Unibright, and joined by Concircle, Consensys Mesh, Finspot and others later, Baseledger is officially council governed since December 2021.
