A Step-By-Step Guide on Submitting an Official ODIN Masternode Proposal
Definitions
Ø (ODIN) — The native currency of the ODIN Blockchain
Core Wallet — A core wallet contains the entire blockchain as opposed to a piece of it and allows users to not only receive, store, and send digital money but also program on or with it. [ODIN] transactions are kept on a digital record, known as the blockchain, and the blockchain is maintained by users around the world. (Decryptionary.com)
Masternode — Masternode is defined as a governing hub in some cryptocurrency networks. It requires initial collateral (25,000.00 Ø) to operate. (Decryptionary.com)
Masternode Proposal — A masternode’s managing role is to vote on proposals to improve the ODIN system. Anyone can submit a proposal within the core wallet, which would then be voted upon by masternode holding members of the community. Every masternode gets one vote.
Step 1 Downloading the ODIN Core Wallet
Download the official ODIN Core Wallet here. After the first installation, it may take some time to sync the client. It isn’t atypical for this sync to take several hours as it must sync the entirety of the chain since the genesis block.
Step 2 Meeting Masternode Proposal Collateral Requirements
After successful syncing of the core client with the chain, the proposer must ensure their wallet meets the proposal burn fee requirement. This fee is 50 ODIN. A payment is required to ensure that a bad actor wasn’t to spam the proposal portal. Additionally, it should lend credence to the proposal as it ‘costs’ ODIN to submit a proposal, and there is no guarantee that the community will successfully pass your proposal resulting in a net loss of ODIN.
Step 3 Drafting Your Masternode Proposal
There is no one way to structure your proposal. However, being as the community would ultimately have the final say in the successful passing of your proposal, it would behoove the proposer to include relevant information such as: who is submitting the proposal, what the proposal intends to accomplish, how the accomplishment will impact the overall platform and any other pertinent information such as material costs and external contributors. Here is an excerpt from a successfully passed ODIN Masternode Proposal.
ODIN Governance and Developmental Efforts Proposal
Who: Odin Society member Christopher Reeder. Discord handle: (nondescript | ODIN)
What: I am proposing a portion [10,000.00 ODIN Coin]* of the July 2019 Superblock [Superblock 3] — November 2019 Superblock [Superblock 7] generated reward be allocated toward my ongoing research, writing, and exposure efforts of the ODIN Blockchain project.
When: The proposed funds will be used during the period from which the coming Superblock (3) is generated and rewarded until Superblock (8) is generated and rewarded. The duration of a superblock is typically 1 month. During a given month I intended to write a minimum of (8) ODIN Blockchain related articles ranging from 500 to 1500 words to be published each Monday and Thursday at 5:00 p.m. Pacific Standard time.
Why: I am proposing the allocation of these funds in order to compensate myself for the time needed to research, draft, edit, and publish articles. Additionally, I have found myself running into paywalls for research-related endeavors that have a more technical background and peer-reviewed status. I intend on using some of these funds to get through paywalls and access information that will help increase the quality of my publications and thereby increase the external perception of my efforts and in turn the perceptions of ODIN.
Cost of time breakdown: I would say a conservative estimate of the time needed per article ranges from 6–8 hours in total for research, drafts, editing, and publication. This extrapolated over the course of 8 articles would be 48–64 hours of time per month.
Read the proposal in full here.
Additionally, the proposer will have to supply the address they would like to receive their ODIN to should it have passed the community voting. To do this, navigate to the RECEIVE ODIN tab within the core wallet.
After navigating to the Receive ODIN tab, you can choose to fill in the Label, Amount, and Message sections. This is 100% voluntary. However, it is encouraged as it allows for more accessible location of the payment in future references should your wallet have a large number of transactions. As you can see, I choose to fill the Label section with Masternode Proposal How-to Guide, and the Message section with This is a test. Please vote no.
Step 4 Completing the In Wallet Proposal Requirements
Within the core wallet, navigate to the ODIN Proposals tab. It will look like this:
Click CREATE PROPOSAL found at the top left-hand corner of this page. This should result in the following being populated:
Fill in the relevant information. All fields are required for the successful submitting of your Masternode proposal.
Proposal Name: Provide a proposal name; keep it short.
Proposal URL: Valid Http or https URL (include Http:// or https://)
*pro-tip: if your proposal URL exceeds 20 characters, use a URL shortener. A free and easy to use URL shortener can be found at https://bitly.com/.
Payments (Months): How many monthly payments, 1 per budget cycle. The superblock generated funds are issued roughly once per month. You will express how many payments you would like your proposal to be broken into. This allows for larger requests to be paid over an expanded timeline, resulting in a smaller percentage of the total 108,000 ODIN monthly Superblock funding to be allocated toward any one proposal.
Superblock: This number automatically shows the block height of the next resulting Superblock. If you would like to edit this, be sure to calculate the exact Superblock block height you would like your proposal to be eligible to start.
Payment address: use the address you have generated at the end of step 3.
See the following screengrab filled out in full.
After filling in the required information, click SUBMIT PROPOSAL. The tab will change to reflect that the core wallet is waiting for the necessary seven confirmations to pass. DO NOT CLOSE THIS WINDOW. Closing the window prior to the seven confirmations will result in your 50 ODIN being lost.
The proposal tab will continually update you with each passing confirmation, as seen above. After seven confirmations (roughly seven minutes), the WAITING tab will change to FINISH PROPOSAL, as seen below.
Click FINISH PROPOSAL to officially submit your ODIN Masternode Proposal to the ODIN Blockchain.
After having clicked the FINISH PROPOSAL tab, the proposal will be present in the ODIN Proposals tab and ready to be voted upon by masternode holding members of the community.
Congratulations! If you have followed this guide correctly, you should now have an eligible masternode proposal for the community to vote upon.
Where do I find out more about ODIN?
Join the community at our official Reddit!
