Hello everyone, we are glad to bring you a fresh article with updated information about the Solaris Reward program, how it will work and some possible rewards estimations.
As some of you may be aware, txbit.io would not be possible if it wasn’t for the Solaris community. Txbit was partially funded by the Solaris team and a substantial amount of man-hours have been invested to make it one of the leading, privacy oriented and trusted exchanges in crypto landscape today.
As a form of gratitude and way to compensate Solaris holders for their continued support of both projects, txbit is implementing a unique feature called “Solaris Reward Program”.
Why Solaris (XLR)?
We have a strong and valuable partnership with the Solaris team and we value their mission statements and goals. We chose to integrate XLR into the reward program due to the fair distribution of Solaris funds among the community. It’s a truly decentralized, no ICO, project with no single party controlling a large amount of XLR. The Solaris core team posseses less than 1% of the XLR supply, and that is used exclusively for development. This is fundamentally different from Exchange-based tokens, where in many cases the exchange controls more than half of the total supply.
Solaris Reward Program
Txbit will be rewarding 50% of the Net Transaction Fees to all users who sign up and link their XLR holdings with txbit. (Net Transaction Fees are Transaction Fees minus baseline operating costs and expenses, such as server hosting costs, software subscriptions, etc.)
We created a unique system, which supports the network security at it’s core by encouraging people to run masternodes and stake Solaris coins. We hope our system will create a major incentive for users to take XLR off exchanges and keep it safe in their own wallets, because this is what personal cryptocurrency security is all about.
At launch (Q4 2018), we will be giving the full 50% reward to all linked Masternodes on txbit.
After the Staking Monitoring feature is implemented in Q1 2019, the reward will be split as follows:
- 80% Split between all Masternodes
- 20% Split between all Stakers
What kind of rewards
Users will be rewarded a combination of BTC, ETH and XLR directly to their txbit accounts.
Transaction fees are taken from the Base Market currency for all pairings.
At launch, the rewards will be deposited to the txbit accounts on a weekly basis to ensure auditability and accuracy. Once the team is sure that all calculations are correct, the deposits will be automated on a daily basis.
Solaris Reward Program masternode reward estimations
How will it work?
That’s a great question! One of the fundamental txbit principles is Security. As mentioned already, we created a unique system that does not encourage users to send their funds to a centralized service to receive rewards. An exchange is not a bank and should never be treated as one.
The Solaris Reward Program is a secondary layer of passive income for anyone who runs a Solaris Masternode or Stakes XLR.
Our unique reward system will monitor your Solaris Masternode or Staking Addresses, and pay out the rewards directly to your txbit.io account. This means that you will still be running the Solaris Masternode or Staking XLR just like you have been all this time, but now you have the ability to link your holdings for extra rewards.
With txbit you will be able to run your Masternode from your local wallet, just like you do right now, and link it to your txbit account using a signed message, receiving both rewards simultaneously. Our service will then monitor the uptime of your Masternode and reward you for the exact uptime. This feature will be available at launch (Q4 2018).
Stakers will be able to link their staking addresses with their txbit account, our unique service will then monitor the staking rewards frequency of those addresses. The rewards are split relative to the amount of staking rewards found by other users who are also linked on txbit exchange. Here is an example to better understand how it will work:
- 100 users link their staking address with their txbit account.
- These people find a combined number of 100 blocks in one day. The rewards are split relative to how many blocks each user found.
- The user who finds 1 blocks in that day will get 1% of the staker dedicated rewards.
- The user who finds 10 blocks will receive 10% of the staker dedicated rewards.
More detailed information on how to link your Masternodes or Staking Addresses on txbit will be released closer to exchange launch.
- Users will be able to link their Masternodes when the exchange goes live in Q4 2018.
- Users will be able to link their Staking Address(es) with txbit in Q1 2019.
Txbit is proudly made and based in the Netherlands. A cryptocurrency exchange built from the ground up to meet today’s demands in security, privacy, reliability and speed. The proprietary trading engine and interface deliver a blazing-fast, world-class user experience catering to traders who enjoy spending some time behind the charts, but also to those who prefer to be in and out quickly.
Today’s cryptocurrency exchange industry is largely split into small, poorly managed and outdated exchanges, and the large, high volume exchanges that are near impossible to be listed on due to high fees and excessive bureaucracy. Txbit aims to fill this gap, providing a modern exchange platform for everyone to use. We are firm believers in growing the cryptocurrency industry without bankrupting legitimate projects in the process.