SteadFast Storm Release Information:
Release Date: Q3, 2020 [Delayed from Q1, 2020]
- PoS/PoW split (yes, that means Utility nodes ie. master nodes)
- Reduced network fees
- Increased wallet support & simplicity
- Upcoming Anonymity Network much like TOR
- Privacy-based DApps
Our next major release, “Steadfast Storm” scheduled for Q3, 2020, will be a major milestone for the uPlexa project. Steadfast Storm will reduce network fees to a minimal amount whilst also bringing utility nodes (ie. masternodes) into play, enabling PlexaNet (the uPlexa anonymity network).
Name: UTILITY NODE (or uPlexa node if you wish). Anyhow, UN for short.
Nodes will be 2M UPX Each (DYNAMIC). Cost will decrease slowly over time, much like our block reward. This means, as block rewards lessen, so does the cost of running a utility node. Utility nodes will receive 20% of all block rewards. As of now, that’s approximately 290,880 UPX per day. Utility nodes will require a strong internet connection, thus we recommend a reliable VPS or your UN may lose out on some block reward windows if your UN loses connection during a specific reward window.
Staking amount is LOCKED for 30 days.
What does a Utility Node do? A utility node will help with heavy lifting on the uPlexa network to allow for UNApps (Utility Node Apps), and browsing of the uPlexa equivalent of TOR, a private and anonymous network. Utility nodes will also act as exit nodes on our anonymity network and will also help increase the speeds of transactions by helping confirm blocks and denying invalid blocks from PoW to prevent 51% attacks. The uPlexa anonymity network (PlexaNet) will act like a VPN whilst also giving you access to a “deep” anonymity network to roam around in with complete privacy. As utility node owners are incentivized via dividends (block rewards), Utility nodes must have a reliable connectivity or face potential deregistration from the network during the 7 hour block reward windows (meaning, the node operator would lose out on the reward for that 7 hour window if the node disconnects). This means that PlexaNet will be drastically faster than TOR, yet cheaper than any other VPN service available (almost free). Connecting to PlexaNet will be free at first, with a proposed fee (to be paid in UPX) at a later time. The fee will be minimal.
You may choose to stake individually, or choose to participate in pooled staking.
Pooled staking: Pool operator must stake 25% of the necessary amount. The pool operator may reserve contribution slots for specific addresses to prevent random users from joining their pool. All users must contribute a minimum of 25% of the stake.
The pool may be open or reserved. If open, anybody can join the pool. The payouts will be left to the network, so there are no issues regarding trust.
You will be able to restake every 30 days (when your funds unlock). You may choose to restake automatically within the node, or to do so manually. You may also cancel your automatic restaking at anytime.
Node requirements as of NOW:
- >10GB SSD
- RAM: 2GB
- CPU: 1
- External IP Necessary
- Reliable connectivity required
- Rewards: 20% UN 80% PoW
- Time between UN reward: 235 Blocks (7.83 Hours)
- Staked proportion locking period: 30 days
As we work towards preparing Steadfast Storm, we will also be working on creating more wallets to better serve as a function of simplicity and minimalism for our users. We realize our current GUI wallet is a little heavy and not the easiest for users who are first getting into crypto. Thus, our mission is to solve such problems. Furthermore, we will also be reducing transaction fees substantially.
You will also continue to see developments in other areas. We have more information coming later this month regarding IoT software being created for a new device/operating system.