aelf Node Election AMA Recap
The AMA was held on Nov. 26th, 2021 10:00 A. M.(GMT+8) in aelf English community. The questions are answered by the Qi — PR specialist from aelf. Here is the review of the whole event.
Q1: Can you explain what is node election?
The node election means electing production nodes from all the candidate nodes. Production nodes are also called Block Producers (BPs) on aelf mainnet. BPs are decentralized entities that govern the aelf network. They are responsible for reaching consensus and adding blocks of transactions or data to the aelf blockchain.
Q2: What is the latest progress of aelf node election?
On November 18th, 2021 12:00 P. M. (GMT+8), we kicked off our node election. So far we have invited Huobi pool, MATPool (a node construction service of 8BTC, the top Chinese crypto media platform), bountyblok, and RockX. On November 25th, 2021 3:30 P. M. (GMT+8), RockX and MATPool have been elected as the first two outside production nodes on aelf. And they have already started their production work smoothly.
Q3: Can you provide more information about the four invited nodes?
RockX is Asia’s one-stop gateway to crypto finance and blockchains. Providing safe and secure technology infrastructure to support the most innovative protocols in the market. The team is equipped with a wealth of experience in mining, staking, protocol research, and infrastructure design. In recent years, the company has built access node APIs for popular Layer 1 and 2 protocols for developers, and helps companies to seamlessly access and interact with blockchains.
MATPool, they devoted to providing the most secure, stable, and convenient enterprise-level staking services. MATPool is 8BTC’s node construction service brand. 8BTC is the leading media platform in the Chinese language. MATPool provides the most secure, stable, and convenient enterprise-level staking services. It has completed the global servers deployment and all mainstream Proof of Stake blockchains are supported. It is a industrial leading PoW pool in the APAC area.
Huobi Pool belongs to Huobi global exchange which is mainly handling PoW mining and Staking mining. With being many public chain nodes, Huobi Pool is devoted to providing one-stop financial services to all digital users.
bountyblok mainly serves NFT Artists, brands and various projects who want to engage their followers with a set of tasks while earning rewards. Developers who want to add gaming mechanics inside their projects can also benefit from the cooperation with the team.
Q4: If I want to vote for my preferred candidates, what should I do?
You can always stake ELF tokens on aelf mainnet as your voting tickets. According to the Stake to Vote Mechanism, 1 ELF token represents 1 ticket. If you have already voted and want to transfer the voted tickets, you can operate via the Vote page. During the lock period, the transfer will not influence your status as a voter. A very specific tutorial for voting has been published on our medium, please read carefully and you will get all the information you need.
Q5: What to expect from being aelf’s node?
On one hand, you can receive rewards from the mining&staking pool.
a. Monthly block rewards: Estimate 7623 $ELF (eg: current ELF token price is 0.61USDT, 7623 $ELF is approximately equal to 4650 USDT)
b. Monthly resource token transaction fee rewards: (monthly resource token transaction fee*100%*20%)/17
c. Monthly transaction fee rewards: (monthly transaction fee*90%*20%)/17
On the other hand, you can receive the rewards on sidechains.
a. An exclusive sidechain: Production node rewards = developer cost × reward rate (reward rate is determined by the production node and the developer through mutual negotiation)；
b. Sidechain support plan: Production node rewards = rewards share according to the agreed ratio + number of blocks × unit price of each block index fee；
c. Sharing sidechain: Production node rewards generated on 1 chain = transaction volume × transaction fee charged for each transaction.
Q6: How long do I need to lock my ELF tokens to participate in voting?
You can choose the lock-up periods among 3 months, 6 months, 12 months, 24 months, and the longest is 36 months. The rewards distribution will be calculated according to the number of votes and the lock-up time. The longer you lock, the higher the rate will be.
Q7: Then when can we claim the rewards?
The voting rewards could be collected after the voting phase ends, which is 3:30 P. M. every Thursday. In other words, users can collect their rewards every 7 days. The detailed calculation could also be seen in the tutorial.
Q8: What effects will the production nodes bring to the ecological development of aelf?
Once elected, BPs will then be tasked with upholding the integrity and accuracy of the network by coming to a majority consensus on data or transaction blocks that must be added to the network. Other than the pure stake of ELF tokens, BPs also invest in the network in the form of infrastructure, community support, development, and many more.
Shortly, BPs will join mainnet aelf’s inaugural Top of OASIS hackathon as judges. Later this year, they will also function as the decision-makers in the sidechain auctions and many more. The collective actions can have a real impact on the future of the gradually opening aelf ecological network.
Q9: What do you need to become a node of aelf?
Generally speaking, you need to stake ≥100,000 ELF tokens. And you need to run and maintain the node server.
Configuration recommendations: Linux system; 8Core CPU,Compute-intensive refer to aws CPU: Intel(R) Xeon(R), Platinum 8275CL CPU @ 3.00GHz; 16 DDR4 RAM; Amazon EC2 c5.xlarge sever model.latinum 8275CL CPU @ 3.00GH
Note: Deposited tokens will be locked after a successful election to a production node. The locked tokens will be returned to the node owner upon them stepping down from running the production node, assuming there is no violation of operation.
Extra question: When will hackathon start?
Theme: Top of OASIS
Racing Tracks: GameFi (main track), NFT, DeFi, DAO, Web3
Full online participation
Pre-registration Period: November 19th, 2021 — December 1st, 2021
Pre-register Entrance: https://forms.gle/Qtcnv9b16j9pCawc6
Start of the competition: Mid-December, 2021