Bithereum’s Full Node Rewards Program
Please go to the updated version of this blog, Proof of Uptime v2, here: https://medium.com/bithereum-network/bithereums-proof-of-uptime-v2-0-69da7c1ca17
This blog is outdated! Please check out the PoU v2 blog here: https://medium.com/bithereum-network/bithereums-proof-of-uptime-v2-0-69da7c1ca17
PoU v2 including the Bithereum Node Tool
Please go to this blog for more information on Bithereum’s Proof of Uptime and the Bithereum node Tool: https://medium.com/bithereum-network/bithereums-proof-of-uptime-v2-0-69da7c1ca17
Proof of Uptime
We are excited to announce that we are in full-swing with Phase 1 of Bithereum’s development already, and officially began the first iteration of our Full Node Rewards program on Friday, February 22nd. EVERYONE running a full node can now earn BTH for doing so, through this new initiative, called Proof-of-Uptime (PoU) v1.0.
This system functions similarly to mining rewards which are earned for an individual’s work in every Proof-of-Work algorithm. We are officially introducing a new concept coined by the Bithereum Team, called “Proof-of-Uptime”, or PoU. In every other PoW system, including Bitcoin and Ethereum, there are a misalignment of incentives when it comes to full nodes. Though running a full node is absolutely crucial to the success of the network in the first place, there is no model in place to incentivize this, relying on people to be ideologically attached to a project rather than financially incentivized in the way that every miner is.
In PoU, the amount each full node will be awarded with will be based on their node’s uptime; the higher amount of uptime a node has, the higher their reward payout will be, however even a miniscule amount of uptime will generate at least some reward.
Payouts will be issued once a week, unless noted differently by us. The amount of BTH you are holding in terms of BTH’s USD price will determine how much you can earn each week. To see the payout structure, you can check out the PoU chart below.
The ‘Payout Per Week’ numbers above are based around a full node having an uptime of 100% during a payout period; the percent of uptime will directly correlate to the proportion of the rewards each full node receives on a week-by-week basis. For example, if you hold $25 USD worth of BTH in your full node address (Tier 3), but only have an uptime of 50% for the week, your payout will be 5 BTH instead of 10 BTH.
Note: Those who reach 100% sync status in the middle of a payout period WILL NOT receive rewards until they complete a full payout period cycle (Friday to the next Friday). You will then receive rewards for that payout period and also every period moving forward. Once again, you will not receive rewards for the week that you sync if its in the middle of a payout period; payouts would begin the following week.
Future versions/iterations of PoU are subject to change the required holding amounts and payouts depending on the state of the network (network growth and full node count). When there are eventually changes/updates to the PoU structure in the future, everyone will be notified ahead of time and a new tier chart will be released prior to any change going into effect.
A full node interface will be released in the coming days and will be accessible on our site. We will post the link for that when it is up. Through this interface, you will be able to see your full node stats such as payouts, tier levels, referrals and more, as your address can be entered to see your full node dashboard. The official full nodes page on the site will also have a realtime PoU chart, with the amount of BTH needed to fill each tier constantly updating based on USD values. A preview of how the interface for this page will look is below.
We will also be releasing a Bithereum Node Management Tool in the coming days, which will make the process of running a full node far easier. Though this Node Management Tool will be very useful for those who haven’t synced yet, it is also a REQUIREMENT to download for everyone who wishes to participate in PoU. This dashboard in the Node Management Tool will give each individual the status of their node, report that your full node is up, and also contain a unique key for each user, which would be required for the referral system as well. Below is a preview of how the BTH Node Management Tool will look.
Our referral system for PoU is explained below; more details will be added in the coming days when the Node Management Tool is released. Get started today and become a key part of Bithereum’s growing network, while earning BTH throughout!
*Note: The Referral system will be ready some time in the coming weeks and we will notify everyone and release a new blog when it’s live. Directions for referring will also be posted.
Proof-of-Uptime will have a built-in system for referrals. Any individuals who have reached 100% sync status on their full nodes, can refer other individuals to sync from them. Upon 100% completion of syncing, both parties will recieve 1 BTH. There are a total of 10,000 BTH allocated for referrals, and rewards will continue to be distributed until this allocation is finished. Upon running the Bithereum Node Management Tool, you will be given a unique key which will function as your referral ID. This key will be used by others who you refer to run a node. More details will be added here soon as to how to do the process correctly.
Bithereum Network Team