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Contentos

BP (Block Producer) Voters Reward Guide

The Contentos mainnet is now in its 4th year of block production with more than 97 million blocks produced thanks to our block producers, who are helping to decentralize content creation and distribution through their participation.

Anyone that owns COS tokens can contribute to the decentralization of the Contentos mainnet by ‘voting’ for block producers and receive rewards for their contribution to the network.

According to the planned schedule for Mainnet rewards, BP (Block Producer) rewards for contributing to block production increased by 14.3% when the Contentos mainnet entered its 4th year of block production recently.

This will be the first time that more than 100 million in COS token rewards will be distributed annually for both Ecosystem rewards and BP Rewards to encourage the growth of the Contentos ecosystem.

For those who are not familiar with BP Voter Rewards, we wanted to provide a guide on what BP voting is and how to join BP voting and receive BP rewards.

BP Voters Rewards on the Contentos mainnet is similar to staking rewards on Proof of Stake (PoS) blockchains. BP Voters Rewards allows users to use their COS tokens to ‘vote’ for block producers that produce blocks on the Contentos mainnet. In return for their contribution in block production, users receive block producer rewards.

Similar to other PoS staking methods, the Contentos BP voting system only rewards the top 21 block producers with the most votes or staked COS tokens. In order to vote for block producers, users must first convert their mainnet COS tokens on their COS.TV mainnet wallet to ‘VEST’ tokens, which is similar to staking tokens.

COS tokens are converted to VEST tokens on a 1:1 basis, and VEST tokens can be converted back to COS tokens over a 6 week period.

BP voting is essential for block production and decentralizing the Contentos mainnet and by joining BP voting users can contribute to the Contentos ecosystem. In return for their contributions to the ecosystem, users are rewarded with COS tokens.

More than 10,000 COS holders have already contributed more than 500 million COS tokens to Contentos mainnet block production through BP voting.

1. To participate in BP Voters Rewards, you must first have mainnet COS tokens in your COS.TV mainnet wallet in your COS.TV account. If your COS tokens are held in exchanges, you can easily convert them to mainnet COS tokens by using the swap COS function and sending your COS tokens to your COS.TV mainnet wallet. Make sure you enter the ACCOUNT / ADDRESS and MEMO correctly when sending tokens. The swap token function will send out the corresponding amount of COS token to your wallet once receiving your token. Alternatively, you can use the COS.TV mainnet wallet ‘Deposit’ function to deposit BEP-2 COS tokens as mainnet COS tokens into your wallet.

2. Once you have COS mainnet tokens in your COS.TV mainnet wallet, you need to convert your COS tokens into VEST tokens. Go to ‘My assets’ in your COS.TV mainnet wallet and click on ‘Convert to VEST’. COS tokens are converted to VEST on a 1:1 basis and VEST tokens can be converted back to COS tokens. You will not lose any COS tokens by converting them to VEST tokens.

Note: You must have at least 10 VEST tokens to vote for a block producer.

3. After converting your COS tokens to VEST tokens, you can vote for a block producer by clicking on ‘BP vote’ in your COS.TV wallet. Vote for one of the top 21 block producers in order to receive rewards. Currently, rewards are distributed to BPs every 604,800 blocks or approximately 7 days. If you missed the beginning of the current 7 day reward distribution period, you must wait another week before receiving BP rewards.

Note: Some block producers like the ones operated by Binance or Bithumb may not distribute BP rewards. The only block producers that guarantee rewards are the following official Contentos block producers:cosofficialbp1, cosofficialbp2, cosofficialbp3, cosofficialbp4, cosofficialbp5, cosofficialbp6, and cosofficialbp7

  • Only the top 21 block producers can produce blocks and distribute BP rewards.
  • You must have at least 10 VEST to vote for a BP.
  • An account can only vote for one BP at a time. All VEST held by the account are treated as votes.
  • Rewards are distributed to BPs every 604,800 blocks or approximately 7 days.
  • Snapshots are taken at the beginning and end of each 7 day period to determine the rewards for each account. Voting for another BP during the 7 day period will lead to forfeiture of the BP rewards for that 7 day distribution period.
  • Each account will receive rewards according to the percentage of its votes in the BP. Accounts will receive more rewards if it holds more VEST.
  • Voters rewards are distributed to each account in the form of VEST, which can then be converted to COS tokens on a 1:1 basis.

1. How much BP rewards can I receive?

The amount of BP rewards you receive depends on multiple factors such as: the number of VEST committed to a BP, the number of users voting for a BP, the number of VEST committed to a BP, and the BP operator.

Go to https://explorer.contentos.io/#/bp/ to see a list of BPs and their reward distribution rates.

2. How do you convert VEST tokens back to COS tokens?

To convert VEST tokens back to COS tokens, go to your COS.TV mainnet wallet and click on ‘Convert to COS’. Follow the instructions to convert VEST to COS tokens.

Note: It takes 6 weeks to complete a VEST to COS conversion. A sixth of the total converted amount will be converted to COS every week after the conversion has been initiated. Starting a new conversion will interrupt the previous conversion.

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