COTI community,
MainNet nodes will be delivered next week. We have also been attentive to the requests of our community to allow smaller token holders to enjoy the incentives that come with node operation. We will be introducing staking as a service in the form of delegated stakes. We have also decided to incentivize TestNet node operators for their contribution to our research and development. Read more in the following message:
Highlights:
MainNet nodes
- Two MainNet nodes are currently operated by COTI
- The first MainNet node to be run decentrally will launch next week
- Second MainNet node to run the week after
- Scale up plan, which includes qualification process and profit prediction per node will be introduced after their launch and with data gathered in their operation.
TestNet nodes
- Introduction of an incentive plan for test nodes operators
- TestNet node operator can stake 100K COTI and will gain 10% per annum
- In order to qualify as a MainNet node operator, one must qualify as a TestNet node operator
Delegated staking for the COTI community
- Staking as a service: COTI introduces the community node, a node that is operated by a community leader and staked by community members (delegated staking)
- Community node staking plan:
- Overall 500K COTI staked, with a minimum guarantee of 30% gain per annum
- Community leader becomes the technical node operator and stakes 100K COTI from the overall stake for at least 30% guaranteed gain per annum
- For the first year, COTI will also pay the community leader a fixed monthly fee of 100$, paid with COTI, to recoup his costs
- Community members may opt in to stake the remainder 400K COTI, for a period of at least 30 days, with a guaranteed return of at least 30% per annum.
- Community members may stake a minimal amount of 5K COTI and a maximal amount of 10K COTI a month - First community node is predicted to launch by the end of December
MainNet Nodes
MainNet nodes are the basic nodes of the COTI network. In the current development stage, Full Nodes are the only available nodes that can be run by network users. DSP Nodes and Trust Score Nodes will also be operated by users as the network matures. Watch the transaction confirmation process in COTI’s protocol here.
The third MainNet node is planned to launch next week with version 1.02 of the Full Node. This will be the first MainNet node to run decentrally by a network user.
An upgraded version that includes MultiDAG and History nodes is planned to launch in January and will upgrade the node.
All node operators can earn profits from running nodes. Potential earnings can be estimated using our earnings Calculator.
Community Nodes
The fourth MainNet node will launch by the end of December and is planned to be a community node. A community node is a normal Full node that has a delegated staking mechanism to include more community members in the operation. Running a node in a payment system is an important task as it involves the confirmation of transactions to real world merchants. We have kept the staking COTI amount quite high to maintain the integrity of the network. We also understand that managing a node requires technical skills that not all participants have. We have been attentive to all of that and have decided to introduce the community node plan. Community nodes will be technically managed by a node operator with sufficient technical skills from the community, who has been qualified as a TestNet node operator and has been KYC’ed.
COTI will hand pick the first leader, but future leaders will be picked by the community, for the community’s sole discretion. Such member will technically run a node for the benefit of the COTI network and as a delegate of the community. Community nodes will run with a 500K COTI staked and with a guaranteed return of at least 30% per annum (the higher of fees generated by the node or 30% per year). The community leader managing the node will also receive a fixed fee of 100$ worth of COTI per month, from the COTI reserve, for the first year of operation for his valued contribution to our community. Lastly, the community leader will also enjoy the ability to stake 100K COTI with a guaranteed return of at least 30% per annum.
The remainder 400K of COTI to be staked on the community node will split between community members wishing to participate for the same 30% gains. Such members may stake 5K-10K COTI. The first community node stakers will be selected on a first come first serve basis. Expect a dedicated post about it next week. It’s important to note that the community node staking plan is experimental and different staking and returns may apply for the next nodes managed by the community. That said, the mentioned return is secured for participants in the first node until at least January 1st, 2021.
TestNet Nodes
In order to test full node operations, COTI requires a good testing ground for its nodes on its TestNet. The benefit for COTI in such testing is immense and in order to compensate TestNet node operators for their time and effort, COTI will allow such node operators to stake 100K COTI for a 10% per annum return. Also, as a requirement to run a MainNet node (basic, community or advanced) one must qualify as a test node operators. A qualification plan and staking guidelines for TestNet node operators will be published by the year’s end. We have already received hundreds of requests to run a TestNet node and we’d like to take this chance to thank you for your interest. We’ll be in touch with each and every one of you.
If you’d like to learn more about how to run a Full node on COTI’s TestNet network, please refer to the guide below:
https://medium.com/wolf-crypto/how-to-setup-a-coti-testnet-node-on-vultr-a3710d24f892
Timeline
Third MainNet node and the first decentralized node — December 23rd — December 25th, 2019
Open application to community node members — December 23rd, 2019
Fourth MainNet node and the first community node — December 26th — December 31st, 2019
TestNet nodes incentive plan launch — January 1st, 2020
Closing words
As promised, we continue to build and ship. The Binance community voting event has created a lot of attention to COTI, motivating us to push even harder.
We now ship decentralized Nodes on our MainNet and delegated staking. The rewards are awesome and you can take part in the payment processing system of the future.
Stay COTI!
We invite you to register to become a COTI Full Node operator. For any comments and suggestions about our staking plans, please send an email to staking@coti.io
For all of our updates and to join the conversation, be sure to check out our channels:
Website: https://coti.io
Twitter: https://twitter.com/COTInetwork
Telegram: https://t.me/COTInetwork
Github: https://github.com/coti-io
Discord: https://discord.me/coti
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
