Community Governance and Reward Distributions Methodologies | IOST Mainnet Launch Countdown: 5 Days!

Community Governance in the IOST Network

Staked voting is an important autonomous mechanism in IOST blockchain self-governance. If a Node Partner in the IOST network continuously serve the IOST community, contribute code and participate in governance, the Node Partner will receive more votes from the community.

For Voters

The IOST Community Voting Program will remain open into perpetuity. Voting will transition from the early bird voting to mainnet voting starting on March 10.

IOST holders can exercise their voting rights and determine which candidates become Node Partners, process transactions on the IOST network and be their voice in community governance.

We welcome more community members to join the IOST Partner Program, earn from voting rewards, and help shape the future of IOST.

For Node Partners

The IOST Partners Program candidate application will remain open, into perpetuity, with no limit on the number of candidates. The staked voting system to elect Node Partners will continue.

Anyone interested can apply to join at any time. We sincerely hope more community members will apply to become IOST Partners.

IOST Partner application link: https://iost-eng.typeform.com/to/MQzgbm

Official Voting Portal: https://iost.biss.com

Transitioning from Early Bird Voting to Mainnet Voting

Early Bird Voting Stage

From now till 10 March, 2019 0:00 UTC

• You can continue to stake IOST ERC-20 tokens, vote on the Voting Portal, and received 25% annualized returns on your staked tokens as early bird rewards.

Close of Early Bird Voting Stage + Token Swap

On 10 March, 2019 0:00 UTC

• The election will transition from early bird voting stage into the mainnet voting stage, and we will stop distributing early bird rewards.
• All voted ERC-20 tokens will be automatically swapped to IOST mainnet tokens. Voters can stake the mainnet tokens and vote for the candidates they favor.
• Early bird gains can used for voting, trading or be withdrawn (no lockup).

Mainnet Voting Stage

After 10 March, 2019 0:00 UTC

• Mainnet voting starts, and will remain open into perpetuity.
• Voters can continue to vote on the Voting Portal (https://iost.biss.com). Specific voting rules will be released in the BISS’s official announcement.
• Exchanges, such as Huobi, and wallets, such as TokenPocket, Cobo Wallet, etc will start supporting IOST Partner Voting functions directly after the mainnet launch. If you wish to stake outside of the current Voting Portal, please watch out for their announcements.

Mainnet Voting Rules

• 1 IOST =1 vote, and each vote can only be cast once.
• One account can vote for multiple candidates, and candidates can vote for themselves.
• Tokens that are staked and used to purchase resources do not have voting rights.
• Redemption of staked tokens requires a 7-day unstaking period. For the amount of tokens undergoing the unstaking process, voting rewards will stop immediately once a voter activates the unstaking process.
• Changing your vote requires unstaking of the staked tokens first (which takes 7 days), before these votes can be recast.

Node Partner Rewards and Distribution Methodology

Rewards for Node Partners

All Node Partners who received 2.1 million or more IOST votes will share the rewards of 4% of the total circulation (840,000,000 IOST), of which:

1. 50% are election rewards,
2. 25% are block production rewards, and
3. 25% are contribution rewards.

In addition, IOST gives generous referral rewards for Partners who provide special contributions to the ecosystem.

1. Election Rewards Distribution (For Node Partners)

• The system will automatically issue rewards and is allocated based on the proportion of staked votes obtained by the Partners of each node at the time of rewards issuance.
• Node Partners to activate the voting contract to claim their rewards.
• When a Node Partner claims a reward, the system will automatically issue a 50% dividend to the voters.
• As rewards are calculated at the time of issuance, unclaimed rewards will not be affected by future changes in the number of staked votes. There are no expiration dates, so Node Partners can claim these rewards any time.

2. Block Production Rewards Distribution (For Node Partners)

• Block production rewards are only distributed to Node Partners who run servers meeting the minimum hardware requirements and help to maintain the ledgers that secure the IOST network.
• Rewards are distributed based on the number of produced blocks by each node.
• 210,000,000 IOST will be distributed yearly as block production rewards.
• The Node Partner needs to activate the system contract to claim the block production rewards.

3. Contribution Rewards Distribution (For Node Partners)

• Contribution rewards are issued quarterly and specific rules will be announced before mainnet launch.

Voter Rewards and Distribution Methodology

Rewards for Voters

Voters receive:

1. 50% of election rewards and
2. 50% of contribution rewards

of Node Partners that they vote for, but will not share in the block production and referral rewards. This is to help Node Partners defray the server costs incurred in maintaining ledgers and processing transactions for the IOST network. When a Node Partner claims the reward, the voter can get his own proportional rewards.

1. Election Rewards Distribution (For Voters)

• Election rewards are issued on a daily basis.
• When a node partner claims a reward, 50% of the reward is distributed proportionally to the voter as a an airdrop reward.

2. Contribution Rewards Distribution (For Voters)

• Contribution rewards are issued quarterly, and rewards will be distributed according to the voting data on the chain.

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