On the 14th of January, the IOST ERC-20 election will begin. This marks the official start of preparation for Mainnet launch, as this election will establish the initial Node ecosystem for the IOST network.
From this date, you can use your IOST ERC-20 tokens to vote and stake for the nodes you want to be part of the IOST network.
Why IOST Node Election Matters to You?
IOST is a decentralized network and protocol. It is owned by you — its users - and the decisions made on its operation, how it develops and its future success is determined by you. You have invested into this project, because like us, you believe in the future of decentralized ecosystems. By owning part of the network (in the form of tokens), its future value is determined by all involved.
By voting with your tokens, you will be deciding who represents you to govern the IOST network and who contributes to the future development of the ecosystem. We believe the full potential of IOST will be realized if Servi Nodes and Partners not only secure the network, but also work to build and grow the IOST ecosystem. Choosing the nodes that will be the most successful at this means you will enjoy the most benefits and rewards.
ERC-20 Election Voting — Benefits & Rewards
We hope all community members will exercise their voting rights and become contributors, defenders, and stakeholders of the network, and help drive IOST’s success and development. The IOST network not only rewards Servi Nodes and Partners, but Voters too in the following ways:
- Early Bird Voting Rewards: When you stake and vote in the ERC-20 election, you will receive an annualized 25% return on your token amount, based on the duration these tokens are staked. This will run until Mainnet launch.
- Voting Dividends: Token holders who vote for partners / nodes that successfully reach the 2.1M token requirement during the election, will receive an on-going 50% share of that partners / nodes rewards. The annual reward pool is 840 Million IOST tokens (5 million USD).
- Automatic Token Swap: IOST ERC-20 tokens used to vote will automatically be converted to IOST Mainnet tokens following Mainnet launch. You do not need to worry about an exchange or wallet supporting or have to do anything. If you participate in the ERC-20 election, you will automatically be credited with IOST mainnet tokens including any rewards shortly after Mainnet has launched.
- No technical barrier for Voting: IOST has developed an easy-to-use voting system for the ERC-20 election voting. We want as many people to get involved and have their say in the IOST ecosystem and have made it as easy as possible to participate.
How to participate in node voting?
From January 14th, the election portal will open and be announced on official IOST channels. From this date you can start to vote with your IOST ERC-20 tokens. The earlier you vote, the higher rewards you will earn.
- On the election portal, you can create your wallet and deposit your tokens. It is extremely important you only visit the Election Portal link from official IOST communications.
- You can browse the list of Candidates via the election portal and also check their websites, social and community channels to discuss and learn more about Candidates.
- When you have decided on which Candidate you want to support, you simply select who you wish to vote for on the election portal and cast your votes.
- Once you have voted you can refer your friends within or outside the community to participate in the voting process and make efforts to expand the IOST ecosystem and earn more rewards. The more votes your node gets, the more everyone earns.