The IOST ERC-20 Election Update: Now Open to Non-Technical Applicants & Lower Requirement
Over the last week, after announcing the opening of applications for our ERC-20 election, we have had a surge of interest from people, teams and organizations interested in joining the IOST ecosystem and becoming Candidates for the ERC-20 election in preparation for Mainnet launch.
We were surprised not only by the volume of applications, but also the variety of parties from all over the world.
As a result, we have decided to lower the minimum amount of votes required to be received during the ERC-20 election to allow as many Candidates as possible to qualify and be a part of the IOST ecosystem and mainnet launch.
The required amount of votes that must be received during the ERC-20 election is now reduced to 2.1M votes (roughly 100 people voting each with $150 worth of tokens).
We also received many applications from interested parties who may not have the technical knowledge or experience to run a full node but still want to contribute to the IOST ecosystem in a variety of ways and earn rewards.
Therefore, people, teams and organizations who want to contribute to the IOST ecosystem — whether that is though Dapp and game development, marketing and promotion, community and social media etc can all apply to be Candidates in the ERC-20 election. There are no technical requirements for this and IOST will provide all the required support for each successful candidate.
Partners and Servi Nodes
Candidates that are successful during the ERC-20 election will have the option of becoming a Servi node (a full node that can participate in block production) or a Partner (a light node which will have no server operating requirement or technical knowledge needed). Whether a Servi Node or a Partner, there is no technical barrier to joining as IOST will provide full support to successful candidates.
Successful candidates who choose to be Partners and wish to become Servi Nodes at a later date are able to do so at any time. The IOST team will provide full technical training for Partners to operate their own full node independently and participate in block production.
Requirements and Rewards
All Candidates are required to get at least 2.1M votes during the ERC-20 election. If this minimum amount of votes are received during the ERC-20 election — which runs until Mainnet launch — then the Candidate will qualify to start earning rewards.
The reward pool consists of 4% of total supply (840M IOST tokens): 2% token issuance offset by token burn and 2% from the IOST ecosystem fund.
All successful candidates will receive a share of 75% of the reward pool. This is based on their votes received and contribution to the ecosystem. ½ of the these tokens earned are shared with their voters.
All successful candidates can also earn user invitation rewards. Servi Nodes and Partners will receive up to 30% of all fees generated by users they invite to the IOST network including account creation fees, iRAM fees and iGAS rewards.
Servi Nodes will participate in producing and validating blocks based on the number of votes they receive. 25% of the reward pool is distributed between these nodes based on block production and votes received.
Examples of Total Rewards
Reward Pool Rewards
Assume that the total number of IOST votes cast is 10% of the total circulation (2.1 billion IOST) and Partner A receives 1% of the total votes ( 21M votes) and contributes an average amount to the IOST ecosystem.
Earnings from the reward pool for the partner in the first year is approximately:
1% of 75% of the reward pool = 21,000,000,000 (Total circulation) x 3% (75% of reward pool) x 1% (based on voting share) = 6,300,000 IOST
If Partner chooses to becomes a Servi Node:
21,000,000,000 (Total circulation) x 4% x 1% (based on voting share) = 8,400,000 IOST
User Invitation Rewards
Estimated iGAS rewards, the primary source of user invitation rewards:
Based on similar blockchain network data, assuming an average of 100 transactions per second, if 50% of users come from invitations, they will generate 1,576,800,000 transactions/year. Assuming that the iGAS market price is estimated as 3 IOST each transaction, then 473,040,000 IOST will be earned through iGAS rewards each year.
Assuming Partner A invites 1% of users:
User invitation Reward 473,040,000 × 1% = 4,730,400 IOST
How to Participate
Fill in the candidate application form here.
Even if you do not hold any IOST or have any technical experience, you can fill out the application form to become a candidate, get votes from the community and become a Partner and contribute to the IOST ecosystem.
Successful applicants will be contacted by email with any follow up queries, asked to complete a final confirmation of election listing information and then be listed and available to receive votes during the ERC-20 election.
Voting for Candidates will start 14th January and runs until Mainnet launch.
We invite all potential applicants to start preparing and apply as soon as possible. Those who contribute the most, will receive the most rewards. We can’t wait to start building the IOST ecosystem together with you!
The IOST Team