Lightning Node Elections

1. Lightning Nodes

Lightning Bitcoin uses Delegated Proof of Stake (DPoS) consensus mechanism, which allows LBTC holders to choose 101 lightning nodes that would be in charge of validating transactions and maintain the network and in return get rewarded in forged LBTCs.

Lightning Nodes are the core governing bodies and bookkeeping nodes in the Lightning Bitcoin network. Since all the Lightning Nodes are elected by the whole LBTC community, the LBTC community can replace the untrusted nodes by initiating new elections.

2. Candidate Requirements: Basic Information Disclosure

Provide Individual/institution introduction, including:

• Name or a list of team members (for institutions);

recommend election teams name should be LBTC-related, for ex “LBTC FLY Community”, “Lightning Hub” , and we also welcome other node election teams to join LBTC node election

• Website url;
• Resumes;
• Individual/organisation info;
• Voting address for participating in lightning node election;
• Community support plan for the coming year ( within 200 words);
• Basic background of the existing community (this section will be considered as part of contribution to the development and promotion of the community and will bring extra points to the candidate in the election);

3. Elections Requirements

• Hardware requirements: minimum requirement 4vCP, 16GB RAM, 512GB SSD, 10M bandwidth;
• LBTC Lock-up amount: the minimum LBTC holding amount for bookkeeping is 5000 LBTC.

If a candidate won the election with the holding amount less than 5000 LBTC, the candidate would not be eligible for bookkeeping. The position will be filled by a backup candidate who meets the minimum LBTC holding requirement.

In order to better align the interests between bookkeeping nodes and LBTC communities, LBTC’s mainnet source code will be upgraded on July 1st, 2018.

4. Procedure: Lightning Node Elections

Election dates:

June 21st, 2018 — July 20th, 2018

Starting date and time is June 21st 12:00pm.

For more information, please click the LBTC forum link.

Before submitting the information, please refer to the campaign submission notice in the forum!

The deadline is July 20th 22:00.

Considering the fact that LBTC mainnet has been running smoothly for months, candidates will be evaluated based on the level of contribution. On July 20th, the final list of candidates will be determined.

Assessment: The LBTC team will give a real-time and comprehensive assessment of all the candidates who has made a positive impact on the LBTC ecosystem development. A more detailed guideline will be released soon.

During the election: the LBTC team will give assessment based on the community contribution guideline. If a candidate is lack of community contribution, its supporting votes might be withdrawn. If the candidate meets the minimum community contribution in the future, the candidate will still be able to run election campaign. The voting mechanism will be improved over time in the ecosystem development plan. The whole election will be conducted under the supervision of the entire LBTC community.

On the consensus level: lightning nodes can only be elected on the basis of the supporting votes form LBTC holders. During the election process, the LBTC team will release the final assessment results and vote for the high ranked candidates. Notice that the support from the LBTC team might not determine the final success of a candidate because its supporting votes needs to be ranked into the top 101. In addition, the candidate needs to meet the minimum LBTC holding requirement (5,000 LBTC).