Dear PAL community members,
It has been a quarter since we launched the PAL Mainnet. PAL holders have been running Supernodes for rewards based on what was shared last year in ‘Deep-Diving into the Bluepaper Incentives for Supernodes and Masternodes’.
Nodes Incentive for Q1 2019
PAL Network will be distributing the incentive to all qualified Supernodes for the month of January, February and March 2019.
A snapshot of all Supernodes and their processed transactions will be taken on 31st March 2019 23:59:59 (SGT). After which, the incentives will be calculated and distributed over the first week of April.
Please ensure that your Supernode Wallet address continues to hold the minimum stake amount of 100,000 PAL during the distribution period in order to receive the incentive.
Incentive pool allocated for year 2019: 100,000,000 PAL
Incentive pool allocated for each month:
100,000,000 PAL / 12 months = 8,333,333 PAL
Masternodes and Supernodes should expect an average annual ROI of 144.7% in the first quarter.
Updated Calculation (to kick in from Q2 2019 onwards)
We took into consideration some feedback received from community members and we will implement revisions to our Supernode incentive structure.
NOTE: There will be no changes to the transaction fees and PAL incentive pool. The main revision will be the change in the calculation of incentive rewards for fairness.
The revised calculation of rewards earned by Supernodes will be based on the number of transactions successfully completed, while Masternodes’ incentive will remain unchanged.
For example, in the month of X:
Total allocation for Masternodes: 6,887.05 x 210 = 1,446,280.5 PAL
Total allocation for Supernodes: 8,333,333 - 1,446,280.5 = 6,887,052.5 PAL
Incentive calculation for Masternode remain unchanged.
Each Masternode will evenly share the allocation for 210 Nodes:
1,446,280.5 / 21 = 68,870.5 PAL
Every 20th transaction processed = 10% additional incentive (capped at 50%)
Simply put, if Supernode A processed 40 transactions this month, Supernode A will receive 20% more incentive than Supernodes that processed between 1 to 19 transactions.
Calculation for the incentive will be:
To calculate base payout amount:
500x + 250(1.1x) + 150(1.2x) + 70(1.3x) + 20(1.4x) + 10(1.5x) = 6,887,052.5
500x + 275x + 180x + 91x + 28x + 15x = 6,887,052.5
1,089x = 6,887,052.5
x = 6,324.19 PAL
Supernode A has completed 6 transactions:
1 to 19 = x = 6,324.19 PAL
Supernode B has completed 45 transactions:
40 to 59 = 1.2x = 7,589.02 PAL
Supernode C has completed 120 transactions:
100 or more = 1.5x = 9,486.28 PAL
Our subsequent wallet update will include projected incentive for running supernodes.
Should you have further questions, feel free to check with our team on Telegram or any of our social media platforms listed below.
About PAL Network
PAL Network is one of the fastest growing blockchain startup based in Singapore. The company built a dual-layered protocol for financial assets with the vision to build an ecosystem where individuals and partners can design and customise new financial products.
PAL Network designs insurance and finance solutions onto smart contracts within minutes. Through its APIs, PAL Network empowers its partners to cross-sell relevant insurance products at the point-of-demand, thereby bridging the gap between financial products and customer.
PAL Network is a member of Singapore Fintech Association and ACCESS. PAL Network’s affiliated entity, PolicyPal Singapore, has an active user base of 50,000 for its app, which helps users to manage, buy and optimise their insurance policies.
Currently, PAL Network has partnerships with insurance companies, FWD and Ergo, to explore potential use cases of our decentralised protocol together. Furthermore, we have also established collaborations with blockchain projects NEM, QTUM, Sentinel Protocol, MediBloc, Digix and traceto.io to offer CryptoProtect and mainstream insurance products for the projects themselves, along with their respective communities.
Learn more about PAL Network:
Telegram (Chinese): https://t.me/PolicyPalNetworkCN
Telegram (Korean): https://t.me/PalNetwork_KR
Blog (English): https://medium.com/@palnetwork_
Blog (Chinese): https://www.jianshu.com/u/04e398cadb84