Everything You Need to Know About Joining the REMME Masternode Program
The time is fast approaching for the mainnet launch of REMChain. When our custom Blockchain goes live, it will be controlled by a custom Proof-of-Service algorithm and distributed by a series of masternodes. Those nodes, which will be instrumental in securing the REMME network, will be operated by members of our community.
Existing REM token-holders, as well as interested parties who wish to get involved, are invited to register now to become a masternode operator. As of today we have begun taking masternode applications via an online form, with the registration period running for the next three weeks. Applicants have until October 17, 2018 to register their interest.
The issuing of masternodes will occur in several stages:
- The first stage (which is described in this article) is “invite only”. It will be formed based on applications and a priority system.
- The second stage will be announced additionally and will be open for all individuals in automatic mode, with the condition that they meet the requirements of REMChain.
Meanwhile, we’d like to divulge the principles that will govern REMChain’s future token economy model.
Masternodes will be at the heart of the REMME blockchain, overseeing key tasks such as signing transactions for certificate issuance and revocation. By harnessing a network of nodes, REMChain — REMME’s public blockchain — will benefit from fault tolerance and the oversight that comes from having masternodes monitoring the network.
To operate a masternode (MN), you will be required to lock up a fixed amount of REM tokens. These will be securely stored in a wallet associated with the node. Once your application has been approved, your node will join an approved list of nodes, and will remain active unless it fails to uphold the network rules or to maintain sufficient uptime. It is imperative that MN operators meet high standards for maximizing uptime and ensuring uninterrupted service. To facilitate this, there are various technical requirements that must be met.
Token economy principles
In order to ensure the correct operation of our consensus algorithm and equal reward distribution, we have been refining a reputation-based system. It will reflect each masternode owner’s financial contribution, flawless performance and uptime.
Masternode operators whose applications are approved and who provide flawless operation will be able to earn the highest reputation within REMChain as well as gain an advantage over newcomers, who will join during the next stage.
To ensure everyone gets a fair bite at the cherry, we’ve devised a system that will be applied during the first stage. It strikes a balance between prioritising early adopters without excluding newcomers. A seven-tier system will grade applicants according to a range of criteria, starting with REMME’s earliest supporters. Here’s how it breaks down:
Conditions for operating a masternode:
1st priority: those who purchased enough tokens for at least 1 MN during tokensale, didn’t sell them* on exchanges, and at the same time bought more tokens on exchanges (proven by transactions from any exchange address to the wallet of token-holder).
2nd priority: those who purchased enough tokens for at least 1 MN during tokensale and didn’t sell them on exchanges.
3rd priority: those who didn’t purchase enough tokens for 1 MN during tokensale, but subsequently bought more tokens on exchanges, without selling them.
4th priority: those who purchased enough tokens for at least 1 MN during tokensale but sold part of them on exchanges.
5th priority: those who didn’t acquire enough tokens for MN during tokensale and sold them on exchanges, but subsequently purchased enough tokens.
Didn’t participate in tokensale
6th priority: those who bought enough tokens for MN on exchanges and didn’t sell any of them.
7th priority: those who bought enough tokens for MN on exchanges, but later decided to sell some of them.
* By “selling tokens” we mean any transactions FROM wallet of token-holder TO any exchange address, because thereafter we cannot determine for sure whether the individual sold tokens or not.
- * For those who transfer tokens to other accounts from their main account which participated in tokensale, the main account will have higher priority to get MN. But if tokens were transferred to an exchange from any secondary account, it will influence the priority for the main account.
APPLY FOR A MASTERNODE HERE
Once the masternode application period has concluded, we will announce full details of the new consensus algorithm that will power REMChain and control its masternodes. This information will be disclosed in October 2018, ahead of the full mainnet launch of REMChain.