Taraxa Project
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Taraxa Project

How to participate in Taraxa’s Mainnet Candidate — a step-by-step guide

Last updated: November 22, 2022

tl;dr

  • 🎉 Taraxa’s Mainnet Candidate has been reset (November 22, 2022)
  • 💰 Stakers: delegate your staked tokens to continue receiving yields
  • 💻 Node Operators: run and list your mainnet node today to attract delegation from the Stakers
  • 🔨 Join the technical community on Discord
  • ⚓️ FAQ for Mainnet Candidate

Goals of the Mainnet Candidate

The Mainnet Candidate is meant to be a candidate network to be able to host native TARA tokens and become a fully-featured decentralized network. The primary goals of the Mainnet Candidate phase are,

  • Deploy true community staking-based consensus
  • Harden the network’s security, reliability, and performance
  • Receive native TARA token conversion from ETH

You can find more details in this overview article.

Rewards

Rewards for Stakers as well as Node Operators are now directly tied to Staking Yields (and later Transaction Fees) earned by the nodes.

You can find more details in this overview article.

Node Operator: Step by Step Guide

Step 1: Set up your mainnet node by following instructions here. More comprehensive instructions will come later, right now it’s a snippet for Linux only.

Step 2: Register at our community site (if you haven’t already done so).

Step 3: pass KYC in the community’s site profile section in order to receive commission on the Mainnet Candidate network, and make sure you have entered an ETH wallet to receive rewards.

Please be advised that rewards are tied to wallet addresses. Staking rewards are tied to the wallet you used to stake, and bounty rewards such as node operating rewards are tied to the address you entered into your profile. If you don’t see your staking or bounty rewards, please confirm that you’re connected to the right wallet.

This is the last phase of the network rollout where Staking and Node Operator rewards require KYC. Once the Native Token Conversion has taken place, KYC for these rewards will no longer be necessary.

DISCLAIMER: To comply with recent SEC rulings, United States persons cannot receive token rewards from running nodes. All participants will be required to pass KYC to receive rewards.

Step 4: Register your node at the community site’s mainnet candidate node registration section (make sure mainnet candidate is toggled). This allows Stakers to find your node and delegate their staked tokens to your node, allowing it to participate in consensus and start earning yields.

To register, you’ll need to fill in several important pieces of information,

  • Your node operator profile, a chance to advertise yourself to the Stakers so they will select you for staking
  • Your node’s public address. Find your node’s public address by accessing the dashboard located at your node’s IP at port :3000.
  • Proof of node ownership for the mainnet candidate can be found in the quick start guide

Quick note: the node’s IP is optional, if you provide this information, later on we could pull metrics from the dashboard to aggregate interesting statistics about the network.

Step 5: Advertise your node! Tell everyone about it on your social, in Taraxa’s community hangouts, anywhere you can think of. The dev team will also be pulling past node operation statistics to help highlight the best performing nodes that still require delegation.

Staker: Step by Step Guide

Step 1: Follow the same instructions in this staking step-by-step guide.

Step 2: Delegate your stake via the community site. Starting from the Mainnet Candidate, staked tokens will need to be delegated in order to earn yields, and will be splitting those yields with the node operators.

A green cup next to the node means they’re a frequent repeat winner of the testnet top block producer challenge!

How do you pick a “good” node? Here are a few things to consider,

  1. Reliability: for now we’ve placed a green cup next to nodes that have repeatedly won the top node producer challenge on the testnet as a proxy for reliability. With the latest reset we’re transitioning into on-chain economics and will begin to build the interface to reflect real on-chain yields.
  2. Commission: this is how much of the overall Staking Yield the node is charging. For example, if they are charging 5%, that means if your delegation to this node earned a total of 100 TARA, then the node operator receives 5 TARA in commission, and you as the Staker earn 95 TARA. You’ll want to balance out low commission vs. reliability.
  3. Profile of the node operator: the node operator will tell you a little about themselves, who they are, the type of system they have the node operating on, etc. Sometimes they’ll also have a website or a social profile. Do a little research into who are the people operating the node to help you make up your mind.

We’ll release more information regarding the nodes and the nodes’ operators’ historical performance soon to help you make the most informed decision and pick the best node for your stake.

We also fully understand that this is a process, so we’ll give Node Operators and Stakers plenty of time to try this out to build good understanding and high confidence in the ecosystem.

Thank you as always for your support! As always this is a work in progress and we’ll be refining the product and the process as we go based on your feedback, so keep them coming!

Stay tuned! 😃

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