How to vote using TomoMaster on Testnet from A to Z
Step by step guide on the voting system and TomoMaster. From creating your wallet to receiving rewards.
DISCLAIMER: This how-to was written regarding to the Testnet some months ago.
1. Create your wallet
1.1 With MetaMask
MetaMask act as a digital wallet and is a way to secure your favorite cryptocurrency. You can install the MetaMask add-on on Chrome, Firefox, Opera, and Brave.
Step 1: Click on the MetaMask logo on the browser to open the extension. Select
Main Ethereum Network and then
Custom RPC as shown below:
Step 2: When Setting screen pops up, enter
https://testnet.tomochain.com into New RPC URL field then Save.
1.2 With MyEtherWallet
Step 1: From MyEtherWallet homepage, on the top right corner, select TomoChain Testnet
You are able to use hardware wallets (Trezor, Ledger Nano S) with MyEtherWallet to connect to the TomoChain Testnet.
1.3 With TomoWallet
TomoWallet is now available. You can create a wallet, get some TOMO on the testnet and transfer/receive TOMO back and forth.
Important notice: At the moment, TomoWallet only works on Tomochain Testnet. So all TOMO you have in TomoWallet is only for testing purpose. Do not send any valuable token on it.
Create a new wallet
Step 1: On the first page, click the
CREATE NEW WALLET button. TomoWallet will automatically create a new wallet and show up the address, qr code and the balance in your home page.
2. Get some TOMO
To be able to vote, you need get some Testnet TOMO.
2.1 Any wallets
We have a service called “Faucet” which allows you to get 15 TOMO at a time.
Access the faucet website.
Enter your wallet address in the field and tick the
I'm not a robot box.
REQUEST 15 TOMO and Wait for some seconds for the transaction to be confirmed.
You will receive a success confirmation message and the amount of TOMO in your wallet should be updated. You can check your TOMO balance by either looking at your wallet or using TomoScan.
2.2 With TomoWallet
On the homepage, click
Earn TOMO to test on the bottom left corner.
REQUEST button and wait a couple of seconds to get some TOMO.
Be aware that you can use this function only once. You then have to use the faucet for any extra Testnet TOMO needed.
With a connected wallet, it’s now time to try voting for some masternodes and candidates.
The masternode ecosystem
There are a maximum of one hundred fifty candidates elected to become masternode. The required deposit to become a masternode candidate is set at 50'000 TOMO. This amount is locked in a voting smart contract. Once a masternode is demoted (when leaving the top one hundred fifty voted candidates) or intentionally resign from his masternode role, the deposit will remain locked for a month.
Masternodes which work hard in the system to create and verify blocks will be incentivized with TOMO. Furthermore, token holders who vote for these masternodes will also receive TOMO in proportion to the amount they have invested via voting. TomoChain engineers take responsibility to design that fair, explicit, automated and accountable reward mechanism.
Token holders, at any time, can unvote candidates who have low performance and give their votes to the other candidates who have better performance. Token holders have incentives to do that because their voted tokens are seen as investment to their supported masternodes, thus they should choose a voting strategy in order to maximize their profit.
This simple trick keeps the system healthy since masternodes always have to race for their position so that all weak masternodes will eventually be eliminated. Therefore, only the strongest masternodes are voted and can flourish.
The list of masternode candidates is dynamically sorted based on voted tokens. The performance of the masternodes will be tracked and reported back to the token holders in terms of three main metrics: CPU, Memory and the number of signed blocks which indicates their work performance. The last signed block also indicates the last activity.
The main points to take into considerations when choosing a masternode are the following:
Raw machine performances: By comparing the theoretical power (their hardware) and actual performances (CPU and Memory usage) between nodes, you can see which masternodes are future proof. As more and more DApps will use TomoChain, the load on each masternode will ramp up. A node who is constantly using 70% of it's CPU power will probably get into more troubles if the load on the blockchain goes up than a node who's currently at 20%.
Work: For candidates that are already promoted as masternode, you can check if they are fulfilling their duty via each candidate page.
You can check when the last signing happened to see if masternode is indeed online doing his job.
You can compare the rewards with other masternodes to see if he's doing the same amount of work.
Current stacking: When voting for a masternode candidate, be aware that you might not want to blindly vote for the most voted candidate as it will greatly reduce the rewards you will receive. As voting rewards are split between voted TOMO, the more TOMO stacked, the less reward they individually grant.
For example, voting 10'000 TOMO on a masternode with 100'000 TOMO already stacked will earn you more rewards than voting 10'000 TOMO on a masternode with 1'000'000 TOMO stacked. At the same performances, you would earn 10 times more.
Reputation: This one might be the most subjective point. A candidate being owned by a "trusted" company can still encounter problems and be poorly managed. But it might still be a factor as some people might have more experience maintaining IT infrastructures than others.
How To Vote
Now that you have a better idea about the masternode ecosystem, it's time to try voting! In this regard, access our governance DApp TomoMaster.
TomoMaster natively supports MetaMask. You can also access your account page (the vertical three dots on the top right) to fill in your wallet Private Key or MNEMONIC.
If you use MetaMask, you need to connect MetaMask to our Testnet (please see the “Create a wallet” section) and choose MetaMask in the drop-down settings list.
Once configured, you can vote for masternodes by clicking on the
In Testnet, at least 10 TOMO are required per vote. After clicking submit, your TOMO will be sent to the voting smart contract and locked there.
Every epoch (~30 minutes), you will automatically receive rewards for each masternode you voted for.
The masternode, who takes turn in a round robin fashion to create blocks, has to scan all of the created blocks in the epoch and count number of signatures. The reward mechanism is designed following the following policy : the higher number of signatures one masternode has made, the more reward he earns. For instance, within an epoch, masternode A who has sealed twice the blocks than masternode B earns double amount of TOMO than masternode B does.
Specifically, each epoch consists of 900 blocks, which will reward a total of 250 TOMO in the first two years. This amount of 250 TOMO will be divided to all of the Masternodes proportionally to the number of signatures they sign during the epoch.
Afterward, the reward earned by each masternode will be divided into three portions:
- Infrastructure Reward: 40%, goes to the masternode owner.
- Staking Reward: 50%, goes to the pool of this masternode's voters and is shared proportionally between voters on the amount staked.
- Foundation Reward: The last 10% goes to a special account controlled by the Masternode Foundation, which is initially run by TomoChain.
It is worth noting that coin-holders who unvote before the checkpoint block will not receive any shared reward for the current epoch.
Check your rewards
Wait for some hours and come back to see your rewards.
For this, access your profile page (the three vertical dots on the top right)
And click on the address in the "Account Information".
Under the "Voter Rewards" section, you can see the rewards you received. You can also check them via TomoScan by searching for your wallet address.
How to Unvote
If you do not want to support a masternode you voted for, you can unvote it by clicking the
Unvote button on the masternode's page and enter the amount of TOMO you want to unvote.
After unvoting, your TOMO are locked in the smart contract for 48 hours before you are able to withdraw them.
How to Withdraw
For withdrawals, you need to wait until your TOMO are unlocked from the smart contract. Then you can click the
withdraw button in your account page (the vertical three dots on the top right) and choose which withdrawal you want to operate (as you will see multiple withdrawals on your account page if you made multiple unvotes previously).
If you withdraw before the unlock period expires, an error will be raised.
And voilà! Please feel to drop by the official telegram channel to leave your impressions! Your feedback are really important for us as it helps us improve our products.