The TOP Testnet Is Upgraded to the Galileo Version
Join Now to Experience the Entire Process of TOP Mining
On November 12, the TOP testnet was officially upgraded to the Galileo version. The Galileo testnet has almost all the functions of the TOP mainnet. More importantly, after the upgrade, users can experience the entire process of TOP mining on the Galileo testnet.
Become a TOP mainnet node and get abundant mining revenue
For average users, the most concern is how to become a node of the TOP mainnet after the upgrade of the TOP mainnet for mining. Before becoming a node of the TOP mainnet, you need to understand the current node types of the TOP mainnet.
The TOP mainnet currently has three types of nodes: Edge, Validator, and Advance. The edge node acts as the client’s access point, which acts like a security. All transactions will be sent to the edge node of the edge network before being forwarded to the routing network and the core network to protect the consensus node from DDoS. And other similar attacks. The verification node is like an inspector, verifying transactions through the hpPBFT consensus mechanism of the TOP main network, and mastering the power of every transaction. The advance node is an all-rounder. It can simultaneously serve as a validator, auditor, archiver, Root-Beacon, Sub-Beacon, and many other roles in different networks.
Because each node plays a different role, the requirements for becoming each type of node are also different. There are two main requirements for becoming a node of the TOP mainnet. The one is the minimum registration deposit, and the other is the hardware configuration of the leased server.
The edge node acts as a “security”. The minimum deposit required is 200,000 TOP, and the minimum server hardware configuration is a 1-core central processing unit (CPU), 1GB of memory, 40GB of solid state drives (SSD), and a 100Mb/S network speed; Validator node requires a minimum deposit of 500,000 TOP, and the server needs to have a 2-core central processing unit (CPU), 2GB of memory, 60GB of solid state drive (SSD) and a network speed of 100Mb/S; Advance node requires a minimum deposit of 1 million TOP. The server requires a 2-core central processing unit (CPU), 4GB of memory, 100GB of solid state drives (SSD), and a network speed of 200Mb/S. In addition, for advanced nodes, meeting the minimum deposit can only undertake the verification and archiving work, and the advance nodes can only undertake the audit work after they have obtained votes equal to the margin.
There is no limit to the number of nodes on the TOP main network, and they can be added or withdrawn at any time. This is a more open and free environment for investors and is more in line with the concept of decentralization. Of course, if investors do not have the conditions to become a node for the time being, they can also choose to vote for the node and get the corresponding mining reward.
Reward and punishment mechanism added
After this TOP mainnet upgrade, a complete reward and punishment mechanism will be officially implemented. The reward mechanism of TOP mainnet mainly refers to the economic incentive policy realized through TOP token, that is, the mechanism by which nodes can obtain TOP token through mining.
Initially, the maximum issuance of TOP was 20 billion, of which the total mining reward was 7.6 billion, accounting for 38% of the total. The proportion of annual issuance is 8% of the total proportion of reserved rewards. As the proportion of reserved rewards decreases year by year, the proportion of issuance also decreases year by year.
For example, if the remaining mining rewards reserved in the first year account for 38% of the total, the issuance ratio in the first year is 38%*8%=3.04%, and the number of issued TOP is 20 billion*3.04%=608 million ; The proportion of the remaining mining rewards reserved in the second year to the total amount is 38%-3.04%=34.96%, then the issuance ratio in the second year is 34.96%*8%=2.7968%, and the number of TOPs issued in the second year is 20 billion *2.7968% = 559 million. By analogy, the issuance of TOP will decrease year by year until it reaches 2%.
In addition, the TOP system will set the annual incremental TOP as a reward pool, of which 20% will be node voting rewards. 76% will be node workload rewards, and 4% will be on-chain governance committee rewards. For a node that has set a dividend ratio, all the rewards it receives will be distributed to the accounts of voters who support it in accordance with the dividend ratio.
The TOP mainnet added an economic incentives will have a huge attraction for many investors to join the TOP mainnet and become nodes. At the same time, TOP as the token of the TOP ecosystem will also become a carrier for nodes to provide resources for remuneration and as a value exchange.
In order to prevent nodes from doing evil and eliminate some backward nodes, there is also a part of punishment measures for nodes in the reward and punishment mechanism of the TOP mainnet. At present, the punishment measures for the TOP mainnet are mainly aimed at the reputation score of the node. The lower the reputation score of the node, the more disadvantaged it will be in the election and may even lose the qualification of the node.
Ecosystem expansion + token destruction enhance the value of token
Some people may ask, there are more and more TOP in circulation with the release of TOP year by year. How can the value of TOP be guaranteed? In fact, the continuous improvement of TOP value mainly depends on the continuous development and growth of TOP ecology. At present, TOP has initially formed an ecological matrix, which includes communication applications with over 100 million users, ecological wallet HiWallet, blockchain games, TOP public chain mining, IPFS mining, DeFi aggregation mining and many other contents.
In particular, once a communication application with over 100 million users migrates to the TOP mainnet, the user’s demand for TOP tokens will far exceed the annual release. Secondly, users who participate in TOP Staking can enjoy the ecosystem privilege of TOP token, which means that users not only can obtain mining income, but also receive various discounts when purchasing a series of products launched by TOP. With the further expansion of the TOP ecosystem, the value of TOP will only increase.
In order to offset the inflation related to mining rewards, the TOP mainnet also introduced several methods to destroy TOP token. Destruction means removing TOP from the supply forever, which is a deflationary mechanism.
For most transactions on the TOP mainnet, no fees are charged. However, when sending certain types of special transactions to Root-Beacon, a certain handling fee will be charged, and this fee will be destroyed. In addition, for regular transactions, if the gas in an account is used up, a small fee will be charged and then destroyed to fill the missing gas. In the future, the TOP mainnet will have more destruction scenarios.
In addition to these major highlights, the upgraded TOP mainnet also updated the election mechanism to create a fairer election environment for nodes; A dual-key mechanism was added to separate asset management and node work to prevent asset theft; open development interfaces, Provide convenience for third-party developers. The Galileo test network launched indicates that the upgrade of the TOP mainnet has entered the final stage, and the TOP public chain will also embark on a new journey in the hope of everyone.