TOP Mainnet Upgraded — Mining Starts Now! New Journey, New Horizons

Image for post
Image for post

At 2 pm Eastern Time on January 19, 2006, NASA’s “New Horizons” spacecraft was launched from the coast of Florida, starting a long journey in history.

The launch of the “New Horizons” spacecraft is the first exploration of Pluto in human history and the first visit to the Kuiper Belt when the Kuiper Belt is known to exist. This means that the last boundary of the solar system is opened, and mankind begins to enter the interstellar age!

15 years later, TOP Mainnet has been successfully upgraded to the “New Horizons” version. This is a tribute to humanity’s exploration of the unknown, and it is also the inheritance and development of this daring and tireless spirit.

Introduce reward and punishment mechanism

Survival of the fittest is a universal law in the process of human evolution, and it is also the basic norm for the operation of each miner of the TOP mainnet. The upgraded mainnet introduces a complete reward and punishment mechanism. On the one hand, miners are rewarded through mining, and on the other hand, malicious miners and backward miners will be punished based on miner reputation.

According to TOP’s economic model, the initial maximum issuance of TOP token is 20 billion, of which the total mining rewards are 7.6 billion. The ratio of annual issuance is 8% of the total ratio of reserved rewards. As the ratio of reserved rewards decreases year by year, the ratio of issuance also decreases year by year. Therefore, overall, TOP’s economic model is a deflationary economic model.

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 ratio 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 TOP 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%.

20% of the TOP issued each year will be rewards for voters, 76% for miner workload rewards, and 4% for on-chain governance committee rewards. For a miner that has set a dividend ratio, all the rewards it receives will be distributed to the accounts of voters who support him in accordance with the dividend ratio. This means that not only miners on the TOP mainnet can get TOP rewards, but voting for miners can also get rewards.

TOP’s comprehensive reward mechanism is extremely attractive to miners and users who hold TOP. At the same time, TOP, as the token of the TOP ecology, will also become a carrier for miners to provide resources for remuneration and as a value exchange.

At present, the penalties for the TOP mainnet are mainly based on the reputation score of the miner. The lower the reputation score of the miner, the more disadvantaged it will be in the election and may even lose the qualification of the miner. This punishment mechanism is mainly to prevent miners from doing evil and eliminate some backward miners to ensure the safety and stability of the TOP mainnet.

The ecological potential is huge, and the token value is unlimited

For a blockchain project, the ecological layout is particularly important. The expansion and growth of the ecology can not only enrich the usage scenarios of the token, but also further enhance the value of the token. At present, TOP has initially formed an ecological matrix, which includes communication applications with over 100 million users, ecological wallet HiWallet, blockchain games, TOP mining, IPFS mining, DeFi aggregation mining and so on.

In particular, once a communication application that has over 100 million users migrates to the TOP mainnet, users’ demand for TOP tokens will far exceed the annual release. Secondly, users who participate in TOP Staking can enjoy the ecological rights of TOP token, which means that users can not only get mining income, but also get various discounts when purchasing a series of products launched by TOP. With the further expansion of the TOP ecosystem, the value of TOP will definitely increase.

In addition, in order to offset the TOP issued each year, several destruction methods have been introduced. Destruction means removing TOP from the supply forever, which is a deflationary mechanism.

In transactions on the TOP mainnet, except for certain types of special transactions sent to Root-Beacon, a certain gas fee will be charged. Most transactions do not charge any fees, even if the fees charged are eventually 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. Of course, there will be more destruction scenarios on the TOP mainnet in the future.

In addition, the upgraded TOP mainnet also updated the election mechanism to create a fairer election environment for miners; introduced a dual-key mechanism to separate asset management and node work to prevent assets from being stolen; open development interfaces for the first Third-party developers provide convenience, etc.

Become a miner: https://www.topstaking.io/
Miner documents:
http://developers.topnetwork.org/GetStartedonTOPNetwork/BecomeTOPNetworkNode/Overview/#%E6%AD%A5%E9%AA%A41-%E9%85%8D%E7%BD%AE%E4%BA%91%E4 %B8%BB%E6%9C%BA
Steps to rent cloud server: https://www.topstaking.io/miner?id=5
TOPScan: https://www.topscan.io/zh-CN

Miner group: https://t.me/topnetwork_top

TOP Network

TOP Network is a decentralized blockchain ecosystem…

TOP Network Official Account

Written by

TOP Network is a decentralized blockchain ecosystem composed of public blockchain, DApps & decentralized communication. Website: www.topnetwork.org

TOP Network

TOP Network is a decentralized blockchain ecosystem composed of public blockchain, DApps & decentralized communication.

TOP Network Official Account

Written by

TOP Network is a decentralized blockchain ecosystem composed of public blockchain, DApps & decentralized communication. Website: www.topnetwork.org

TOP Network

TOP Network is a decentralized blockchain ecosystem composed of public blockchain, DApps & decentralized communication.

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store