The TTC Holder’s Guide to Vote (and Earn TTC)
How and why you should vote for TTC Representatives
Dear supporters,
Once the token swap process is completed, anyone who holds TTC will have a right to vote. We will explain the meaning, process, and benefits of voting.
Why do we need to vote?
TTC main network adopted the Multi-tier BFT-DPoS as its consensus algorithm. According to this consensus, TTC holders must elect Representatives who perform two major roles for the entire network:
(1) record and sync information into the TTC blockchain, and
(2) improve the consensus through proposals and public votes.
The Representatives will have significant control and influence on how the network runs, hence, it is important to elect the right Representatives who will work for the benefit of the entire ecosystem. TTC Representatives will be the delegates who maintain Rigi’s system stability and security.
As we believe in the power of redistributing value back to those who contribute, we embedded voter incentives into the core of the consensus design. As a result, TTC holders who vote will earn TTC for the contribution they made for the network. We call it voting rewards.
How to vote in TTC Connect
To vote for the Representative, you must hold 100 or more TTC in your TTC Connect (iOS|Android; Make sure you download the latest version)
- Go to “Vote” tab
2. Choose a Representative of your choice and touch “Vote”
- You can only vote for one candidate at a time.
- The number of your votes will be exactly the same as your TTC balance.
- You can transfer your TTC asset freely, regardless of your voting status.
3. Type in your passcode…
4. That’s it! Sit back and watch your rewards grow in real-time.
⚠️ We emphasize that this process DOES NOT involve sending any TTC to a Representative’s wallet. If you send TTC to a Representative’s wallet by accident, it CANNOT be recovered.
How is the rewards calculated?
All the candidates will be ranked by the number of votes received. The top 50 are what we call “Representatives.” The rankings change in real-time according to their respective vote counts.
50 elected Representatives are categorized into one of four tiers according to their ranks. Representatives have different chances to be selected for block production according to their tiers. But, even those who are in the lowest tier still have a chance to produce blocks.
Each round, there are 21 blocks to be produced, and the “system” chooses 21 Representatives (based on their tier) to produce those blocks: One Representative is given a chance to produce one block in each round.
When a Representative succeeds in producing a block, the Representative and its voters will share the block rewards. Initially, the voters will split 38.2% of the rewards, according to their respective voting counts.
As block rewards are provided to Representatives and voters for a successful block production, those who vote for a Representative with unstable network status and low hardware configuration will be rewarded less TTC, as the Representative will frequently fail to produce a block.
Tips on how to earn more
Here are three tips for you to get more voting rewards.
- Quantity counts.
The more you vote, the more rewards you earn! Voters divide 38.2% of the block rewards; so if vote more, you will get a bigger share. - Productivity matters.
Productivity reflects how good a Representative is at producing blocks. This is important because when a Representative fails to produce a block, there will be no voting rewards. - Check for tiers and votes received.
A Representative in a higher tier will have a higher chance to produce blocks, therefore will earn more frequently. However, a Representative in a higher tier usually receive more votes, hence your share might be smaller.
check out a video that will help you have a better understanding on how to vote and earn TTC
If you have any further questions, please contact us thru Telegram group or email.
Thank you.
TTC Foundation
