UniChain witness node benefits

In UniChain network, Witness nodes are the nodes that validate transactions, produce blocks and maintain network configuration. To encourage community becoming the witnesses, UniChain introduces a reward mechanism that applied for all accounts participated in voting process and becoming the witness nodes.

Let’s recap some of UniChain’s specification involved in witness reward calculation below.

• Total supply: 1.000.000.000 UNW (in word: one billion coin)
• Maximum inflation rate: 2.15% per year (normally, It will be zero because the coins born may be less than the coins burnt)
• Active witness node: 33, standby witness node: 22. (55 witness nodes in total)
• Block time is 1 second, maximum is 3 seconds (in case network congestion …)

With that specifications, We have:

• Maximum of reward in the whole network in a year is 1.000.000.000*2.15 = 21.500.000 coins/year or 21.500.000/365 = 58904.10959 coins/day
• Every block there will be a block reward of 1 UNW for all active witnesses (33 witnesses). blockReward = 1; Block reward for 6 hours (election period) is blockReward*60*60/3 = 720 (assume that block time is 3s). periodBlockReward = 720
• Every 6 hours, there will be period reward of 7363 UNW for all witnesses (55 witness). periodReward = 7363
• Reward in the network will be shared for witnesses and their voters. The default ration is 4:6. witnessRatio = 0.4; voterRatio = 0.6

Reward for 33 active witness in 6 hours is calculated as below

reward = periodBlockReward*witnessRatio/activeWitness

Reward for all 55 witness nodes in network in 6 hours is calculated as below

Please note that, reward depends on the votes that witnesses received. The more vote the witness receive, the more reward the witness has.

Calculation sample:

Witness X receives 100 votes in total and becomes the active witness. Total vote for the network is 3850 votes.

Reward for all witness (in 6 hours) is 100*7363*0.4/3850 = 76.5 UNW

Reward for active witness (in 6 hours) is 7200*0.4/33 = 87.3 UNW

Total reward for witness X in 6 hours is 76.5 + 87.3 = 163.8 UNW or 655.2 UNW per day