What is Galaxy Node?
Put simply, Masternodes are computers that keep a full copy of the entire Blockchain online at all times. They make instant transactions possible, provide an extra layer of security, and participate in the governance process. In Zeepin Chain, Masternodes are called Galaxy nodes.
How this looks like in practice
All ZPT holders form what’s called the Consensus Group — they have a right to vote for Galaxy nodes with their tokens. Galaxy nodes themselves are separated into 9 Consensus nodes and 42 Candidate nodes. This makes 51 nodes in total, divided into two groups based on the amount of staked ZPTs and votes from the community.
So the system consists:
- Consensus Group — all ZPT holders. They can vote for their Node of choice to improve their position on the ranking. Node operators can decide whether to reward their voters by including them in reward distribution.
- 9 Consensus Nodes — chosen based on ZPT Proof-of-Stake and ZPT staked through community voting (rank 1–9)
Consensus nodes use servers to perform actions, such as: block calculation, transaction handling and block synchronization.
- 42 Candidate Nodes — chosen based on real-time ZPT Proof-of-Stake and ZPT staked through community voting (rank 10–51)
Candidate nodes only help with node synchronization, therefore don't require high computational power to operate.
Nodes entering the pool of candidates need to lock-up at least 1 million ZPT and consume 11.000 Gala as fuel. After the initial round of selection, confirmed consensus nodes and candidate nodes will need to provide appropriate hardware equipment.
Minimum hardware requirements for consensus node:
- CPU: 4 core
- Memory: 16Gb +
- Local storage: SSD 500Gb +
- Network: 2Gbps
For candidate nodes, a normal PC or laptop is sufficient due to very limited actions performed.
Once you pass the final node election and become a Masternode in Zeepin Galaxy, whether you are a consensus node ranked 1–9 or a candidate node ranked 10–51, you can participate in the Galaxy Consensus Cluster governance and get different kinds of benefits.
There are mainly two types of revenue:
- Zeepin Foundation Compensation
Zeepin Foundation will reward early Zeepin Chain supporters with additional incentive for all Galaxy Nodes (consensus + candidate nodes):
- 5% yearly return on mortgaged ZPT (including votes); paid in ZPT, calculated and distributed monthly
- 20 times return on mortgaged ZPT (including votes) in Gala tokens; calculated and distributed monthly
2. Zeepin Chain revenues
Revenues include transaction fees, smart contract deployment fees, network fees.
40% of the total revenue will be allocated to the 9 Consensus Nodes, and 60% will be distributed to the 42 Candidate Nodes.
All rewards are paid out at the end of each voting cycle (120.000 blocks).
The initial round of node selection will last for a month and will choose the first node operators.
The first round of node selection: October 29th 6PM (Beijing time) — November 29th 6PM (Beijing time).
We will announce the consensus and candidate nodes selected in the first round on November 29th and will begin with the process of nodes setup and internal KYC.
Each node cycle will be 120.000 blocks (might be changed before the first nodes are selected according to real-time data) and will start a new voting and node cycle.
How to apply for a Galaxy Node:
- Download the latest ZeeWallet (V2.9 or newer). You can download the latest version of ZeeWallet here.
- Open ZeeWallet and click “run for node” on dApp. Enter the mortgage amount in ZPT (at least 1,000,000 ZPT), then click “submit.” Once confirmed, the node campaign application is completed.
3. Entering the Candidate Pool
Once the application has been completed, Zeepin ranks all candidates based on the sum of “mortgage + votes”
4. Dynamic Changes
In the candidate pool, the ranking is a process of “dynamic changes.” Faced with numerous competitors, your ranking could drop at any time. You can increase the votes you receive to solidify or promote your position on the ranking! Of course, you can also help your friends by giving their nodes your votes! The voting process will last until the end of the election period. After the election, the nodes ranked 1 to 9 will be selected as “consensus nodes;” if the rankings are in the 10 to 51 interval, the nodes will be selected as “candidate nodes;” others will become “backup nodes.”Candidate nodes must occupy at least one planet in CryptoGalaxy within three months and bind the information to its public profile.
To modify your node profile, go to: https://www.zeescan.io/scanLogin and use your ZeeWallet to scan the QR. You will be redirected to your node information page.
5. Node Deployment
At the end of a campaign cycle, if a node is ranked between 1–51, it can apply to access the Zeepin Galaxy Consensus Network and become a Masternode.
Reviewing the access process:
Selected candidates (confirmed 9 consensus and 42 candidate nodes) will undergo a simple internal KYC process and hardware review before getting access to Zeepin Galaxy Consensus Network and node deployment. We will provide more detailed information before the first round of selection is completed.
6. Block Demonstration
Once a Zeepin Masternode, you can use Zeescan to review, edit, and bind node information.
All ZPT holders are able to vote for the nodes they support. Node operators may decide to share the rewards with their voters if they want. You can find the node list and vote + mortgage amounts in ZeeWallet or here.
How to vote:
Go to your ZeeWallet — dApp — Campaign Ranking
Choose the node you want to support, click “vote”. Enter the amount of ZPT you want to include in voting (1 ZPT = 1 vote; you can vote with as much ZPT as you want) and click “Vote”. Voting for a node will consume 2 Gala.
You can withdraw your vote in ZeeWallet by clicking: dApp — My Campaign — Withdraw. The vote will be withdrawn from the list immediately, your ZPT will be refunded to your address after the current round of selection is finished.
8. Other relevant rules
For more detailed rules about canceling node application, please check here.
News Channel: https://t.me/ZeepinNews