How could V Coin holders participate in SPoS minting?
How to be a Supernode?
If you are a highly skilled Supernode operation and maintenance team, and you have adequate support from the community, which means a certain amount of coin leased from coin holders, just apply to be a Supernode candidate. To apply, you need to pay the application fee first, and the Supernode minting rights are obtained by challenging the existing Supernodes. After receiving the application message, SPoS protocol will automatically compare the candidate’s Minting Average Balance (MAB) with current Supernodes to determine who the winner of the competition is.
Nodes easy to get supported by coin holders usually have outstanding technology, affordable commission fee, decent rewards distribution plan and specific contribution to the whole ecosystem.
How could V Coin holders participate in minting?
It is more than easy for coin holders to participate in minting. Just check current Supernode candidate list and related information from Supernode page of VEE official website (www.vee.tech), select wallet address of the Supernode candidate whose vision aligns with yours, and lease your V Coins to the corresponding address through your VEE wallet. Then if your selected Supernode candidate is granted, you can check your interest in the Leasing page of VEE wallet. V Coin holders own the right to cancel lease to any Supernode candidates at any time. However, lease and cancel lease operations are not suggested to be performed frequently.
Supernode Basic Economy Model
The total circulation of V Coins is 7.59 billion. 5.14 billion of them was generated by the genesis block, and the remaining 2.45 billion V Coins will be generated through Supernode minting. Its economy model is quite similar to Bitcoin. According to the SPoS White paper, currently the system keeps generating a block every 4 seconds, and each block produces 36 V coins. The total generation is 777600 V Coins every day. Supposing 15 Supernodes in the beginning, each Supernode will generate 51,840 V coins every day, and all Supernodes are the same.
Under the protocol of SPoS consensus algorithm, coin holders could lease their V Coins to any Supernode candidates through the leasing function of VEE wallet (please note that the V Coin is still in the holder's wallet at this time, supported by the cold minting technology of the SPoS). As a minting pool, the Supernode starts to mint V Coins using leased coins and generates blocks to obtain coin rewards. Then the obtained rewards will be proportionally distributed to V Coin holders according to leased number and time of V Coins.
Introduction to VEE Supernode
Given the experience from Peercoin and the reference to several advantages and disadvantages of Bitcoin, Sunny King released the SPoS consensus mechanism in September 2018 and applied it to VEE project. The core of SPoS consensus mechanism, based on the cold minting technology, enables Supernode as the minting pool in the minting economy and generate blocks to obtain rewards by receiving coin lease from V Coin holders. Unlike Bitcoin and other PoS, Supernodes in the SPoS system could be completely decentralized, and build a decent ecosystem where Supernodes and coin holders co-exist in harmony.
Introduction to Supernode PoS consensus mechanism
The Supernode Proof-of-Stake Consensus is an evolution toward high performance blockchain systems.The ecosystem resource can be directed more eectively toward hardware upgrade of supernode, and the system response is not only fast but also much more predictable and stable. We also designed minting average balance to support stake liquidity.
The SPoS consensus has 5 basic innovations:
The system design to use supernode to cold minting, which is more security than original PoS system.
There are 60 minting slots dened, each corresponding to a specic second within the minute make system more predictable and stable. Equal minting right of the minting slots gives the supernodes equal standing and minting output in the network.
SPoS has enough inventives for supernodes to upgrade their hardwares constantly which keep the whole system always highly efficient.
SPoS use minting average balance to guarantee stake liquidity, which the minter can spend or transfer the owned stake at any time. This prevent the system been attacked from busy contention.
Supernodes mint constantly to provide high performance but aslo stable and predictable system which start from 15 supernodes, and increasing to 60 supernodes.