What is a Delegate and what he does?
A Delegate is elected by token holders. He represents the entire IoTeX network by maintaining consensus, spreading project awareness, organizing community-wide initiatives, and more.
How many tokens a delegate needs?
A delegate must have at least 1.2M Iotex, and get votes for at least 2M in order to be qualified as Delegate.
What is an “epoch”?
An epoch is 8640 blocks – about 24 hours. In every epoch, there is a new consensus (top 36 delegates) that will validate blocks.
What is a “vote”?
Every Iotex counts as one vote, but the longer you delegate, the better! Evey 2 weeks (14 epochs), the weight of a Iotex increases, up to 32% more. This means more rewards for the delegator!
What is a Consensus Delegate?
Top 36 Delegates will be qualified as “Consensus Delegates”. They manage verification and block production, receiving in the process extra rewards. This number my vary in the future according to the number of side chains connected to the root chain
What are the “Robot Delegates”?
In the first year, during ramp up, part of the Consensus Delegates will be managed by bots to ensure decentralization. Therefore the number of Consensus delegates is 12 at the beginning, 24 in phase II and 36 after the main net is stable
What are the rewards in IoTex?
There are two kind of rewards in IoTex: Epoch Reward and Block Reward
What is an “Epoch Reward”?
Epoch reward is 450,000 IoTex. This is shared among top 100 delegates, based on weighted amount of votes
EXAMPLE: The total staking votes are 500,000,000. IoTexTeam accounts for 20,000,000. Therefore, our total share is 4% or 18,000 IoTex to be split across our delegators.
What is a “Block Reward”?
Every time a Delegate signs a block he gets a reward. The amount is 16 Iotex per block, or 138,240 Iotex per epoch. Only in the first year there will be an extra 69,120 Iotex per epoch.
Who gets the “Block Reward”?
If a Delegate is a Consensus Delegate, not only he gets the “Epoch Reward” but also the Block reward. According to ramp up this number is 12 at the beginning, then 24 and 36 when ramp up phase ends. 24 of the 36 Consensus Delegates will be randomly selected to sign the blocks for the day, so on average 2 days out of 3 after main net is stable.
IOTEX TEAM REWARDING POLICY
What kind of reward do I get being your delegate?
There are two rewarding sources: Epoch reward plus bonus
What is my share of the Epoch reward?
IoTexTeam aims to be among top 100 delegates, given our strong initial investment. We give back 85% of your share of the reward, taking only a 15% operations fee.
EXAMPLE: The total staking votes are 500,000,000 and IoTexTeam accounts for 20,000,000. Our total share is 18,000. You delegated us 50,000 IoTex, therefore you will get (50000/20000000)*18000*85% or 38.25 IoTex every day!
What is the Bonus?
If IoTexTeam makes it into Consensus, we will share a 25% bonus with all our delegates (capped at 1500 Iotex) every epoch we are selected to bake a block. This bonus is 100% for our delegates, we don’t take a share!
Can you make an example?
Let’s consider the case above, and assume that IoTexTeam is in the Consensus and validates the fair share of blocks. This will give another 1500 Iotex to share among delegates.
Our delegates account for 15M total and you have 50,000, or 0,33%. Your share is other 5 Iotex 2 days out of 3, or 3.33 on average, plus the 38.25 that you already got from epoch reward.
Every day you make 41,58 Iotex, over 15180 per year. That’s 30,36% profit. Nice result!
What about promotions?
From time to time, IoTexTeam might offer promotions for the delegates – don’t forget to follow our channel on Telegram!
How do I stake my tokens?
How long can I stake?
You can set your stake for how many multiple of 14-days you want up to 350. This will give you a certain amount of bonus vote as you can see from the following image.
If you accept an advice, set at least 28 days! This gives you a nice bonus
Do I get a bonus for early staking?
Yes! If you set a staking period of 28 days or more you get 30% annualized till the main net begins (i.e. if it takes 2 months, you get 5%). Even if you set a period lower than 28 days, you get a 20% annualized extra
What will happen after the main net kicks in?
After March 11th you will be able to vote for us. As soon as the main net begins, we will start giving you your share of rewards
Are my staked token available?
No. Tokens that are staking aren’t immediately available. You need (a) to wait for the staking period that you setup to expire and (b) unstake them and wait 3 more days.
EXAMPLE: you set 28 days and stake on April 1st. On April 29th the 28 days are completed, and you can unstake them. You can move them on May 2nd.
Should I split my tokens in different buckets?
Yes! As you can read here you should split the coins in order to maximize your voting power
Once I stake, am I voting too?
No! don’t forget to come voting for us on March 11th. We will provide more info about that as soon as they are available. The longer you set the stake, the more votes you get, the more coins we will give you!
What is “autostake”?
The autostake keeps the duration of your staking to the set amount. Say you put 28 days autostake – it will keep refreshing to 28 days every day. As soon as you remove the autostake, the 28 days will start counting
How do I get rewards?
The rewards for early staking will be paid in ERC20 tokens to your ETH address. After main net begins, we’ll start paying you in IOTX Native tokens
Is there a difference in locking the tokens for 1 year or auto-stake them for 1 year but setting 14 days as lock-in? In the end it’s always one year
There is a huge difference. Say you have 10000 tokens.
Case A: you lock for 14 days and autostake. You get about 11450 votes, and you can unstake every 14 days if you turn autostake off. If you never do that, you keep getting 11400 votes
Case B: you lock for 350 days. You get about 13210 votes, but you can’t move your IOTX for one year. However you will get bigger rewards
So if you plan to have a long-term commitment, case B is your way. If you don’t, better go for A. You get less rewards but you can move the coins
I set autostake and i’d like to unstake my coins. What should i do?
Deactivate autostake, wait the days you set in the beginning. After that, unstake the coins and wait 3 days
I want to change delegate and come with you
You just need to switch delegate. You can do that, but you have to move a “bucket” together. You can’t, say, split your tokens.
Should I start staking even now that I can’t vote for you while we wait March 11?
Of course you should. Even by setting 0-duration staking you will get about 20% annualized reward. It’s a great deal. And we will help you setting a proper strategy if you need to
What is an ERC20 token and what is a IOTX native token?
The tokens that you already have in your hands are ERC20 tokens. They were created as a placeholder while the core team sets up the main net. However, IOTX has its own blockchain, like (for example) Bitcoin, Ethereum or Tezos. When the mainnet kicks off, every block will produce new tokens that are IOTX native, that will be used to manage smart contracts and all the functions related to IOTX blockchain.
Why the “voting” phase is separated from mainnet?
Because in the early life of the IoTex project the core team decided to separate the governance (voting) form the operational tasks. When a blockchain is in the very early phase of its life, any risk connected to possible unexpected behaviors of the Delegates must be mitigated.
By choosing an external layer (Ethereum platform) this risk is zeroed
Will the process be somehow too complicated?
Any additional important information?
In order to execute the smart contract on the Ethereum platform, a minimum amount of eth will be required. Don’t forget to put some on your Metamask!