FAQ about Ulord Consensus Masternode
1. What is consensus masternode?
Ulord consensus masternode provides bookkeeping services for the Ulord sidechain UOS. UOS uses the DPOS consensus mechanism, which is similar to board voting. The holders vote to select agent nodes for verification and bookkeeping to great reduce the number of nodes that participate in verification and bookkeeping, and the speed of the consensus verification can be improved to reach the second level. These nodes are called consensus masternode.
2. What do the consensus masternodes need to do?
Consensus masternode will provide hashrate and bandwidth support for the UOS network. The main task is to collect the transaction information of the UOS sidechain and package it into the block, broadcast the block to other nodes, and then upload the block to the Ulord mainnet after verification. Meanwhile, the consensus masternode also has the voting rights of the parameters in the UOS ecology, and the decision (proposal) can be passed if more than 2/3 of the consensus masternodes vote to support.
3. How to become consensus masternode?
These are the requirements:
(1) At least 100,000 UT are mortgaged.
(2) The campaigner need to be the Ulord volunteer and make good contribution in the Ulord ecosystem, such as in mining pool construction, community building, Dapp grafting, promotion, and UT holding.
(3) Qualified hardware configuration and technical maintenance capabilities to ensure the stable block generation and the effective system operation.
1 server: 4 cores > 32G memory, data disk > 200G, SSD system hard disk 100G, 2M bandwidth; (no public network IP required)
1 server: 4 cores > 32G memory, data disk > 200G, SSD system hard disk 100G, network 5Mbps; public network IP
PS: The hardware configuration of the consensus masternode needs to be upgraded according to the development of UOS.
(4) They can provide technical support for community development, such as developing API nodes, browsers, wallets, and providing DAPP developers with incubation assistance conditions.
(5) High operation ability to promote the Ulord ecosystem.
4. Why does the reward for consensus masternodes come from the developer community?
The UOS sidechain can provide a stable and high TPS application requirement for the Ulord Ecology and sever the real economy. The developer community’s token reward is used to provide technical support for the Ulord ecosystem building and the UOS sidechain will provide more convenient tools for development. The token rewards from the developer communities are beneficial to the overall project development.
5. Why lock 100000 UT as masternode consensus?
It considered from the overall UT holding situation, the current market value of Ulord, the role, rights and interests of the consensus masternode.
6. Why does not the first batch of mastenodes vote with UT?
The UOS voting system is still in development and will be launched in the second quarter of 2019. Considering that the UOS testnet runs smoothly, the UOS sidechain will be launched to provide the verification and bookkeeping. Based on the principle of development, efficiency, fairness and justice, the first batch of 10 nodes adopts the approval system, and some of rewards will be adjusted according to the voting results. The final list will be announced on the Ulord official website and other official platforms.
Besides, consensus masternode sets a penalty mechanism. Once some consensus masternode do evil, the deposit and (unclaimed) rewards will be deducted, and the account of the consensus masternode will be moved to the blacklist.
7. Why does the revenue of consensus masternodes set like this?
Part of the revenue of consensus masternodes comes from block bookkeeping, and part comes from community voting. The design of this distribution mechanism guarantees the responsibility of the masternode to complete the bookkeeping, and also reflects the community’s recognition of the consensus node and expands the community consensus.
8. Why are there only 10 consensus masternodes?
The rewards consist of two parts, the first part is the block reward and the second part is the vote reward. The maximum number of the nodes generating blocks is 21. If other nodes do not generate blocks but gets a certain amount of votes, they will also get a profit.
The first batch of the consensus masternode are 10 according to the development of the chain and ecology development.
But in the real election, maybe there will not be 10. And the next batch of masternodes will be launched according to the real development of the project.
9. Can communities, mining pools, exchanges, media participate in the consensus masternode election?
Yes, they can. Teams, organizations, and individuals can participate the election as long as they achieve the masternode requirements and make the contribution to the Ulord ecology.
10. Consensus masternode locks 100,000 UT. If they do evil, how to deal with the deducted deposit?
The deducted deposit will be placed in the consensus masternode incentive pool, and distributed to the next round of consensus masternode.