GateChain Popular Science-How to Participate in GateChain Consensus
In order to bring more flexible profit space to the nodes on GateChain, we now support the modification of the maximum commission parameter value of the consensus account. On-chain consensus accounts are now free to modify their maximum commission rate (the default value was 1%). Being a GateChain node allows you to participate in GateChain consensus mining. Freely set your maximum commission value, and obtain stable mining income.
This article will give you a detailed introduction of how to participate in the GateChain consensus, including:
- Node consensus account installation steps
- Normal account delegation steps
- Explanation of the distribution of proceeds for consensus accounts and delegated accounts
There are four types of GateChain accounts: ordinary accounts, consensus accounts, insurance accounts, and EVM accounts. Satisfying the fast and efficient needs of daily payments, the safe and reliable needs of fund storage, and requirements that Etheruem’s native accounts using GateChain’s EVM.
GateChain’s full nodes are key to keeping the network running. A full node has all of GateChain’s features, including building a local testnet, and joining a public testnet or mainnet. It also supports downloading on-chain block data, validating and executing business logic, observing consensus information, and more! By building a full node to participate in the consensus, you can earn delegation commission on top of your mining revenue, as you can opt to accept delegations from other accounts.
GateChain full nodes currently can run in Unix environments (mac OS,ubuntu, and centos).To run a full node, the hardware must meet certain requirements.
- OS: Mac OS 10.14.6 or above, CentOS Linux release 7.7.1908 or above, Ubuntu 18.04.2 or above;
- Storage: Quad-core, 8G RAM, 100Gb HDD or more
- Network: Stable internet connection, bandwidth 1MB/s or above
GateChain Full Node Installation Instructions
For the full procedure, please refer to GateChain Full Node Installation Steps.
- Firstly you should have a linux or mac device in good performance, then install the latest GateChain binaries according to the Installation Document.
- Create a normal account. Consensus accounts don’t need too much balance in order to go live. The minimum amount to participate in the consensus is 1GT(10e9 NANOGT). You should also ensure to be able to pay the fees of online transactions (0.01GT), Therefore, the balance of a consensus account should be ≥ 1GT.
- Create a Consensus Account using a single signature account.
- On the node, initiate a “consensus account online transaction”; if successful, the single signature normal account becomes a consensus account.
- This consensus account and its node will participate in GateChain’s consensus mechanism. Make sure your system is running well and network connection is stable.
- Each time the consensus account is elected in the consensus committee, it will be credited with the PoS mining reward.
- As a consensus account, you can accept delegations from accounts. Accepting delegations adds weight to the consensus account’s votes and increases the odds to be elected into committee. Besides getting mining rewards, a consensus account can also charge delegator accounts “delegation commission”. The commission rate can be specified when initiating a “consensus account online transaction”.
Delegate GT to a Consensus Account
If you do not want to build a node and POS mine as a consensus account, you can opt to delegate your GT to a consensus account and get a share of mining rewards. Delegation can be performed via CLI/API/Wallet.
There is no minimum delegation amount for the account. If too low, then the yielding rate will be relatively low as well. If too high, yields will fall off and it’s suggested to build more nodes. All account types can delegate to consensus accounts，It is recommended to use a vault account, guaranteeing the safety of the funds.
Delegations initiated by vault accounts work exactly the same way as from normal accounts. Including:
- The delegation takes effect immediately. Rewards are calculated from the very next block.
- There is still a 21 day freeze period required if you wish to redelegate/undelegate your funds.
- Reward withdrawals will be credited to the account immediately.
- When a vault account initiates a clearing transaction, there mustn’t be any ongoing delegations or frozen funds, otherwise the clearing transaction will fail. Delegation does not affect the security of the accounts’ funds, therefore, after the clearing height is reached, four kinds of delegation transactions can still be initiated.
- Firstly, choose a consensus account to delegate your GT to. You can check the commission, holdings, rate of returns etc of a consensus account and decide which one to choose. You can view data using a blockchain explorer.
- Initiate a “delegate” transaction to delegate all or a portion of your GT to one or more consensus accounts.
- If the delegation transaction succeeded, you can get a share of the mining reward following the consensus account’s POS mining.
- While delegating, a delegator can perform three functions: “fetch income” , “shift delegation” or “undelegate”. Kindly note that when the principal performs one of the functions: “fetch income”, “shift delegation” and “undelegate”, the reward amount is directly credited to their account’s balance. To query the specific reward amount, you need to view the content of “transfer” in the corresponding transaction details.
- Delegators can initiate a “fetch income” transaction and get credited its share of the mining rewards to their own account. Delegators can initiate a “shift delegation” transaction for a given delegation to move their GT funds to another consensus account. After the delegation shift, the income from the consensus account will be settled immediately. But the delegation can not be shifted again from the consensus account for a period of 21 days.
- A Delegate can “undelegate” its delegation from a consensus account in part or in whole. Note, the delegation income will be settled immediately at the consensus account after un-delegating. But the earnings and principal will be credited 21 days later.
Rewards distribution structure between consensus and delegator accounts
The total reward of each block is 0.4GT + Transaction fees. (The lower the weight, the higher the rewards), weight =(Currency holdings+delegation GT quantity)* Loyalty coefficient.
Rewards distribution rules of consensus accounts, three cases:
- Three consensus accounts were selected into the block Committee, according to each account’s weight proportions, If they are between 40% and 27%, distribution will occur according to the actual proportions, If more than 40% or less than 27%, distribution will occur evenly split:40%.33%.27%;
- Two consensus accounts were selected into the block Committee, according to each account’s weight proportions, if they are between 60% and 40%, distribution will occur according to the actual proportions, If more than 60% or less than 40%, distribution will occur evenly split:60%.40%;
- One consensus account was selected into the block Committee, and gets 100% rewards.
The consensus account and the delegator account shall be allocated the due reward according to the proportion of money held, example:The consensus account should receive 40% of the rewards, Namely 0.16GT, Consensus account holding 10000GT, Delegation quantity 10000GT, 0.16*50%=0.08，Therefore, the consensus account and the delegator account get 0.08GT respectively(The delegator account shall pay a certain fee to the consensus account according to the fee rate).
Compared with the centralized public chain of other super nodes, GateChain does not need to run for super nodes, and currently supports thousands of consensus nodes. We are a real decentralized public chain, has high security, the original development of insurance accounts and transaction withdrawal model, comprehensive integration of EVM, low gas fee and high throughput 2000 + TPS, the current on-chain ecosystem also tends to improve, DEFI, Metaverse, NFT, smart contracts. We believe that in the future with profit models such as hosting,cross-chain,and mining are becoming more and more vigorous and close, and the sources of profit that GateChain node miners can also grow.
Gate Chain is a new generation of public chain focusing on user asset security and decentralized transactions. With an original online hot insurance account, the clearing protection system creatively solves the core basic problems of the industry such as user digital asset theft, private key damage and loss, decentralized trading, and cross-chain transfer. With six years of blockchain technology accumulation, two years of focused research, a technical team of 100 people, relying on excellent innovation ability and strong financial strength, to create a revolutionary blockchain Gate Chain.