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:

  1. Node consensus account installation steps

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;

GateChain Full Node Installation Instructions

For the full procedure, please refer to GateChain Full Node Installation Steps.

  1. Firstly you should have a linux or mac device in good performance, then install the latest GateChain binaries according to the Installation Document.

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.

How-To Delegate:

  1. 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.

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:

  1. 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%;

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.

About Gatechain

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.

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