What the Tech? Matrix AI Network Participation Incentives Update!
Updates about election mechanisms, network participation incentives, token redistribution and more!
The past week has been a busy one for both the Matrix team and the Matrix community. Indeed, Matrix community members have been hard at work completing the Matrix token swap and deploying their Matrix Masternodes. In just a few days, over 200 people around the world have successfully deployed both Mining and Verification Masternodes. A sincere thank you to each and every one of you who have deployed Masternodes thus far!
With that said, the time has come to issue updates regarding a few standing issues: Matrix AI Network’s Masternode election mechanism, network participation incentives, and token redistribution.
Update 1: Masternode Election Mechanism
As most of you know, the Matrix AI Network consists of a series of gears and mechanisms; each with a role and all working in concert. Two core components include the Mining Network and the Verification Network. Both are jointly responsible for maintaining normal blockchain operational tasks such as packaging and verifying transactions.
Every cycle (300 blocks), 32 Mining Masternodes, 19 Verification Masternodes and 6 Backup Verification Masternodes are selected.
Selecting Mining Masternodes
The selection of Mining Masternodes does not relate to the node’s stake, so long as the node’s stake exceeds 10,000 MAN tokens. In other words, Mining Masternodes are selected randomly, with equal opportunity, regardless of stake.
Selecting Verification Masternodes
“Unlike with Mining Masternodes, the selection of Verification Masternodes is impacted by both your stake and past performance. The larger your stake, the more likely you are to be selected. Additionally, if your history contains harmful behaviour — such as going offline — you will be less likely to be selected in the following cycle.”
Update 2: Network Participation Incentives
As mentioned, every cycle (300 blocks), 32 Mining Masternodes, 19 Verification Masternodes and 6 Backup Verification Masternodes are selected. Matrix Masternodes receive participation incentives for performing mining and verification tasks. Every Masternode is also given an Individual Weight Coefficient according to their stake. This Individual Weight Coefficient impacts certain aspects of the Matrix AI Network such as stake rewards (more below). The Individual Weight Coefficient is assigned as follows:
There is a total of 400,000,000 MAN tokens available as block rewards. For the first 5,000,000 Block Period, each block yields 10 MAN tokens at a targeted blocktime of 6 seconds. Due to the fact that there is a broadcast block every 100 blocks, and that these broadcast blocks contain no rewards, the total block reward yield during the first 5,000,000 block period amounts to 49,500,000 MAN tokens. Each subsequent 5,000,000 block period, the total block reward yield will reduce by 15%.
The table below should help clarify:
Unlike other prominent blockchain solutions, Matrix rewards more than just the block creators. Block rewards are distributed as follows:
Stake rewards are distributed to every person with a stake every 3,600 blocks. Each individual’s stake rewards are calculated as follows:
- First, each individual’s stake reward is calculated using the following formula:
2. Second, penalties are applied. Penalties are calculated as follows:
Please note that the % of blocks when an individual is offline will not exceed 75%, even if the individual Masternode has been offline longer.
Transaction fees, or gas, are paid to verifiers in the following manner:
Update 3: Token Redistribution
As previously mentioned, because the initial nodes were all be run by the Matrix AI Network, earned rewards will be returned to the ecosystem in the following manner:
1. Mainnet Airdrop
Total Amount: 1,000,000 MAN Tokens
To: Everyone who completes the swap using Matrix Web Wallet Auto-Swap, KuCoin or Coinegg.
Amount per person: Random
When: April 25th, 2019
Note: Both KuCoin and Coinegg will both participate in the Mainnet Airdrop. The Matrix AI Network will transfer tokens to both these exchanges to conduct the Mainnet Airdrop on April 25th. Each exchange may airdrop tokens on a slightly different schedule. Please wait for each exchange’s own announcements.
2. Token Burn
Total Amount: 2,000,000 MAN Tokens
When: April 25th, 2019
3. Testnet Participation Appreciation
To: Everyone who formally applied for testnet tokens before February 22nd, 2019
Amount per person: 500 MAN tokens
When: The Matrix team will reach out to testnet participants via email before April 22nd. Upon receipt of this email, please reply with your Matrix Wallet Address before April 25th 2019.
4. Early Mining Masternode Incentive
Total Amount: 200,000 MAN
To: The first 200 people to stake Mining Masternodes and remain online for 100,000 blocks
Amount per person: 1,000 MAN tokens
Note: The Early Mining Masternode Incentive will be given out once all the requirements have been met.
5. Early Verification Masternode Incentive
Total Amounts: 200,000 MAN
To: The first 100 people to stake Verification Masternodes and remain online for 100,000 blocks
Amount per person: 2,000 MAN tokens
Note: The Early Verification Masternode Incentive will be given out once all the requirements have been met.
Update 4: More Token Redistribution
In order to ensure a stable network while community nodes come online, the Matrix team has left several nodes deployed. Some of these serve infrastructure needs and do not receive rewards (i.e. broadcast nodes). Others were standard mining and verification nodes. The rewards earned by Matrix nodes will be redistributed to the community. While the specific distribution method will be announced nearer the date, it will account for which nodes were impacted by the presence of Matrix nodes the longest.
The Matrix team will shut down all team nodes that earn rewards beginning April 19th, 2019. It is estimated that all nodes will be shut down by the 24th of April.
Frequently Asked Questions
Frequently Asked Questions are included in order to conveniently address some of the more common issues the Matrix community has experienced while deploying Matrix Masternodes.
- Is there a minimum stake amount?
A minimum of 10,000 MAN tokens are needed to stake tokens. If you try to stake less, the internal contract will not be successfully executed, and your tokens will not be deducted from your account. You may, however, incur gas fees. Once you have staked more than 10,000 MAN tokens, you can add to your stake in small increments.
2. Why doesn’t my Masternode sync fully?
Excluding user error and home network issues, the most common reason why community members have been experiencing sync issues is due to their computer’s clock time. If your computer clock is unhinged from reality, there can be issues syncing blocks. The simplest solution to this problem is to ensure that your computer time is accurate to your local time zone when deploying your Matrix Masternode.
3. Are the recommended hardware configurations “hard” requirements?
The recommended hardware configurations are not “hard” requirements. If you stake a Matrix Masternode using lesser hardware, you still have opportunity to receive block rewards. The most up-to-date hardware recommendations can always be found on the official Matrix GitHub. Currently, it is:
4. I have already staked tokens. I want to increase my stake. Do I first need to release my original stake? Or can I directly add to it?
There is no need to release your original stake. You can directly add to your stake.
5. When completing the token swap, can I use my Mnemonic to open my Ethereum wallet?
When swapping tokens, you must use either a keystore file or a private key to open your wallet. If your wallet only give you access to your Mnemonic, you will first need to transfer your tokens to another wallet that gives you access to your private key and/or keystore file.
If you have any other questions, please contact a member of the Matrix team on Telegram or email email@example.com for help.