Since the white paper was released on May 15, 2019, on June 4, Bystack officially announced the launch of the node recruitment plan and introduced the participation rules for the recruitment plan.
How does the Bystack side chain implement governance? How do ordinary BTM holders participate in the node recruitment program? What rewards or benefits can I get? What are the landing applications of the original chain Bystack? When can I create one or two applications with a market potential of 100 billion?
At 7pm on June 5th (Wednesday), Babbitt Vice President, Ma Qianli , the original chain operation director, than the original chain CFO Li Zongcheng, than the original Shanghai stationmaster, BitMax product director Lu Zhiya guest ChainNode live room (original Bit live room).
This live broadcast revolves around the topic of Bystack. Ma Qianli introduces the application and planning of Bystack. Li Zongchong introduces the rules of the Bystack node campaign. Lu Zhiya is the guest host and participates in questions and interactions. Live video link: https://www.yizhibo.com/l/w7VPyuOkFGROvGvE.html
The Bystack sidechain node campaign consists of four roles : sidechain initiators, relay nodes, consensus nodes, and voting principals.
The side chain initiator : is the first side chain on the original chain than the original chain foundation; the relay node : is designated by the side chain initiator, mainly to protect the asset security on the side chain, the technical threshold is relatively high There is no open campaign; the consensus node is divided into a formal consensus node and an alternative consensus node. The formal consensus node is responsible for the production block; the formal consensus node exits, and the candidate consensus node is promoted to the consensus node according to the number of votes obtained; the voting client : Any number of BTMs (holding holders) are voting beneficiaries who can vote for the election of the Bystack Consensus Node and receive a bonus award.
The recruitment plan: Bystack will recruit 10 formal consensus nodes and 32 alternative consensus nodes . The official node annual mortgage income is expected to be 10%-60% . In the first year of the node's operation, 10 million BTMs will be produced than the original chain foundation, as a formal node (reward ratio of 60.98%) and alternative nodes (proportion of 39.02%).
Xiao Yan: Why is the rate of return 10%-60%?
Li Zongcheng : The probability of the 10 official consensus nodes is the same, so the benefits are the same. Each formal node will receive nearly 600,000 BTM rewards a year . Since the premise of becoming a formal node is to mortgage at least 1 million BTMs, the maximum yield is 60%. 10% is the average rate of return of the market. The alternative consensus node receives a total of nearly 400,000 BTM rewards, which are distributed according to the proportion of votes obtained.
Xiao Yan: The first year of the side chain block reward is provided by the original foundation. What happens after the second year?
Li Zongcheng : In the first year, 10 million BTMs were taken from the business reserve part of the original chain fund. As for the future rewards, it will be based on two principles: First, look at the development of the side chain ecology , we will definitely provide Try to return the rich returns to the node and the client, attract more people to participate in the side chain construction, and strengthen the side chain ecology; second, it is possible to set an upper limit on the number of rewards to ensure that the benefits of the PoW miners than the original chain backbone are not affected. We will adjust the number of rewards for side chain nodes accordingly based on the number of future PoW mines.
Xiao Yan: How long does the consensus node get rewards?
Li Zongcheng : The official consensus node will receive the node reward in real time after the block is released. The alternate consensus node will not receive the reward for more than one day.
Lu Zhiya: The hardware requirements for the node campaign are quite high, and the threshold is 1 million BTM. As an ordinary old iron, how to participate in the construction of nodes?
Li Zongcheng : This configuration is recommended , not the minimum configuration. The side chain may not use such a high configuration at the beginning of the line, but with the development of the side chain ecology, the side chain data will increase, and the configuration will need to reach our recommended configuration to stabilize the block.
If the individual does not have 1 million BTMs, there are two ways to participate: one is to pull a few friends into 1 million BTMs, and then participate in the node campaign; the second is to take their own BTM to vote for the optimistic node, and then get dividends, The bonus bonus is set by the node itself. Xiao Yan: What is the voting rule?
Li Zongcheng : We will open the voting on July 5th. We will provide an APP to facilitate the voting of the client. We will vote for one vote. After the voting, the BTM will be locked. It takes 20 days to unlock. Continue to vote.
Xiao Yan: What is the hardware cost of a node for one year?
Li Zongcheng : The cost of the first year may be between RMB 50,000 and RMB 100,000. The recommended configuration requirements are relatively high, mainly considering the future development of the ecological future. If the configuration of the node is too low and cannot be stably and steadily released , it may be automatically kicked out by the system and replaced by a node with a high configuration later, which is equivalent to the process of elimination.
Xiao Yan: If the side chain's income is higher than the main chain, then the mining union will not run to the side chain?
Li Zongcheng : No, because the previous period was set in the side chain token rewards, after a rigorous calculation. The main chain PoW can dig up 86 million BTMs a year. The side chain only digs out 10 million BTMs in the first year, which is equivalent to 13% of the main chain , so it will not affect the profit of the main chain miners. At the same time, the 10 million BTMs dug out accounted for 1% of the total circulation (1 billion), and the impact on the market price is very small, so we should not worry too much about the price.
For details of the Bystack node recruitment program, please click: https://www.8btc.com/article/421230
Bystack is the BUTXO model BaaS platform with a main chain multi-side chain pioneered by the original chain team. It is also the biggest strategy of the year and the fist product of the next 20 years. Nagase once said: "Bystack is a business solution for Bytom. Bytom is equivalent to a bare engine, and Bystack is a car. Bystack is not a side chain, but a BaaS platform that includes a main side chain, and is a 'Bytom+Vapor+ other component'."
Bystack helps users quickly create, manage, and maintain enterprise-level blockchain networks and commercial blockchain applications, providing a one-stop solution for blockchain capabilities for developers or businesses. At present, the business of integral treasure, blockchain contract and digital government affairs is accelerating, and the test phase has been completed. It will be officially invested in large-scale commercialization.
Lu Zhiya: Yesterday I asked the old irons what questions they wanted to ask. They said that there is only one question: When is the pull? I think the project is the best pull, what progress is it than the original chain or Bystack?
Ma Qianli : (haha, I already know that you will ask this) In fact, we are doing a lot of things. On Tuesday, I discovered that the Hangzhou Daily published the first national blockchain member on the front page of last weekend. The certificate is issued in Hangzhou , as shown below.
Putting the member information of Zhejiang Digital Economics Association into the original chain is just a very simple application. There are many other applications that are temporarily inconvenient to disclose . For example, we have applied a trusted identity certificate to the Big Data Resource Administration of a provincial capital city, but we have signed a confidentiality agreement and cannot publish it.
( Lu Zhiya : Is this going to kill us? Hahaha) Xiao Wei: What application scenarios are currently optimistic?
Ma Qianli : There are more than a dozen scenes in the white paper, and recent advances are in the category of points and games . These two scenarios require both digital assets to have a certain degree of fairness and a certain degree of adaptability. Taking points as an example, the points are a market of 100 billion yuan. Blockchain points are different from traditional points. We can build a platform for merchants to exchange points. Let's play universal points together. In this point system, the merchant can only make the points more and more valuable by doing good things, "good money drives out bad money." The phenomenon of "stinging wool" can also be improved.
Xiao Wei: What is the difference between Bystack and IBM, Microsoft Azure and Amazon AWS BaaS platform?
Ma Qianli : There are two differences : First, we are open source . At present, most of the BaaS platforms have no open source. The threshold of IBM BaaS services is more than 1 million RMB, and our cost is much lower. Second, we are based on one master. Multi-sided architecture , we do not recommend that you distinguish too much from the public chain, which is the alliance chain, which is the license chain, etc., the blockchain can be used as a tool. Selectively used according to the characteristics of the blockchain, this is also the core concept of Bystack, which can be combined and pluggable.
Lu Zhiya: How to attract companies with specific business needs to enter the Bystack ecosystem?
Ma Qianli : Today's live broadcast is to let everyone know that we can use a multi-sided architecture to build blockchain applications. We have already built the wheels. Everyone can copy from 2 to 2 and copy from 2 to N.
From left to right, they are Xiao Xiao (host), Ma Qianli, Li Zongcheng, Lu Zhiya
Xiao Yan: Today, everyone is very good at coming. Especially our old iron is coming from the outside and telling how it is more than the original iron powder. How do you know each other?
Lu Zhiya : We mainly value the vision of Changchun . From the technical level, the PoW mechanism that is just used in the original chain is heavier than PoS, and it is relatively safer. The progress of the development of the original chain has been fulfilled in accordance with the white paper , which is much better than the continuous extension and extension of many domestic projects.
Although (BTM) has fallen from a maximum of 8 yuan to a minimum of 5 or 6 gross, many communities may not be very popular. But yesterday, the news of the node campaign was basically one, and basically all the communities were active again. Feel the contrast… how do you say it? Still like the first love. Still looking forward to the development of the original future, such as when to unpack and when to go to a new exchange, I hope that information in this area can be communicated.
Li Zongcheng : I mainly knew Changchun , and then he brought me from a non-blockchain practitioner to the blockchain industry, which is equivalent to a guide. The latter (we) is also very similar in concept, insisting on the long-term value of one thing, and going to this goal when seeing a goal. Such values sometimes appear slower and more cumbersome. I believe in one sentence: not fast. Sometimes the slowest thing seems to be the fastest.
Ma Qianli : I was similar to Zongcheng. I first came into contact with the blockchain through Changchun. I first read his book . Later I felt that working with him was the most interesting. He is very passionate and insightful to ask you something. Although sometimes we can't do this, but in the end it is slowly getting more and more reliable. I think this kind of experience is quite good, working with a more fun and amazing person.
Text: Li Xiaoping