With the launch of Hashgard mainnet, we plan to push forward node staking and application.
Only mainnet GARD are capable of node staking. If you still own ERC-20 GARD, please SWAP to mainnet GARD first. We have announced a tutorial on Medium — -How to Convert ERC-20 GARD to Mainnet GARD?
https://medium.com/@hashgard/how-to-convert-erc-20-gard-to-mainnet-gard-5e1b9f7229e5
Those who have done SWAP for the first 20billion GARD are able to gain 10% incentive GARD.
Up to now, 70% of incentive GARD have been already collected, so hurry up for the candy right now!
Node application:
Currently, there are totally 11 nodes open on Hashgard public chain, of which 5 official nodes, called Vanaheim, Midgard, Jothuheim, Alfheim, and Asgard(like Hashgard, these names are inspired by Norse Mythology), and 6 community nodes, named Hashgardian1–6. The 6 community nodes are open for application.
Those who stake the largest number of GARD will automatically become the operator of the community node. Hashgard Foundation will set the commission account as the operator account, thus the operator can obtain the naming right and determine commission ratio. In addition, the rewards generated by staked GARD from Hashgard Foundation also belong to the node operator.
The first operators of 6 community nodes (who has staked the largest number of GARD to the node) get elected at 14:00 (UTC+8) on August 14, 2020. Hashgard Foundation will figure out the total quantity of staked GARD on 6 community nodes at 14:00 UTC+8 every Friday. Once the one with the largest amount of GARD takes change, so will the operator. As an important part of Hashgard community, we expect the node operator contribute to the construction of Hashgard community and attract more people to join us. Every operator represents Hashgard. Therefore, Foundation retains the right to appoint or dismiss the operator in case that he brings harm to the community.
We hope that all node operators join us in promoting Hashgard global ecosystem together.
For example, at 2 pm on 14 August, A staked the most with 500 million GARD on Hashgardian-1 and A becomes the operator. On 15 August, B staked to this node 1 billion GARD. During this week, A remains the node operator. Starting from 14:00 on 21 August, if B stake still the most GARD, B will replace A as the new operator.
Similar to Cosmos, 2% of the block generation rewards will be used as a community fund and put in the funding pool.
The second part is package rewards, that is, for each block generated, after deducting 2% community fund, 5% will be taken out to reward the node that has participated in the block package. The probability of block packaging is related to the quantity of staked GARD. The more GARD staked, the more likely to package blocks.
The third part is what we usually call block generation rewards. It will be distributed to the node according to the proportion of staked GARD. Nodes with more staked GARD will get more block generation rewards.
Therefore, the total quantity of node rewards equals (mainnet GARD):
Total node rewards = [Single block generation reward (120Gard/block in the first half year, 60Gard/block in the second half year) * Number of blocks * 98%-Number of blocks * Block package reward]
Rewards for a certain node A:
(The amount of staked GARD on node A / the total amount of staked GARD on chain) * Total node rewards = Rewards for a certain node A
Rewards for user C who stake to node A
(Number of staked GARD from C/Total number of staked GARD on node A)*(Total node rewards-commission)=Rewards for user C
If we stake the same amount of GARD on 11 nodes, the annual rewards for each node amounts to about 89 million GARD, which is about 29000 dollars based on the current GARD market price. And the community node does not need to bear high server costs.
Next, we will introduce the process of node application and staking
Stake GARD:
Enter your web wallet: https://wallet.hashgard.com
After logging in, click [My Staking]-[Delegate GARD]
In [Transfer to validator node], select a node to stake.
Among them, 6 nodes starting with Hashgardian are community nodes, which are open for application.
After confirmation, GARD can be staked to the node.
It is recommended that when you stake, do not stake all GARD to the node. Remember to leave a bit GARD as gas fees. Otherwise, you may have difficulties withdrawing GARD as you dont have GARD to cover gas fees.
Withdraw rewards:
In the wallet [My staking], click {one click to withdraw rewards}, you can obtain the rewards instantly.
Unbind GARD:
It means getting back staked GARD to the wallet.
For each delegation, click on [View]-[Get back staking] to unstake.
Attention: Similar to Cosmos ecosystem, your staking will be locked up for 21 days after you unstake, which means that it takes 21 days before you receive GARD in your wallet.
Redelegate:
It means transfer staked GARD from one node to another.
For each delegation, click on [View]-[Redelegate] to transfer your staking.
Attention: The first transfer delegation can be executed instantly. But from the second transfer, it takes certain time to get back to your own wallet before staking to another new node.
