Announcement: TrueChain Mainnet Upgraded to Hybrid Consensus 2.0
On February 18, 2020, TrueChain announced that it will upgrade the consensus to Hybrid Consensus 2.0, from PBFT + fPoW to DPoS + fPoW. More TRUE users will participate in the consensus through the form of staking pledged mining, in order to better Realize decentralization and ensure the security of the main network. At the same time, users participating in pledge can also share mining revenue.
The fpow + PBFT consensus algorithm in TrueChain’s early consensus algorithm is efficient and stable, but because of mining only by computing power, for users, there is less participation, which is not conducive to the long-term positive development of the community. Because of this, the TrueChain team introduced the DPoS consensus protocol in the new algorithm. Once the algorithm is upgraded, it will also allow more users to participate in the TrueChain mainnet consensus by pledged tokens. The entire TrueChain network will become more decentralized and more secure. The most important thing is that as long as the token is pledged, the mainnet revenue can be shared immediately!
At the same time, unlike other blockchain platforms of the DPoS algorithm, the total amount of True will remain unchanged at 100 million yuan and will never be issued. The mining algorithm of the new algorithm will all come from the 30% portion reserved for miners in the original algorithm. token.
In the first year of 2020, 4 million TRUEs will be awarded.
According to the participating roles of TrueChain Hybrid Consensus 2.0, all mining rewards are divided into three parts:
A. 9% reward is allocated to fPoW miners for rewarding PoW contributions;
B. The 10% reward will be donated to developers as an incentive for the developer community. It will avoid the situation that the foundation is unable to continue to maintain technology development after the funds are exhausted, and ensure the sustainability of TrueChain’s technology upgrade;
C. 81% of rewards are distributed to all DPoS participants, including DPoS committee nodes, and users holding coins participating in pledged mining;
3. DPoS reward distribution method
DPoS reward distribution is allocated in proportion to the pledged amount of each account pledged. Among them, the commission node can set a commission rate and automatically collect the commission fee entrusted to the node when distributing the proceeds.
Assume that the block reward is I, the total pledged amount of the entire network is T, the pledged amount of a committee node is C, the pledged amount entrusted to the node is D, and the pledged amount of a coin holder user entrusted to the node is d. The node fee is f (0% -100%), then:
Income to be distributed on this node R = I * 81% * (C + D) / T
The revenue of this node is Rc = R * C / (C + D) + R * f * D / (C + D)
Revenue of a currency user Rd = R * (1-f) * d / (C + D)
Assume that the commission node commission fee is 0%, the entire network pledge amount is 20 million TRUE (accounting for 25.3% of the total circulation), and the total revenue of DPoS participants in the first year is 3.2 million TRUE with a return rate of 16%.
4. DPoS Committee node participation methods
As a consensus participant, the DPoS committee node, in addition to enjoying the pledged mining revenue, will also obtain the commission fee to the node according to the commission rate, and distribute all the transaction gas revenue.
To participate in the election committee node, the following requirements need to be met:
The TrueChain main network node needs to be set up to participate in the DPoS consensus. The recommended server configuration requirements are: 4-core CPU, 16G memory, 200G SSD storage, 4Mbps bandwidth and above, and a public network IP address. A firewall can be configured to ensure network security and configuration. Normal communication on the port;
Pledged more than 20,000 TRUE;
Have credibility and community resources, and can promote ecological construction with TrueChain;
TrueChain will select 20 DPoS committee nodes based on the pledged amount of TRUE. Although each node’s token pledged amount is different, the weight of each node when the block is produced is the same. Network security and decentralization have been strengthened.
PS: At present, there are already ZB mining pools and BW mining pools to announce their candidacy for the first time. In the future, more industry first-line mining pools will announce their candidacy.
5. TRUE user pledge mining instructions and participation methods
Users who have more than 10TRUE can participate in the subsequent participation in pledged mining. The reward is directly rewarded to the mining user’s account when rewarded. After withdrawal, it will no longer enjoy the benefit and the revenue will be sent to the personal account in real-time.
Users can download the TRUE wallet in advance (https://dapp.truedapp.net/appdown/), transfer it to the corresponding TRUE from the trading platform, and start pre-registration. After the mainnet is officially upgraded in early March, participate in pledge mining in TRUE, Or wait for the subsequent participation of other nodes.
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