Zeepin Chain Masternodes - Galaxy Nodes
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What is Zeepin?
Zeepin Chain is a decentralized public chain for creative works, providing blockchain technology support and building adoption scenarios for the global creative industries.
Zeepin will initially build a suite of dApps that will each solve current problems in the creative industry. List and description of those dApps can be found here: https://www.zeepin.io/dapps
GBFT-POS, short for Galaxy Byzantine Fault Tolerant-POS, is the consensus mechanism of Zeepin Chain. GBFT-POS adopts the OCE consensus engine and it is built upon the Galaxy Alliance consisting of digital planets as democratic autonomies. It is a new-generation consensus mechanism that realizes low operating costs, strong DoS defense, and high-degree participation while meeting the high demand within Zeepin Ecosystem.
For details about the underlying technology of Zeepin Chain, please refer to our technology white paper: Zeepin Chain Tech White Paper
What is Galaxy Node?
Put simply, Masternodes are computers that keep a full copy of the entire Blockchain online at all times. They make instant transactions possible, provide an extra layer of security, and participate in the governance process. In Zeepin Chain, Masternodes are called Galaxy nodes.
Zeepin, formerly a NEO blockchain project, has launched its own public chain that introduces 2 main coins: ZPT (used as utility token for Zeepin dApps) and GALA (functional coin used for: transaction fees, smart contract deployment...).
GALA will be listed on exchange in foreseeable future. Current OTC price is in the range of 0,015$ - 0,004$. You can check the different GALA coin use case scenarios here: GALA use cases in Zeepin Chain
How this looks like in practice
All ZPT holders form what’s called the Consensus Group — they have a right to vote for Galaxy nodes with their tokens. Galaxy nodes themselves are separated into 9 Consensus nodes and 42 Candidate nodes. This makes 51 nodes in total, divided into two groups based on the amount of staked ZPTs and votes from the community.
So the system consists:
- Consensus Group — all ZPT holders. They can vote for their Node of choice to improve their position on the ranking. Node operators can decide whether to reward their voters by including them in reward distribution.
- 9 Consensus Nodes — chosen based on ZPT Proof-of-Stake, and ZPT staked through community voting (rank 1–9)
Consensus nodes use servers to perform actions, such as: block calculation, transaction handling and block synchronization.
- 42 Candidate Nodes — chosen based on real-time ZPT Proof-of-Stake and ZPT staked through community voting (rank 10–51)
Candidate nodes only help with node synchronization, therefore don't require high computational power to operate.
Nodes entering the pool of candidates need to lock-up at least 1 million ZPT and consume 11.000 Gala as fuel. After the initial round of selection, confirmed consensus nodes and candidate nodes will need to provide appropriate hardware equipment.
Minimum hardware requirements for consensus node:
- CPU: 4 core
- Memory: 16Gb +
- Local storage: SSD 500Gb +
- Network: 2Gbps
For candidate nodes, a normal PC or laptop is sufficient due to very limited actions performed.
Once you pass the final node election and become a Masternode in Zeepin Galaxy, whether you are a consensus node ranked 1–9 or a candidate node ranked 10–51, you can participate in the Galaxy Consensus Cluster governance and get different kinds of benefits.
There are mainly two types of revenue:
- Zeepin Foundation Compensation
Zeepin Foundation will reward early Zeepin Chain supporters with additional incentive for all Galaxy Nodes (consensus + candidate nodes):
- 5% yearly return on mortgaged ZPT (including votes); paid in ZPT, calculated and distributed monthly
- 20 times return on mortgaged ZPT (including votes) in Gala tokens; calculated and distributed monthly
2. Zeepin Chain revenues
Revenues include: transaction fees, smart contract deployment fees, network fees.
40% of the total revenue will be allocated to the 9 Consensus Nodes, and 60% will be distributed to the 42 Candidate Nodes.
All rewards are paid out at the end of each voting cycle (120.000 blocks).
First round of selection will begin on October 29th, 6PM (Beijing time) and will finish on November 29th, 6PM (Beijing time). At that time, we will announce the voting and mortgage results and will select the 9 Consensus and 42 Candidate nodes. Voting process will be ongoing, votes will be counted every 120.000 blocks to determine Consensus and Candidate nodes for the next period.
How to apply for a Galaxy Node:
1. Download ZeeWallet: ZeeWallet download tutorial
2. Open ZeeWallet, go to dApp section. Click on "Run for Node".
Full steps on how to apply for a node can be found here: Node selection rules
For more information about Zeepin, join our chat and follow us on social media:
Blockchain explorer: https://www.zeescan.io
News Channel: https://t.me/ZeepinNews
Interesting ANN, welcome to BetweenBlocks. I am moving your ANN to the Altcoins ANNs category.
Best of luck!