IOTEX – FAQs
What is a Delegate and what he does?
A Delegate is elected by token holders. He represents the entire IoTeX network by maintaining consensus, spreading project awareness, organizing community-wide initiatives, and more.
How many tokens a delegate needs?
A delegate must have at least 1.2M Iotex, and get votes for at least 2M in order to be qualified as Delegate.
What is an “epoch”?
An epoch is 8640 blocks – about 24 hours. In every epoch, there is a new consensus (top 36 delegates) that will validate blocks.
What is a “vote”?
Every Iotex counts as one vote, but the longer you delegate, the better! Evey 2 weeks (14 epochs), the weight of a Iotex increases, up to 32% more. This means more rewards for the delegator!
What is a Consensus Delegate?
Top 36 Delegates will be qualified as “Consensus Delegates”. They manage verification and block production, receiving in the process extra rewards. This number my vary in the future according to the number of side chains connected to the root chain
What are the “Robot Delegates”?
In the first year, during ramp up, part of the Consensus Delegates will be managed by bots to ensure decentralization. Therefore the number of Consensus delegates is 12 at the beginning, 24 in phase II and 36 after the main net is stable
What are the rewards in IoTex?
There are two kind of rewards in IoTex: Epoch Reward and Block Reward
What is an “Epoch Reward”?
Epoch reward is 450,000 IoTex. This is shared among top 100 delegates, based on weighted amount of votes
EXAMPLE: The total staking votes are 500,000,000. IoTexTeam accounts for 20,000,000. Therefore, our total share is 4% or 18,000 IoTex to be split across our delegators.
What is a “Block Reward”?
Every time a Delegate signs a block he gets a reward. The amount is 16 Iotex per block, or 138,240 Iotex per epoch. Only in the first year there will be an extra 69,120 Iotex per epoch.
Who gets the “Block Reward”?
If a Delegate is a Consensus Delegate, not only he gets the “Epoch Reward” but also the Block reward. According to ramp up this number is 12 at the beginning, then 24 and 36 when ramp up phase ends. 24 of the 36 Consensus Delegates will be randomly selected to sign the blocks for the day, so on average 2 days out of 3 after main net is stable.
IOTEX TEAM REWARDING POLICY
What kind of reward do I get being your delegate?
There are two rewarding sources: Epoch reward plus bonus
What is my share of the Epoch reward?
IoTexTeam aims to be among top 100 delegates, given our strong initial investment. We give back 85% of your share of the reward, taking only a 15% operations fee.
EXAMPLE: The total staking votes are 500,000,000 and IoTexTeam accounts for 20,000,000. Our total share is 18,000. You delegated us 50,000 IoTex, therefore you will get (50000/20000000)*18000*85% or 38.25 IoTex every day!
What is the Bonus?
If IoTexTeam makes it into Consensus, we will share a 25% bonus with all our delegates (capped at 1500 Iotex) every epoch we are selected to bake a block. This bonus is 100% for our delegates, we don’t take a share!
Can you make an example?
Let’s consider the case above, and assume that IoTexTeam is in the Consensus and validates the fair share of blocks. This will give another 1500 Iotex to share among delegates.
Our delegates account for 15M total and you have 50,000, or 0,33%. Your share is other 5 Iotex 2 days out of 3, or 3.33 on average, plus the 38.25 that you already got from epoch reward.
Every day you make 41,58 Iotex, over 15180 per year. That’s 30,36% profit. Nice result!
What about promotions?
From time to time, IoTexTeam might offer promotions for the delegates – don’t forget to follow our channel on Telegram!