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On March 6, 2018, VeChain (VET, formerly VEN) announced its intention to offer a limited-time X-Node Series to early adopters of VeChain, which is an economic masternode program. For those of you unfamiliar with Masternodes, itâs basically a way to reward community members that hold a large amount of a cryptocurrency by giving them opportunities such as earning interest on their coins or participating in voting on what the future of the cryptocurrency will look like.
The VeChain X Node Series
The X Node Series is a special one-time offer that occurred between March 6th and March 20th, 2018. By qualifying for a masternode in this program, users can earn more benefits than a normal node. Beyond the rewards for normal nodes, the X Series also receives the following benefits:
- 30% of the total consumed VeThor (the transaction currency for VeChain Thor) on the platform is rewarded to the Top-tier nodes (Thrudheim Masternode)
- 100%âââ200% of additional VeThor is rewarded from the Foundation Reward Pool (150 million VET), which is a pool of VET set aside to generate VeThor (VTHO) specifically for paying out masternodes
- An additional 25%âââ200% of VeThor is rewarded from a newly formed Foundation X Reward Pool of 50 million VET, specifically set aside for paying out X Node Series masternodes.
The Bad News FirstâââBut Donât Worry
On March 20th, 2018 at UTC +8 (12 Noon), the VeChain team recorded down the amount of VEN each address holds, through a process called a snapshot. Any wallets that held 6,000 or more VEN was automatically qualified for the X-series. Any wallet that didnât have that amount by the time of the snapshot would, unfortunately, never be allowed to possibly participate in the X Node Series.
In other words, if you didnât have 6,000 VEN in your personal wallet at that point, then you will never be able to get an X Node Series. Also, if you had 6,000 VEN, but it was on an exchange wallet, you also cannot qualify, as you do not fully own the address. You can still qualify for a normal tier masternode, but that requires you to have at least 10,000 VET, and also you cannot earn the bonus rewards that are available for the X Node Series.
Project PoolDay
The Good News: You Can Still Participate in the X Node Series
A few colleagues and I started a pool for the X Node. One of us managed to snatch up an X Series Node before the snapshot date. Currently, our pool has around 11,000 VET at the time of writing (March 23, 2018). In order to qualify for the largest tier, Mjolnir, we need 150,000. At that point, we can reap the largest rewards available for the X Nodes before actually applying for and qualifying for an Authority Node.
Linear algebra proves that we are around 139,000 VET from reaching that goal. As a solution to reap the maximum benefits without having to sustain a level of risk we are not individual comfortable with at this point, we are now opening up our pool for the community to reap benefits together. This is the first collective node participation opportunity that we are offering to anyone interested in participating.
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I started off by offering this opportunity to the Cosmic Trading Cryptocurrency Group, since it is a community I actively participate in (join it for free if you want to get in on more opportunities that fly my way! I usually ask there first).
How to participate:
- You send VET to our pool address ( 0x3683bC711caDE7B7aBD00E8E41bdC1f5D8B62FfA).
- You can send any amount youâre comfortable with. ONLY send through your personal wallet, DO NOT send through an exchange wallet. This is because we track the wallet addresses to know exactly how much each individual deposited and where to send rewards to. If you send through your an exchange wallet like Binance, then 1) there is no guarantee that you will still have the same address on the exchange the next day, and 2) you are unable to receive VeTHOR on that address.
- We will track all of the total VET allocated by each individual.
- The VeChain main net launches in July 2018, and nodes will begin to generate VeTHOR then. VeTHOR is the payout for the master nodes. We will be locking up withdraws of VET for a four-month period to prevent possible node downgradeâââdowngrading would disqualify everyone else in the pool from reaping the X Node Series rewards.
- We will redistribute the rewards proportionally to each contributorâs amount. We take a 2.5% fee for the pool services (read more about the fee in the next section). You keep the rest of the earnings.
Unlike with the original X Node Series, we do not have a deadline; in fact, you can send VET even after the main net launches. We think this is a good opportunity because one of the primary efforts of the Economic Masternodes for VET is to limit the amount of VET in circulation at one time, with the ultimate goal of stabilizing the price. By reaching out to the community and pooling the VEN, we are able to allow supporters to reap better benefits regardless of the amount of VEN they have, and we are also helping VEN stabilize the community.
The Future of PoolDayUnder construction, baby.
While the VeChain X Node Series is the first public pool we are offering participation in, we are hoping that, in response to the enthusiasm we expect from this project, we will be able to expand to other node offerings as well. This way, contributors of all sizes can reap the benefits of projects they believe in, and we can also help with managing the responsibilities of different masternodes.
PoolDay is a project started by myself and my buddy John Lo, an entrepreneur and computer science major from Harvard. Check him out in this article about Harvard Research Computers being repurposed for Dogecoin mining.
We intend to reinvest the collected fees into growth opportunities with projects like smart contracts and user access management to develop streamlined control over your individual funds after you pool them into our collective nodes. The goal is to turn this project into a fully automated, web-based activity that gives you complete control over your funds.
If you have any questions about the project or participation, you can reach out to me on Twitter or in the Cosmic Trading Group.
Support Me!
If you like what youâve read and want to help support my writing, please consider the following options:
- Join EARN with my referral link. EARN is one of the best ways to participate in Airdrops. It has exclusive airdrops with some good partners, and the partners actually pay you $1 worth of BTC to participate in Airdrops, too. Also, you get $1 for signing up.
- Sign up through my Binance Referral Link if you havenât gotten a Binance account yet. It gives me a percentage of trade fees, so at least you know some of your fees are going to a good cause!
- Ethereum donations are very cool, too: 0x4Bcb32a2726B07160e8e8305f2344Af5495D9540
Come find and chat with me!
Iâm always on the Cosmic Trading Discord Group:
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Want to reach out to me by phone? Call me through Clarity:
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Maximizing VeChain Masternode Rewards: Project PoolDay was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
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