Why Zeepin Chain needs Masternodes — Galaxy Node Cluster
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Why Zeepin Chain needs Masternodes — Galaxy Node Cluster
While the market is going through a rough situation, we at Zeepin Foundation are actively investing into our Blockchain — as well as ongoing development of multiple dApps. It’s important for us to deliver a ready solution for millions of creators around the globe.
Our users and community are the driving force behind everything we do. While working on Zeepin Chain, we wanted to reflect this as much as possible. Members who are willing to help the project grow, commit to making the chain fast and durable — they deserve to be rewarded.
Fairness is foundational to Galaxy Consensus — the protocol that governs Zeepin Chain.
It uses democratically autonomous Galaxy nodes that «vote» for activities on the Blockchain. You can find out more about how it works here. In short, transactions are validated by Galaxy nodes, which get paid for their work. They keep the system running smoothly and get «elected» for network activity based on their contribution.
This is what we refer to when we talk about Masternodes.
You often see graphics where electric impulses are going through the brain, running from neuron to neuron. Any network of connected computers can be represented this way — information streaming from one «node» to the other, going through the grid.
Masternodes are simply parts of that network that serve specific functions. They exist to direct and coordinate information — validating transactions, powering different parts of this grid. They add functionality and make the overall network more stable and predictable.
So Masternodes are kind of like pillars supporting the weight of the network.
They keep a full copy of the entire Blockchain online at all times. This enables instant transactions, increases privacy, as well as adds a layer of security to a Blockchain. More than that, they help make decisions about the future of the system and direct further development.
Put simply, Masternodes are participants in the network that invested the most into its stability. They become important hubs for other users, providing them instant access to information. Because of this, Masternode operators enjoy the benefits of having more power in making decisions — they usually get returns on this investment proportional to their contribution.
This is the principle anyway. Not all Blockchains provide genuine rewards to their Masternode operators — in fact, not all networks even need them in the first place. There has been a worrying trend of adding Masternodes to many projects without even outlining their exact functions.
So we worked extra hard to make sure the idea truly shines in our own Galaxy Consensus.
Galaxy Nodes in Zeepin Chain
Galaxy nodes are our take on the idea of Masternodes — they make decisions proportional to their weight as compared to total weight of the network. In practical terms, this means that Zeepin Chain can dynamically grow and scale as it’s picked up by more people.
When the network grows, the Consensus will adjust and evolve with it. In the beginning, there will be 51 Galaxy nodes in a Cluster. 9 of them will be Consensus nodes and 42 will be Candidate nodes. We need them to:
Provide instant transactions and on-chain settlements
Secure the network against any potential attacks
Govern and vote for further development of Zeepin Chain
Increase privacy of asset exchanges, agreements, and transactions
Make sure the day-to-day operations are smooth and stable
We understand that Galaxy nodes will be operated by some of the most dedicated members of our community — so our goal is to make sure the incentives are well worth it.
Firstly, all ZPT holders will be able to vote with their wallets for the Galaxy nodes they want to operate in the network. They might be rewarded in proportion to the contribution if node operators decide so, creating a fair environment where all participants have an incentive to work together.
Secondly, revenue from all transactions generated by the entire Zeepin Chain will be distributed between the Galaxy nodes. 9 Consensus nodes will get 40% of this revenue, while the 42 Candidate nodes will get the other 60%.
Zeepin Chain revenue distribution model
As more Smart Contracts and dApps become active on the chain, more transaction revenue is generated — making for exponentially higher rewards for Galaxy node operators every year.
For those willing to help the network thrive by operating a node in the first year, we’re offering a 5% return on their ZPT mortgage and voting volume — with an unprecedented 20 times return of the same in GALA tokens. You can find out more about the incentive model here.
Becoming a Galaxy node is a long-term investment. They’ll become important pillars of the community — making decisions about the foundation’s future and growing their operation together with us and the rest of the network.
We made sure to provide freedom of choice to Zeepiners who operate Galaxy nodes — they can always withdraw the contribution at the end of the next voting cycle. Moreover, community members who don’t own enough ZPT to run a full node can entrust their voting rights to a trustee and reap the rewards proportional to their contribution.
We’ll be providing more details about how this works in the near future — for now, there’s an important question left to address:
Why recruit Galaxy node operators now of all times?
We understand the current situation on the market and don’t possess any secret financial projections, insights, speculations, or anything of the sort.
Nobody can predict the exact situation on the market tomorrow, we can only follow trends.
And in addition to understanding trends, we also have a direction. We’d be happy if the entire Blockchain community shared this guideline, it’s just a good attitude to take. Our thought process is simple: millions of creators around the globe deserve economic freedom.
They deserve the freedom to work, set up agreements, and exchange assets. Freedom to manage a business without crippling legal fees, third-party commissions, and operation costs. Any solution that can bring such freedom is guaranteed to be successful in the long run. It will bring value on a massive scale — putting millions back into the hands of creative entrepreneurs.
And Zeepin Chain governed by Galaxy Consensus has the potential to make this happen.
Which is why we’re more active than ever, regardless of today’s market conditions. We believe anyone with real-world Blockchain solutions should be. Zeepin Chain and applications on it must be ready for active daily use, the earlier the better. The longer we wait, the more time and money is tied up in the current system, sloshing around inefficiently.
Entrepreneurs in the creative industries deserve to have control over their assets and spending.
In order to handle large spikes of transactions on the chain, we must have a flexible governance model. One that can scale and grow over time, serving the needs of our users. An efficient economy without expensive overheads, fraud, and arbitrary decisions made by third parties.
Now that we have the infrastructure to make this happen, we’re looking to populate the Galaxy Cluster with autonomous Galaxy nodes — Masternodes — to help in this mission. We have no reason to make anyone wait for a better time that may as well never come.
Support is essential, both for us developers and Zeepin Chain as a whole. There’s a single reliable trend to speak of — only projects with strong communities succeed in 2018.
We know that in the long-term, freeing up all this capital and putting it back into the hands of creators is going to bring strong returns on investment. Today we’re making sure early supporters of Zeepin are duly rewarded — so that tomorrow we can all benefit even more. It brings both us and our community closer to where we all want to be.
We’re actively working on Zeepin Chain and our dApps. At the same time, we’ve been preparing to involve our community in the development process and introduce a new and important concept in our Blockchain.
Masternodes are computers in the network that run a full copy of the entire Blockchain. They serve as points of connection for all other users in the network and enable additional functions.
Galaxy nodes are Masternodes in the Zeepin Chain. They play a crucial role and allow users to make instant transactions, provide an extra layer of security, participate in the governance process, and more. They’re voted in by ZPT holders, who might get benefits for participation in the process.
Anyone can mortgage a certain amount of ZPT to become a full Galaxy node operator or participate in a trust fund, getting 5% of ZPT in returns and 20 the amount times in GALA tokens. More details about the incentive model can be found here.
Transaction revenue for the entire Blockchain will be split between 9 Consensus and 42 Candidate nodes — 40% will be distributed among the first and 60% among the second.
We rely on the long-term value of Zeepin Chain and ongoing support of our community to succeed. Results of this attitude are showing, we’ve made progress in the past few months.
We’re actively engaged in development despite the market being steadily in the red. Our mission is to bring freedom to work for millions of creators around the globe, which will put financial power back into their hands. This is why we’re recruiting Masternode operators now — gathering support today to change the market tomorrow.
It’s crucial to make sure that members of the Zeepin community are rewarded for their help in our first year. Can’t wait to see you during the Galaxy node campaign, preparing Zeepin Chain to handle generations of users to come.
Thanks for your support — we look forward to being even more active in the last quarter of 2018.
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