NEWS>21 October 2022>Redefine Pledge Procedure Proposal

Redefine Pledge Procedure Proposal

Redefine Pledge Procedure

UIP1.1.2 EN.jpg

This vote proposal is to solve some hidden risks in the way and process of users' previous node pledge procedure, add-on address type functions for nodes, enhance security of UltronGlow’s Mainnet by add-on the minimum PoS node service commitment time for at least 1.5 year. Please place your vote in the link below:

https://votespace.io/#/foundetail?spaceId=33&id=203&isjson=2 

 

Pledge and pledge release

1)       PoS nodes have a service commitment period for 1.5year starting from the first pledge. Admin Address may exit PoS pledge after 1.5year service commitment period.

2)       Any address can process pledge for any PoS Node.

3)       Any pledge from any address except the pledge from admin address are allowed to release pledge after 30 days from that particular pledge.

4)       The rules of pledge release remain the same, 30 days lock, 180 days linear release.

5)       20 UTG pledge by admin address for PoS node activation.

6)       The pledge of admin address must be at least 10% stake of the PoS node or else the other delegate address may not pledge in successfully.

 

Address Types of PoS Node

The reward address of the current PoS node will be default as the admin address!

1)       Miner Address: is the address that saved in the PoS node configuration file. The function of miner address is to sign for block verification.

2)       Admin Address: is the first address to do PoS pledge for the miner address. The function of admin address is to bind or unbind reward addresses, default as reward address if there is no reward address bound, setup the stake pool’s management fee, exit PoS Node (executable after 1.5 years, all pledged UTG will be returned to the original path after exit and lose the right of PoS node.)

3)       Reward address: is the address that bound to the miner address for receiving PoS rewards, included block rewards and GASfees.

4)       Delegate address: is the address that delegates their pledge in any PoS node and get shared rewards from PoS node. Users may perform pledge and get reward directly to the delegate address or pledge release and the pledged UTG will return directly to the delegate address. Any delegate address may ONLY pledge for 1 PoS node.

 

PoS node deployment process

1)       Deploy the PoS node program according to the software and hardware requirements

2)       Import the private key of the miner address and start the service

3)       Activate the PoS node on the mainnet (Use "admin address" to perform the first pledge for the miner's address on the blockchain explorer)

4)       Setup the reward address (Optional, the admin address will be the default reward address if there is no reward address being setup. The reward address can be change to another reward address)

5)       Setup the stake pool management fee.

6)       Participate in the election and block verification (Miner address process block verification, and the rewards are sent to the reward address)

7)       Delegation (Delegator is any address that participates in PoS pledge, and any delegate address can pledge any amount of UTG for any PoS node to share PoS reward in stake pool after the stake pool management fee deduction)

 

Composition of PoS Reward

PoS node reward = Block verification reward + 50% GASFEE of the block.

 

The node ranking algorithm is:

Get the average value of all PoS node (Average value * 70%) by removing the highest and the lowest PoS node asset. The obtained average value is the minimum UTG assets that a PoS Node have to pledge. The PoS nodes that reach the obtained average value are eligible to join the Ultron Node election)

 

Rules for pre-candidate nodes to become candidate nodes

The mainnet will remove all PoS nodes with penalty points greater than 30 in each election, and rank all PoS nodes with penalty points less than 30 points (the total number of UTG pledged by PoS nodes). The nodes that meet the obtained average value will enter the house of candidate nodes, and finally selected as Ultron Node for block verification.

 

PoS node penalty point mechanism

The penalty point mechanism is used to measure the service stability of PoS nodes:

1.         Every time a PoS node absent a block verification, the penalty points +30 points

2.         The penalty point of the PoS node will -1 point for each successful block witness.

3.         The penalty point of the PoS node will -10 point for each successful block verification.

4.         PoS nodes that have penalty points ≥ 30 are unable to run for the Ultron Node election.

5.         Penalty points are allowed to pay with UTG, 1 penalty point = (20/100) UTG

Reminder: UTG that paid for penalty points will send to the blackhole address for destruction.

 

POS node penalty

1)       If the penalty points of PoS node is greater than 30, then that PoS node is unable to participate in the Ultron node election.

2)       If the penalty points of PoS node is greater than 0 for 30 consecutive days:

a)         the PoS node will exit automatically. (Included Genesis Node)

b)        The pledged UTG of the admin address will be send to the blackhole address for destroy purpose and the pledged UTG of the rest of the delegate addresses will be release to the delegate address. (30days lock, 180days linear release)

c)         All the balance in the locked reward of admin address will be send to the blackhole address when the rewards are released. All the balance in the locked reward of delegate address will be release normally.

Reminder: The pledged UTG and rewards of the admin address will be deleted when the mainnet consensus protocol determines that the PoS node cannot provide services normally.

3)       Exited PoS node:

a)         All the balance pledged amount will be send to the blackhole address for destroy purpose.

b)        All the balance in the locked reward will be send to the blackhold address when the rewards are released.

Existing PoS Node Handling

1)       The current reward address will be assumed as the admin address.

2)       The current miner address will be assumed as the admin address if the PoS node does not have any reward address.

3)       The original pledge amount will be relocated to the admin address.