1) Why do we still need PoSP if we have BPN?
2) I can see the team and positions on the website but are you able to list the team's real names?
3) When is the MN network expected to go live roughly? What day, week or month is that happening?
4) Will we have a website for MN proposals/voting and do it through console to start?
5) Is there any plans for roadmap for 2018 yet or does this entirely depend on what people vote for and the direction people want to take CBX?
6) What date roughly will the new wallet be released?
Thanks cookiehunt, excellent questions!
1) This is an involved answer, I will try to make it as clear as possible - the white paper will break this down better once released. Masternodes will max out at 125 total (2k CBX per mn). This will account for 1 quarter (250k) of the overall CBX supply (~ 1 million). The remaining 750k of CBX in circulation will not have to operate without incentive. They will be able to still be staked and rewarded based off PoSP (granted at a much lower rate than masternodes but still anticipated to be multiply better than overall 2% inflation rate). This allows all CBX owners to continue to participate regardless of investment level helping to maximize decentralization while still rewarding larger investor/supporters.
2) I will discuss this with the team. I am okay with this yet still sensitive to team members having some semblance of privacy even though this is purely illusionary at this point imo.
3) We are in the process of coding something from scratch. This is a massive task which was projected to have already been completed, however things are not always so cut and dry in coding as in life so sometimes 'shit happens' for lack of a better term. We are working through the unanticipated obstacles and planning to deliver the product as soon as possible while still adhering to quality standards. Sorry, I know I danced around the answer here but in short, we do not know but we are very close and trying our utmost to meet the timeline deadlines.
4) Are you referring to Masternode voting privileges? If so, this would be handled through the Vault itself.
5) There will be a 2018 road-map and we have very ambitious plans for that year. However, we will not formalize that and projected deadlines until we are close to completion of the current road-map.
6) Please refer to answer in 3. We will announce fork date as soon as we can.
1) When will the updated Whitepaper be released. I have read your old one already.
2) Coding delays are unforeseeable and understandable. No problem here
3) Yes I was referring to masternode voting privileges. You mentioned a 2018 roadmap might be released before any voting is done. So is the future of CBX not up for voting or do you mind explaining further?
4) After the HF, is there a max percentage cap of coins that can be staking PoSP style?
5) So if i own 2000 coins and have a MN running. Can I still get the PoSP rewards as well by keeping wallet open too or can you only receive 1/2 rewards at a given time?
1. Whitepaper will be released around the same time as the new wallet. The majority of it is complete already, just needs some more tweaking, adding lines of code, graphs, etc - but the back bone is there.
2.
3. Masternode implementation is stage 1 of the current 4 stage 2017 roadmap. 2018 road-map will be prioritized and published close to the completion of the current 4 stage plan so masternode voting
will be involved in the creation process.
4. No max on PoSP staking coins. All coins are eligible as long as they are in an online staking wallet and not committed to a BPN.
5. You will not be able to double-dip (earn BPN and PoSP on the same coins)
Below is an excerpt from the whitepaper draft in the hopes that this assists in clarifying the new design.
Bullion Participation Node (BPN) - Implementation
CBX network security and transaction confirmations (at time of writing) are handled exclusively by CBX’s PoSP protocol - Vaults (wallets) that are online and unlocked for staking.
As a reward for this service to the network, the overall inflationary rate of 2% per year is shared among only the staking, service providing Vaults (offline vaults forfeit their potential stake earnings to those online and ‘participating’ in the network functionality).
Since only a fraction of the network is staking at any given time, the reward to the service provider (staker) is exponentially greater than CBX’s overall 2% per year annual inflation rate and has over the 1.5-year history of PoSP implementation in CBX shown to reward roughly 3-6 times the inflationary rate (or 6-12% interest earnings per year).
The quandary with implementation of masternodes into the CBX protocol is how to provide adequate compensation for node operators within the limits of 2% annual inflation; while also continuing to provide enhanced rewards to PoSP staking claims.
The solution to maintain the inflationary rate while adding in the new variable of Bullion Participation Nodes (from here on in this document referred to as BPN), begins by splitting the total coin supply into 2 halves.
One half dedicated to rewarding PoSP claims at 1% per year inflation, while the other half is dedicated to rewarding BPN claims at 3% per year inflation averaging out to the desired 2% annual inflationary goal.
Notice that the earning potential for operating a BPN is substantially higher and this is justified due to the additional services being provided by these owner/operators (coin-mixing, instantaneous transaction and voting). The PoSP methodology of rewarding based on contribution level continues to be the standard, even with this new implementation.
Additionally, to ensure that BPN operation remains lucrative for the owner/operators, a limit is placed on the total number of BPNs to max out at 1/4 of the network’s coin supply (approximately 250k CBX in exampled metrics).
To receive the maximum incentive, one must operate a BPN. This will lure a portion of CBX investors into becoming BPN runners thereby shrinking the pool of PoSP staking competition and allowing the 1% inflationary rate allotted to that half of the network to pay out an estimated 3-6% yearly interest earning potential.
Furthermore, as the operation of a BPN requires the owner to lock away a sum of 2,000 CBX, implementation will result in upward price pressure as CBX are removed from circulation by investing parties looking to maximize financial reward from their respective network contribution.
As previously stated, the network yearly inflation rate will be split in half between BPN and PoSP. The half allotted to BPN is set to 3% annual inflation per year.
This 3% per year from half the coins in circulation (500k CBX in our example metrics) will be split among a capped maximum limitation of 125 BPNs, each requiring 2,000 CBX for operation. 125 BPNs at 2,000 CBX per node totals to 250k CBX.
This means that if all the BPN slots are full, the absolute minimum interest earnings rate would be 6% per year, per BPN. However, based off our historic participation levels with PoSP, we can assume that the return will be 3-6 times higher than the inflationary rate (3%) therefore rewarding in the projected range of 9-18% interest per year for BPN operators.
The net resulting earnings opportunity to participating CBX holders is estimated as follows:
A balancing act will occur organically via market determination between PoSP and BPN. If PoSP rewards get low, more investors will opt to operate a BPN to earn higher compensation.
If BPN rewards become too competitive and diminish, some operators will move to PoSP staking minimizing their required efforts while simultaneously reducing the competition on the BPN side.
In this manner PoSP and BPN will have a symbiotic relationship where the reward structure will react to the decisions of the network participants.
