Dear QuarkChain Community Members,
QuarkChain Mainnet Singularity V1.0 will be officially launched on April 30, 2019. QuarkChain will be one of the first public chains which successfully implements high-throughput sharding in the world. In addition, QuarkChain so far is the only public chain supporting various consensus algorithms, multiple virtual machines, and multi-native tokens. Although Singularity is tiny, its destiny is to be the first starting point for the future brilliant blockchain universe!
QuarkChain will begin to gather momentum after its mainnet launch on April 30, 2019. A flexible, high-efficiency, and popular QuarkChain ecosystem universe is expected to blossom earlier with the support and co-construction from the community, which is the key factor to the success of a blockchain project.
To better promote community development, QuarkChain is announcing the launch of Guardian Plan. We would like to select more community members that are trustable, committed, and beneficial to the QuarkChain ecosystem universe expansion and the mainnet protection to enhance the security of the network where the hash power is limited at the early stage.
Guardian Plan has attracted extensive attentions in global community since the plan was announced. We will provide an overview of Guardian Plan in this blog post, focusing on applications, rules, voting, and rewards.
1.What is QuarkChain Guardian Plan?
On one hand, QuarkChain mainnet is about to live, and many community members have strong willing to participate in the QuarkChain mainnet ecosystem construction. On the other hand, since hash power is limited at the early stage of QuarkChain mainnet, there still exists a potential risk of hash power attack.
Guardian Plan will be launched to protect all community members’ interest and guarantee the security of Mainnet with enough hash power. Mining rewards will be distributed to all participants in response to the enthusiasm for creating a flexible, high-efficiency, and popular QuarkChain ecosystem.
Firstly, QuarkChain Mainnet 1.0 supports sharding blockchains and a root blockchain that confirms all blocks from the sharded blockchains in order to achieve the decentralization while maintaining efficiency and security. Proof of Staked Work (PoSW), a sort of consensus mechanism exclusively developed by QuarkChain CEO Dr. Qi Zhou, will also be applied in mainnet.
Briefly speaking, PoSW combines the main features of PoW and PoS, incentivizing miners tostake. The higher percent of all hash power of the network, the more QKC will be needed to stake. A simplified version of PoSW will be deployed on the root chain, i.e. the Guardian Plan, to provide the sufficient protection for the mainnet.
At the early stage of Mainnet 1.0, to protect the root chain from hash power attack, a simplified version of PoSW will be applied, i.e. the Guardian Plan. At this stage, the root chain hash power will be protected by guardians. When Mainnet 1.0 becomes stable, the consensus algorithm of the root chain will gradually transit to PoSW.
Guardian Plan is designed only for the root chain. Mining difficulty on each shard is completely determined by PoSW. Mining rewards obtained from guardian nodes will all be used for QuarkChain ecosystem, community construction, and rewards for guardians.
In order to ensure that community construction funds can truly return to the supporters of the QuarkChain project, we decide that a token holder must stake QKC to become a candidate. Rewards allocation will be determined by voting within the community.
2. Guardian Plan Rules
According to the different numbers of QKC staked, we promote two kinds of guardian roles:
Aegis Guardian — selected by QuarkChain team after application.
Elf Guardian — voted by the community after application.
During the Guardian Plan implementation period, all the participants will be provided with the basic rewards based on their involvement. In addition, those who contribute to maintaining the security of QuarkChain Mainnet will be rewarded additionally.
Double Rewards:
Reward One: Community members who vote for Elf Guardians will get 10% annualized returns for their contribution in QuarkChain ecosystem. The detailed calculation will be given as follows.
Reward Two: Each year, 40 million QKCs will be rewarded to eligible Elf Guardians and community members voting for Elf Guardians. The detailed calculation will be given in the following.
Additionally, to show the good faith of QuarkChain team on the long term vision and mission of this project, QuarkChain foundation will match and stake the same amount of QKC during the Guardian Plan.
How to become an Aegis Guardian?
Aegis Guardians will be selected from community members who have a significant positive impact on the development of QuarkChain, make significant contributions, and will continue working with QuarkChain in the future. Aegis Guardians, along with QuarkChain official team members, will serve as the critical component to protect the hash power of QuarkChain mainnet.
All community members who meet the following conditions are encouraged to apply as an Aegis Guardian. All elected Aegis Guardians will receive generous benefits. In order to become an Aegis Guardian, a candidate should:
Agree with QuarkChain’s vision and mission.
Stake 10 million QKC in minimum for one year.
Enthusiastic about the QuarkChain community and ecosystem.
How to become an Elf Guardian?
To encourage more people to participate in the QuarkChain community development, we also have QuarkChain Elf Guardian plan. We sincerely welcome all members who agree with QuarkChain’s vision and are willing to help QuarkChain’s development to apply for Elf Guardians. Compared to an Aegis Guardian, bbecoming an Elf Guardian is much easier while expected to receive more than 300% annualized returns. The requirements to be an Elf Guardian are given as follows.
In order to become an Elf Guardian, a candidate must:
Agree with QuarkChain’s vision and mission.
Elf Guardians will be 100% decided by the community votes. Those candidates who rank as the top 50 in the list and receive more than 1 million votes will be successfully elected as Elf Guardians.
Be willing to contribute to the QuarkChain community and ecosystem.
Each term of an Elf Guardian is two months. After two months, a re-election will be held. The previous Elf Guardians are encouraging to re-apply and the same node can be re-elected as an Elf Guardian for the new term.
Rewards Calculation
Participating in our Elf Guardian campaign and successfully winning the election, the Elf Guardian will earn the rewards according to the ranking by the community votes. The calculation method of the reward for every Elf Guardian is given by the following way:
Elf Guardian Election Rewards = Rewards pool based on rankings × the proportion of votes won in the corresponding ranking range / 6 (number of elections per year)
To motivate the participation enthusiasm of Term I, the rewards of the Elf Guardians for Term I will be doubled!
Rewards details:
Example:
Assume that:
An Elf Guardian joined our campaign and was elected as Diamond Guardian.
The proportion of votes this Elf Gurdian won in the corresponding rewards pool is 40% in one term (two months).
The rewards this Elf Guardian is expected to earn within one term are:
3. How to participate in the Guardian Plan?
Please fill the following Google form to apply: https://goo.gl/forms/UcV9vgee6LnZ4hbG2
We will set up an event page for the Guardian Plan at the official website and announce all the qualified guardian candidates in the current term.
4. How to vote for Elf Guardians?
Way to get votes
Staking QKC for receiving the votes will open from March 20. All QKC holders are able to obtain the votes by the following ways:
Visit QuarkChain official website: https://quarkchain.io/. Voters will receive the votes by staking certain amount of QKC on the event page.
Visit QuarkChain Guardian Plan website to obtain votes: https://guardian.quarkchain.io/
qPocket will also support the staking process. Users are allowed to download qPocket and finish staking for votes within qPocket. Please download qPocket: https://www.qpocket.io
The basic formula for staking QKC for votes is:
1 QKC=1 vote
Those that show long-term commitment by staking for a longer duration will be rewarded with extra “bonus votes” .
Bonus votes
Community members will be rewarded with bonus votes based on the staking duration.
Early bird rewards
To encourage this staking for votes process, early bird will receive extra votes. Users who stake for votes on March 20 will receive extra 4% votes, which will be reduced by 0.1% every day until the mainnet launch on April 30.
The formula for acutal votes is given as follows:
Votes=The amount of staked QKC + The amount of staked QKC × bonus votes + The amount of staked QKC × early birds rewards
5. QKC Rewards for Voters
We encourage all community members to participate in this voting process for Elf Guardians, which are the most beneficial to QuarkChain’s ecosystem development. QKC rewards which will be distributed to voters of Elf Guardians include:
Basic rewards (regardless of the election results): receive the basic rewards based on the actual votes. The formula for the basic rewards is given as follows:Basic rewards (number of QKC) =Total votes received by staking QKC × 10% × Staking duration / 12
Rebate from Elf Guardians (based on Elf Guardians’ promises): To better motivate the voting enthusiasm in the community, an Elf Guardian is able to promise to return some of the rewards to the voters during the campaign period. The rebate ratio is determined by each Elf Guardian, and the criteria must be stated and publicized when the Elf Guardian is applying for it.
Example: Suppose that a community member staked 5,000 QKC for voting and staked a duration of six months on the second day of the staking opening, i.e., Mar. 21. Then the total votes he/she will receive are given as follows:
Rebate Calculation:
Suppose that:
He/she submits all his/her votes to an Elf Guardian candidate who received total 2,000,000 votes and this candidate was elected as Diamond Guardian.
The portion of votes this Elf Guardian won in the corresponding rewards pool is 40% and was elected consecutively for one year. The total rewards this Elf Guardian is expected to earn is 3,200,000 QKC for one year.
This Elf Guardian promised to return 30% of his/her rewards to the voters.
In total, this community member participating in staking and voting will earn as much as 66% returns on the QKC rewards for staking 6 months!
The withdraw time is related to the staking time and duration. Rewards will be distributed to Elf Guardians and voters after the end of this Elf Guardian’s term (every two months).
Notice: All the formulas for rewards and examples that mentioned above are only for demonstration purposes. The actual revenue will display on the website. QuarkChain reserves the rights to adjust the rewards and proportion according to the participation of the event.
6. Schedule
--Guardian Plan application is officially launched NOW! Anyone who is interested in joining the plan is required to complete the form (https://goo.gl/forms/UcV9vgee6LnZ4hbG2 ). QuarkChain team will respond to the application within 3 business days.
--Staking QKC for votes starts on March 20, 2019. Early bird rewards will begin to calculate on the same day.
--The voting process (Term I) will open on early April, 2019. Staking QKC for votes will be continuing at the same time. The exact starting date for voting will be announced officially later.
--Term I Aegis Guardians application will end on April 25, 2019. Applicants who miss the deadline will be considered as the candidates for Term II.
--Phase I Elf Guardians application will end on April 29, 2019. Applicants who miss the deadline will be considered as the candidates for Term II.
--The voting process will finish on April 30, 2019 when the mainnet launch. Elected guardians will be announced within one week by QuarkChain team, or one can check all the details by visiting the official website.
After the mainnet launch, Elf Guardians will be re-elected every two months. Votes will be cleared when a new term starts, and voters need to re-vote accordingly. This process will last until the hash power of QuarkChain mainnet runs stably.
7.Notices
All participants are required to register and vote via QuarkChain official website or the links provided by the official team. Welcome to follow us on Telegram, WeChat public accounts and Medium. Do not trust unreliable information released by any third party, and be careful of fraud.
If the total Elf Guardian estimated rewards are higher than the mining incentives for being an Elf Guardian, QuarkChain Foundation will be responsible for making up the balance.
According to the progress of marketing and technology development, the prize pool of Elf Guardian for one year may end ahead of schedule.
If you have any other questions, please contact: [email protected]
QuarkChain Foundation LTD reserves the final rights of explanation regarding all rules and regulations of this event.