The general plan for NEM node rewards has been drafted and is now ready for public comment. If you have any queries, comments or suggestions you would like to make to improve this program, please post them below.
You can download the draft here: https://drive.google.com/file/d/0B_jImF0AZXu-TmpPSlVWT3c4Vms/view?usp=sharing
The aging just refers to making the initial deposit of 3 million XEM. In the first phase, you deposit, then wait 2 days before you start to be eligible for payouts.
When will the rewards be active?
I already sent that opt-in message 
When will the rewards be active?
I already sent that opt-in message ;)
I want to send mine too! hahaha. But as of right now the model is still being discussed. After things more or less settled and agreed then the project will be built.
to explain the rewards and payouts.
There will be so many people per day that will be chosen and so much per day for rewards. Lets say 16 people are chosen and there is a 70,000 XEM reward in a day. There will be a 4,375 XEM given per person as a reward for that day.
The 16 accounts would be chosen by matching their public key and a public key of a known pre-announced regular scheduled block (basically every 1440 blocks from the last chosen block).
Every account has a public key and every block has a hash. The last 3 digits of the person's public key and the last 3 digits of the block hash will be compared and the 16 people with the closest match will get a 4,375 XEM reward.
2.5% of the XEM in existence have been set aside to fund this program.
The amount in your account to participate is currently set at 3 million, but this is still in discussion. Generally it needs to be high to avoid centralization. XEM is a scarce resource, and making a high deposit keeps any one person from running all the nodes and taking most of the rewards. A long time ago there was a program on the BOINC program by Ripple, where they were paying people to participate, but because there was no deposit, anybody could join. People ran lots and lots of computers taken over by malware and gamed the system. If we allow just anybody who runs a node to get rewards, then for sure somebody will cheat the system and run hundreds of nodes probably acquired in bad ways and take the lion share of the XEM and just dump it on the market. That is what happened to Ripple so they had to close their mining program. But with XEM set up in your account by yourself, it keeps people from gaming the system and keeps the NEM network from becoming centralized.
Two questions:
[li]Why such a high deposit?[/li]
[li]Why not divide the reward over all legit participants?[/li]
Further to this I would like to share my constructive (noob) opinion:
I have no specific objection against the second item. However, the first item is an issue IMO.
Assuming the funds need to stay in that account to remain a legit participant this requires alot of dedication to run a node since it will also require some effort to maintain the node etc…
I understand that there is need for countermeasures against centralisation , but there should be better solutions to this IMHO.
Why not factor in the POI of the deposit account and weigh this towards a payout structure? I understand that this is alot more complicated to achieve but this would be more in line with the general concept/values of NEM…
;D Just got mine up:
[img width=800 height=33]http://i.imgur.com/ivsJ4rb.png[/img]
Your good to go!
@Xpedite:
Well you answered your question 1 by yourself. It is to avoid centralization. We don't want people to run hundrets of nodes, because that would create too much influence of that single person to the network (person dislikes anything, switches off hundrets of nodes etc.).
So what you suggest is using the importance score instead of just the stake. As long as there are not many transactions on the network, this is a) very similar (because PoS is part of POI) and b) that would make it hard for people to understand if they are qualified for rewards and how much they can get (I understood you want to weigh the importance score in, and not introduce a threshold like it is proposed in the draft). But I think it should be simple for people to undertand under which circumstances exactly they can get a reward and when not.
To your 2. question: Because a random payout makes it more fun/addictive
Why only remote harvesting and not local harvesting?
;D Just got mine up:
[img width=800 height=33]http://i.imgur.com/ivsJ4rb.png[/img]
Your good to go!
The instructions says, I have to have a delegated harvesting activated with my account.
So, I have a NEM account with 3+ Million XEMs. It's MultiSig account. I connected my public NEM node through NCC. When I try to 'Activate Delegated Harvesting', give password, I get 'Transaction is not allowed for multisig account'. Off course it's multisig, and I know I can not send any transaction directly through my multisig account. I have to use the other account to send any transaction.
The problem now is, the 3+ Mil XEM are in multisig account, I can't activate deligated harvesting directly using that account. What do I do now? Am I missing any step in between?
If I activate delegated harvesting using other account, those have nothing. Just few XEMs that's it.
Please help me here.
Cheers,
Satinder
;D Just got mine up:
[img width=800 height=33]http://i.imgur.com/ivsJ4rb.png[/img]
Your good to go!
The instructions says, I have to have a delegated harvesting activated with my account.
So, I have a NEM account with 3+ Million XEMs. It's MultiSig account. I connected my public NEM node through NCC. When I try to 'Activate Delegated Harvesting', give password, I get 'Transaction is not allowed for multisig account'. Off course it's multisig, and I know I can not send any transaction directly through my multisig account. I have to use the other account to send any transaction.
The problem now is, the 3+ Mil XEM are in multisig account, I can't activate deligated harvesting directly using that account. What do I do now? Am I missing any step in between?
If I activate delegated harvesting using other account, those have nothing. Just few XEMs that's it.
Please help me here.
Cheers,
Satinder
So it's kind of a problem.
NIS supports getting a delegated key via multisig but not our NCC wallet interface. So the devs know how to do it with what I'm guessing is some strokes of the keyboard and hitting enter but I haven't a clue.
When time is closer maybe somebody can tell you how to do it. If it was just me I'd just make a new account, activate delegated harvesting, turn into multisig and then move all my finds from the first to the second but that is kind of a pain for you so hopefully somebody can tell you how to do it
Why only remote harvesting and not local harvesting?
There were a couple of reasons.
Lots of people, if not the majority, were running via remote NIS and only way to do it with those was delegated harvesting. If they used local they would expose their private key over their ISP.
(Remember that you can still do delegated harvesting on your home computer)
There was another reason. Not sure.
Is there any reason why somebody couldn't option in with local harvesting if running the node on a home computer? (I'll be running mine at home too)
Yes, I'd like to know the reason only with the remote harvesting. I'm running 24/7 node at my home computer with 7890 port opened and harvesting on it? How it is different from remote node on VPS?
Yes, I'd like to know the reason only with the remote harvesting. I'm running 24/7 node at my home computer with 7890 port opened and harvesting on it? How it is different from remote node on VPS?
I think it's a mere oversight. Noone would ever local harvest on a VPS and I think the assumption was that all of the dedicated nodes would be VPSs.
;D Just got mine up:
[img width=800 height=33]http://i.imgur.com/ivsJ4rb.png[/img]
Your good to go!
The instructions says, I have to have a delegated harvesting activated with my account.
So, I have a NEM account with 3+ Million XEMs. It's MultiSig account. I connected my public NEM node through NCC. When I try to 'Activate Delegated Harvesting', give password, I get 'Transaction is not allowed for multisig account'. Off course it's multisig, and I know I can not send any transaction directly through my multisig account. I have to use the other account to send any transaction.
The problem now is, the 3+ Mil XEM are in multisig account, I can't activate deligated harvesting directly using that account. What do I do now? Am I missing any step in between?
If I activate delegated harvesting using other account, those have nothing. Just few XEMs that's it.
Please help me here.
Cheers,
Satinder
So it's kind of a problem.
NIS supports getting a delegated key via multisig but not our NCC wallet interface. So the devs know how to do it with what I'm guessing is some strokes of the keyboard and hitting enter but I haven't a clue.
When time is closer maybe somebody can tell you how to do it. If it was just me I'd just make a new account, activate delegated harvesting, turn into multisig and then move all my finds from the first to the second but that is kind of a pain for you so hopefully somebody can tell you how to do it
That's a bummer! :(
It took me months to to gain 4.x+ and vesting this account. Making a new account, transferring amount to it, activating delegated harvesting on that account, and then making it multisig, and lastly wait for another long time to vest the whole amount again on that account??
Please let me know, where else I can look for solution. I'm comfortable with command line and scripts if given good description. For Linux Admin those hits & Enter might not be tough, I'd like to give those a chance, if someone could please help. Makoto? Patmast3r??
:)
@Xpedite:
Well you answered your question 1 by yourself. It is to avoid centralization. We don't want people to run hundrets of nodes, because that would create too much influence of that single person to the network (person dislikes anything, switches off hundrets of nodes etc.).
So what you suggest is using the importance score instead of just the stake. As long as there are not many transactions on the network, this is a) very similar (because PoS is part of POI) and b) that would make it hard for people to understand if they are qualified for rewards and how much they can get (I understood you want to weigh the importance score in, and not introduce a threshold like it is proposed in the draft). But I think it should be simple for people to undertand under which circumstances exactly they can get a reward and when not.
To your 2. question: Because a random payout makes it more fun/addictive ;)
I am confused here... :-\
On one hand you want people to know what to expect while the random payout is a lottery anyway. And for harvesting POI is used anyway
Why the requirement to boot the node with the private key of the account? Wouldn