This led to the blockchain platform officially released as open-source code, live during the Super Happy Dragon Lucky episode 3. Not only did we release years of work to the community as open source software, we also ended our Early Access Program (EAP). As a part of this, pooled nodes are now available to everyone. Pooled nodes, for the time being, are hosted and managed by Dragonchain. We expect to soon release more information documenting the process to run nodes on a user’s own hardware devices. No matter the amount of TIME that a user has, we believe everyone should feel welcome to participate in Dragon Net.
A large portion of the Dragonchain community had great questions yesterday. There were many long-time supporters doing their best to answer any and all questions. At this time, we are able to provide official answers to some of the most pressing questions, enabling users to begin applying TIME to pooled nodes.
For a small group of users, some notices are important to understand. All console account balances were reset to zero. All historical deposits, Academy, and CTLC payouts should have been credited back to user accounts. Anyone signed up for the 3-month trial have been credited 8511 Dragons to console, enough to cover the permitted number of transactions for the trial during the 3-month duration. If any user notices a discrepancy in their account according to these statements, please submit a support ticket under the “Technical Support” category. For those users that participated in the Early Access Program, also known as pilot users, bonuses in Dragons have been delivered directly into member’s provided ETH wallets.
What is TIME?
Changing Dragon Days of Slumber Score (DDSS) to TIME was part of our rebrand, in which we changed the ledger in the old logo to a treasure chest in the new logo. This has always been the plan since the beginning, and we’re happy that this small but important change finally occurred.
DDSS was always about TIME, and this change makes it easier for everyone to explain (and say). For our community, TIME equals the amount of Dragons held in a wallet multiplied by the number of days held. Other than the name, the formula itself remains unchanged. Every Dragon held in a wallet gains 1 TIME per day, with a “last-in-first-out” accounting method. It is a loyalty score now usable in pooled nodes to earn rewards in Dragons. This only marks the beginning of TIME, as users will be able to apply this loyalty score in various ways. Another way is now available, applying TIME to pooled nodes. Other ways to use hard-earned TIME, such as the devotion of TIME to projects competing in Dragonscale competitions, will be available shortly. Dragonchain will continue to roll out additional TIME products, giving users full freedom to ‘spend’ or ‘use’ TIME when and where they want. TIME is a critical part of the full Dragonchain ecosystem, and we aim to include our community’s TIME everywhere we can. Another example further demonstrating this is the Captured Time Lending Contracts, also known as CTLC. Yet another exists in a user’s ability to spin up their own L1 (business level) dragonchain, and pay a transaction fee proportional to their TIME for each transaction broadcast through Net. Inside the community console account, users may lend TIME to developers and enterprises via CTLC, allowing them to decrease transaction costs significantly. After the end of the contract, the full amount of TIME lent returns, along with an additional reward in Dragons. As adoption of our platform grows, we expect more community members to take advantage of this feature.
What are pooled nodes?
When registering for an account as a Dragonchain community member, it is possible to stake TIME to a pooled node without spinning up an individual virtualized hardware instance. Right now, there are managed node pools for levels 2, 3, and 4. Business or L1 nodes pay fees to anyone participating in higher-level nodes. To understand the 5 levels of trust, see our architecture document. To
How do I create my account and claim my wallet?
Click ‘sign up’ anywhere on the Dragonchain website to either login to an existing account or sign up for a new one. After signing in, if the user’s ERC-20 wallet(s) holding dragons has not yet been claimed, please do so by clicking on the “Account” tab on the left. If using MetaMask, authorize it to connect to Console by clicking the profile icon in the upper right, clicking “Enable Web3”, and permitting MetaMask to connect with Console. If using MetaMask, after clicking “Add Ethereum Wallet” and entering the public address, a user sees on console the notification “Please verify ownership of YOUR_PUBLIC_ERC20_WALLET_ADDRESS”. If using MetaMask, it presents users with a request to sign a transaction. Authorize (sign) this, and all set. A user will see “new address YOUR_PUBLIC_ERC20_WALLET_ADDRESS” on console. For a user not accessing the MetaMask interface, send the precise amount of Dragons (1.xxxxxxxxxxx, the exact decimal amount) to the Dragonchain address provided, from the address wishing to claim. Set one wallet as the Primary Wallet (it does not matter which, this will deprecate). The account’s TIME will come from the Primary Wallet plus the TIME of any others.
How do I apply TIME to a node?
On the “Welcome” page after logging in, click the level intended to pool on (L2 pool, L3 pool, and/or L4 pool). Move the slider according to how much total available TIME is chosen to assign. Once settled, click “Save TIME”, and then confirm. The TIME is now assigned, and may be adjusted/removed at any time by following the same steps. A user may decide to apply all TIME to one of the pooled nodes or to distribute it in any way over all various levels and managed/unmanaged nodes available.
To which pool should I apply my TIME?
More specific details will be released later on, as well as metrics on Console to observe in order to make the most informed decision. We suggest the best method may be applying as much TIME to the highest level verification node a user is permitted to apply to, based on total TIME available. This is primarily because fewer users will have access to higher-level nodes, and therefore this might provide the best chance of selection. Selection of verification nodes is random at each level. Therefore, if there is only one L4 pooled node (currently the case), and 9 other independent L4 nodes (not necessarily the current case), the pooled L4 has a 1⁄10 or 10% chance of selection for participation in any given transaction through Net. The TIME applied to a node, or the total pooled TIME of the node participating, will provide a fair and proportional share of the fees for that block. If a user’s applied TIME totals 1% of the total TIME applied in a pool, this user will get 1% of the pool’s total reward.
It becomes interesting when the community runs its own nodes on its own machines (now possible). We are about to do some cool things to get more users involved.
What are the rewards for applying TIME to nodes, how are they calculated?
For pooled nodes, all rewards are dictated by the amount of TIME applied to a pooled node and the total network activity. Historically, rewards in Dragons were based on the Takara stable price implemented in Dragon Net, set at $5.53. We have moved away from the current stable price model for various reasons including mismatch of value for real world products and services (e.g. development services and merchandise).
At the original Takara price of $5.53 per Dragon, transaction fees paid by L1 owners to verification nodes would result in lower payout of fees to owners of verification nodes. Let’s walk through this, supposing some transaction from an L1 node with little TIME or having bought a less expensive commercial package costs $0.10. At a Takara price of $5.53, the total amount of Dragons split between verification nodes will be 0.10⁄5.53 = ~0.018 dragons. This is less than 2% of one single dragon. Now, let us do the same calculation, supposing a 14-day simple moving average price of $0.20: 0.10⁄0.20 = 0.5 dragons distributed to verification nodes confirming this transaction; a non-insignificant difference.
In the updated Net, rewards are calculated and distributed slightly differently. We believe this simplifies and makes fairer the model. Let us say there are 100 validation nodes total at some verification level X. Then each node will have a 1% probability of participating in any given transaction, chosen at random. This is slightly different for L2 nodes, because 3 L2 nodes participate in each transaction.
Once the transaction completes, the fee splits between all nodes participating, in proportion to their TIME assigned. So as an example, let’s say 3 L2 nodes each assigned 1 million TIME, an L3 assigned 5M, an L4 assigned 10M, an L5 10M, and that all five of these participate in one transaction costing the L1 $0.10. The total TIME involved in this transaction then is 1+1+1+5+10+10 = 28 million TIME. Each L2 has 1M of this 28M, so will receive 1/28th of the $0.10 (in dragons, at the 14-day moving average of market price). The L3 receives 5/28ths of the $0.10, the L4 receives 5/14ths, and the L5 also 5/14ths.
The new August 2019 Takara rate of $0.08812728571 is now applied for verification rewards. Takara price is the 14 day simple moving average (SMA), as established at the beginning of each month using all coinmarketcap values.
Can I run verification nodes on my own hardware (unmanaged, on-premise)?
Short answer: Yes, users may now run L2 nodes on their own hardware, by connecting it via a Net token generated on Console. It is possible to adjust TIME assigned to this L2 once establishing the connection. It is also possible to fund unmanaged (on-premise) L1 nodes through Console. Easy tutorials and tool-kits to run verification nodes with low CPU (no hashpower) are on their way. Additionally, developers are working hard to simplify the process as far as possible; as close to a “one-click deployment” as safe.
Where do I see my rewards within the console?
Users may find total balance by clicking the “Account” section, and then “Fund”. Here a user will see their Console Account balance (in Dragons), as well as the Dragon balance of any claimed wallets. We do expect to provide in the future a sort of “Accounting” page, where a user might find any and all inbound/outbound transactions from Net, themselves, others, CLTC, etc. The current ‘Account Balance’ is the amount of Dragons either sent to the console billing wallet, earned by applying TIME to nodes, or a combination of both.
Dragon Net fees go directly to account balances. Additional metrics will be added soon.
How do I withdraw my rewards from the accounting wallet to my own wallet?
This feature has a high priority and will be available as soon as possible. The process will be straightforward and well-documented. In the interim, Dragonchain manually supports any necessary withdrawals.
What level node can I run on my own console account? (non-pooled)
For now, everything in this regard remains the same. If a user could run a verification node of some level on console before August 1st, this user still may run the same level. If not, this user is still unable. It costs money to run and maintain these cloud instances, we encourage all users to run their own nodes on-premise. We expect that a fee will be charged on all managed verification nodes in the future once it is possible (and easy) for a user to host nodes on their own hardware.
What is the Dragon Net Federation?
We wish to enable anyone qualifying to run their own Dragon Net. More information and criteria will arrive as we continue to work out details.
What bounties will be available?
- Demo bounty (coming soon)
- Security bounty (coming soon)
- Bug bounty (coming soon)
- Interchain bounty (coming soon)
- Translation bounty (For Fellow Creators only)