Creating a Console Account, Applying TIME, and Running Dragon Net Nodes.
On August 1st, 2019 the Dragonchain 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 and unmanaged nodes are now available to everyone. Pooled nodes, for the time being, are hosted and managed by Dragonchain. These are for people with little TIME or those just getting started, we believe everyone should feel welcome to participate in Dragon Net. Unmanaged nodes are hosted on a user’s own hardware or on a cloud server, further decentralizing Dragon Net.
How do I create my account and claim my wallet?
Create Account/ Log In
From the Dragonchain.com, Click Console located at the top right of the screen. Fill out the required fields to sign up for a new account. If you already have an account, log in.
Claim Ethereum Address
To claim your Ethereum address sign into your account. Click on the "Account" tab on the left. Then click Add Ethereum Wallet. Enter your Ethereum address and click Submit. You will now see your address under Unclaimed Ethereum Addresses heading. Select Claim Address via Signature and follow instructions. If you aren’t comfortable claiming via Signature, click “Issue Claiming?”, and send the precise amount of Dragons (1.xxxxxxxxxxx, the exact decimal amount) to the Dragonchain address provided, from the address wishing to claim.
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, 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 the console.
What is TIME?
TIME is a patented loyalty system and is a critical part of the full Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. The number of Dragons held in a wallet, multiplied by the number of days held yields the TIME. TIME accrues based on a "last-in-first-out" accounting method.
This loyalty score is used by developers to lower transaction fees and by the community verification nodes to earn rewards in Dragons. TIME is applied to all nodes for each transaction. When TIME is applied to an L1 (business level) node, the transaction fees are proportional to the amount of TIME assigned. So the more TIME applied to the L1, the lower the transaction costs. Likewise, when TIME is applied to an L2-L5 verification node, the node reward is proportional to the amount of TIME assigned.
Can I run unmanaged verification nodes on my own hardware?
Short answer: Yes, users may now run L2, L3, and L4 nodes on their own hardware, by connecting it via a Matchmaking Token generated in the Console. To receive an L3 Matchmaking Token users must run ten healthy L2 nodes to qualify for one L3 node. Users wishing to run an L4 node must first have five healthy L3 nodes, or meet other criteria such as having 100 Million TIME. To receive the L4 Matchmaking Token, users will be required to apply with KYC. To spin up your unmanaged node follow these directions from community member JohnWantsMore.
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 unmanaged node. Pooled Nodes are available at the L2, L3, and L4 levels. Users with more than 25 Million total TIME across all claimed wallets are NOT permitted to use pooled nodes. For users with less than 25 Million TIME they may distribute their TIME across pooled nodes in any manner they choose. To understand the 5 levels of trust, see our architecture document.
How do I apply TIME to a node?
In the Console, on the "Welcome" page, locate the Dragon Net section. Select the node to which you wish to apply TIME. Move the slider according to how much TIME you wish to assign. Once settled, click "Save TIME". 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 nodes or to distribute it in any way over the various node levels as desired.
To which pool should I apply my TIME?
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. To stay up to date on the number of nodes and transactions visit Dragonchain’s Metrics.
What are the rewards for applying TIME to nodes, how are they calculated?
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.
Where do I see my rewards within the console?
Users may find their total balance by clicking the Account tab. Under the Wallet heading a user will see their Console Account balance divided into three address tabs. Funding Address, Business Node Address, and Dragon Net Rewards Address. All amounts shown default to Dragons, however to see in USD click the Dragon amount and it will switch to USD.
If you click View within the Dragon Net Rewards Address tab you will see each Verification Payout for claimed addresses.
How do I withdraw my rewards from the wallet to my own wallet?
To withdraw funds from your Funding Address:
In the console, under the Account tab select Funding Address. Select Withdraw DRGN to claimed Ethereum address. Select the prefered Ethereum address under the Withdraw to Ethereum Address drop down. Select the amount you wish to withdraw then click withdraw DRGN.
To withdraw funds from your Dragon Net Reward Address:
In the console, under the Account tab select Dragon Net Reward Address. Select Withdraw DRGN to claimed Ethereum address. Select the prefered Ethereum address under the Withdraw to Ethereum Address drop down. Select the amount you wish to withdraw then click withdraw DRGN.
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