2018 has been an eventful year for IoTeX — we built an amazing global community, developed the IoTeX root chain from scratch, listed the IOTX token on top-tier exchanges, aligned with innovative strategic partners, and much more. As we reflect on these milestones, we are also meticulously planning for the journey ahead. IoTeX’s next frontier will be the official kickoff of our Block Producers Program and launch of Mainnet Alpha in Q1 2019.
IoTeX introduces guiding principles for designing IoTeX’s governance and crypto-economics, the role of IoTeX block producers, and the initial requirements to become a block producer.
Guiding Principles for IoTeX
The IoTeX Mainnet utilizes the Roll-DPoS consensus mechanism, a more democratic version of delegated proof of stake (DPoS) with high throughput, instant finality and high resilience to network attacks. Within the IoTeX network, a committee of “block producers” are elected by token holders using a randomization algorithm to maintain the network.
IoTeX block producers must be deeply rooted in community and should be passionate and experienced enough to make IoTeX decentralized ecosystem a fair and prosperous place. To this end, IoTeX use “PEGS” as guiding principle for the design of block producer election process and overall network governance:
Participation and inclusivity: mechanisms will be built-in to the voting / staking process to ensure power is not centralized to a few “big player” block producers; in other words, our process will aim to prevent collusion and the formation of “cartels”.
Evolution driven by all stakeholders: IoTeX block producers will be responsible for producing / validating new blocks and will be rewarded appropriately. In addition, block producers, together with all token holders and network contributors, will participate in network governance to make sure that IoTeX evolves with fairness and decentralization.
Growth as a form of stake: block producers should not only consist of stakeholders with large token holdings but also those that contribute to the growth of IoTeX in other meaningful ways (e.g., community engagement, project awareness, network traffic, referrals, development of useful features and tools), especially during the initial bootstrapping phase.
Sustainability in all circumstances: Instead of relying on inflation of native tokens, IoTeX employs a rewards scheme that is fair to block producers regardless of the market environment. Block producers will always be able to cover their hardware and maintenance costs.
Read more in the blog ➡️ https://goo.gl/SD9jXu
