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  • LKY

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    --%

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    --%

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  • CRE

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    3.6%

NEWS

IOST Mainnet FAQ

IOST| 03.15| 98

Following the launch of IOST Mainnet Voting Stage, the Partners Voting Elections are in full swing with close to 2 BILLION votes already cast.

We have specially prepared this FAQ to help our Voters navigate the latest IOST mainnet landscape. This FAQ is divided into two major sections:

  • Section A: Governance, Voting and Rewards
  • Section B: Mainnet Token Swap and Wallet Options

SECTION A: GOVERNANCE, VOTING AND REWARDS

1. Why Does the IOST Node Election Matters to You?

IOST is a decentralized network and protocol. It is owned by you — its users — and the decisions made on its operation, how it develops and its future success is determined by you. You have invested into this project, because like us, you believe in the future of decentralized ecosystems. By owning part of the network (in the form of tokens), its future value is determined by all involved.

By voting with your tokens, you are deciding who represents you to govern the IOST network and who contributes to the future development of the ecosystem. We believe the full potential of IOST will be realized if Servi Nodes and Partners not only secure the network, but also work to build and grow the IOST ecosystem. Choosing the nodes that will be the most successful at this means you will enjoy the most benefits and rewards.

2. What Are The Rewards Given Out Every Year?

The total size of the Partners Reward Pool is 840 Million IOST, of which:

  • 420 Million IOST comes from the IOST Ecosystem Fund, and
  • 420 Million IOST comes from Token Issuance.

For the IOST Ecosystem Fund (“Ecosystem Rewards”), rewards are paid quarterly, based on:

  • the share of votes cast by you as a voter (210 Million IOST) and
  • contribution made by your chosen Node Partner (210 Million IOST).

For Token Issuance (“Token Issuance Rewards”), rewards are paid daily, based on:

  • the share of votes cast by you as a voter (210 Million IOST) and
  • the number of blocks produced by Node Partners (210 Million IOST).

3. How Are Rewards Split between Voters and Node Partners?

With exception of block production rewards (210 Million IOST) which are given only to Node Partners for maintaining servers and transaction ledgers, all other rewards are split 50:50 between Node Partners and Voters.

4. As a Voter, When will I Receive my Rewards?

Here is a diagram made by Leobi, an elected IOST Node Partner, which clearly illustrates the how the rewards are shared with voters / Node Partners, and when these rewards are given out:

Since the start of the Mainnet Voting Stage (Mar 10), voters have been receiving daily rewards from the Token Issuance Rewards >> Election Reward pool, which comprises of 210 Million IOST.

However, this is just one small part of the Total Rewards pool given to voters, as the remaining rewards are given out on a quarterly basis.

As we head towards 30 June 2019, voters can expect a big bonus to arrive when the quarterly Ecosystem Rewards (420 Million IOST Pool) are released. Depending on the level of contributions from your chosen Partner, your quarterly bonus may be up to 300% of the daily rewards you have received!

5. If I Want to Vote, Where Can I Vote For Node Partners?

You can vote for Node Partners on the Official Voting Portal: https://iost.biss.com.

6. I Have Voted. Why Have I Not Received My Rewards?

All rewards, daily or quarterly, require your chosen Node Partner to activate the system contract to be released. If you have yet to receive your rewards, it is highly likely that your chosen Node Partner has yet to activate the system contract. You can reach out to your chosen Node Partner over their respective communication channels if you wish to find out more about your rewards.

We encourage voters to vote for Partners who are active and make significant contributions to the IOST ecosystem, as you can (a) receive more timely rewards and (b) receive more quarterly contribution rewards this way.

7. How Can I Redeem My Votes?

If you wish to redeem your votes, it takes 7 days. After redemption, you can vote again, trade or withdraw. Note that the distribution of rewards will stop once you initiate the vote redemption process.

8. I Want To Be A Node Partner! Can I Apply To Join?

Yes, we welcome applicants of all diversity. Whether you are a community leader, Dapp team, investor, education organization, or any other, there is a place for you in the IOST ecosystem. We look forward to your participation in IOST’s growth and governance. Let’s build the future of IOST together!

Send us your application at: https://iost-eng.typeform.com/to/MQzgbm

SECTION B: MAINNET TOKEN SWAP AND WALLET OPTIONS

1. Why Do I Need to Swap My ERC-20 IOST tokens for Mainnet Tokens?

To use the various Dapps in the IOST ecosystem, the Mainnet Tokens are needed. Example: If you want to play Cell Evolution or Endless Dice, you will need Mainnet Tokens for it.

2. How Can I Swap My ERC-20 IOST tokens for Mainnet Tokens?

Currently, all swaps from ERC-20 IOST tokens to Mainnet Tokens are done through exchanges. You can send your ERC-20 IOST tokens to exchanges that support the IOST Mainnet Token Swap. These exchanges include:

3. What Are My Wallet Options For Holding IOST Mainnet Tokens?

Besides holding IOST Mainnet Tokens on the above exchanges, you can hold IOST Mainnet Tokens with a variety of wallets:

  • TokenPocket: Announcement
  • Cobo Wallet: Announcement
  • Huobi Wallet: Announcement
  • Trust Wallet: coming soon
  • Monarch Wallet: coming soon
  • Magnum Wallet: coming soon
  • Timechain: coming soon

4. Can I Vote To Receive Additional IOST With Exchanges or Wallets?

Currently voting is only available on the official Voting Portal.

While you can hold your IOST Mainnet Tokens on exchanges and/or wallets, note that these tokens are sitting idle and not producing returns if you are not voting with them. Our exchange and wallet Partners are in process of integrating native voting functions into their platforms — these functions will be ready soon.

In the meantime, we encourage IOST token holders to send your tokens to the official Voting Portal and receive generous voting rewards on your IOST portfolio.

5. How Can I Access Dapps on IOST?

You can access Dapps via our iWallet chrome extension: http://bit.ly/iost-iwallet

Tutorials will be coming out shortly on how you can access and play with Dapps on IOST.

…………………………………………


IOST Mainnet FAQ was originally published in IOST on Medium, where people are continuing the conversation by highlighting and responding to this story.

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