On March 24, Cocos-BCX team launched [MainNet Stage] COCOS Ecosystem Buidlers & Angels Incentive Plan 2.0 and released Cocos-BCX MainNet Node Election Voting on May 11. Community members may be confused about the differences between them. Therefore, we collected some questions from community and edited the FAQ for you.
Q1. What is Cocos-BCX MainNet Node Policy?
On December 12, Cocos-BCX announced MainNet version 1.0 “Gang Rinpoche”. In the MainNet version, Cocos-BCX would continue adopting improved DPoS consensus algorithm, and starting nodes recruitment.
DPoS is a version of PoS. BPs are voted for by the rest of the token holders on the network instead of being chosen at random. The consensus layer of Cocos-BCX adopts the DPoS consensus algorithm. In the DPOS mechanism, computing power is not wasted to solve mathematical problems; the shareholders select the Block Producers. BPs are responsible for collecting and verifying all the transactions and adding blocks of transactions or data to the blockchain. Moreover, he/she may be voted out at any time if they are not qualified, which solves the performance problem of POS.
Besides, to let community members participate in internal proposals, parameter configuration, etc. and promote the healthy development of the Cocos-BCX MainNet ecosystem, 11 councils will also be voted by community.
Users can register as the council candidates or BP candidates or as both a Council and a Block Producer candidate.
BP candidates who obtain top 11 votes will become active BPs. Active BPs need to refer to the configuration instructions to build block nodes and participate in block production. Council candidates who obtain top 11 votes will become active councils, participating in online governance, and voting on proposals.
Q2. What are the Prerequisites of Being Active BPs and Council Members？
Users who pledge 50 million COCOS can register as the council candidates or BP candidates or as both a Council and a Block Producer candidate. Candidates who obtain top 11 votes will become active BPs or council members.
Q3. Intensives Distribution
It will be automatically distributed to the MainNet COCOS account after the end of the settlement cycle, which is 24 hours currently.
Q4. What is the COCOS Ecosystem Buidlers & Angels Plan?
On June 6 last year, Cocos-BCX officially announced the opening of the public test of “Gang Rinpoche”, version 1.0 of the TestNet. On June 21, Cocos-BCX officially launched the first round of the 210 million COCOS TestNet Ecosystem Buidlers&Angels Incentive Plan to jointly build the Cocos-BCX TestNet ecosystem. More than 400 ecosystem internal organizations have applied, and 84 have been selected, and completed the implementation of the Ecosystem Buidlers&Angels Incentive Plan of the TestNet in October.
In MainNet stage, Cocos-BCX optimized COCOS Ecosystem Buidlers & Angels Incentive Plan. Here are the detailed optimizations:
1.Newly increased threshold for each ecosystem Buidlers&Angels to hold tokens: The organizational wallet address of the ecosystem Buidlers&Angels should always keep no less than 3M MainNet COCOS (if there are less than 3M MainNet COCOS in the period, you will miss the current selection qualification of incentive);
2. The incentive period selects once every two months;
3. The income of holding: After the implementation of MainNet Node Policy, it is expected to add the right of ecosystem Buidlers&Angels that token mortgage and lock to obtain benefits. The specific revenue generation cycle and release mechanism are yet to be determined.
4. the new incentive mechanism for Angels is as follows:
5. Ecosystem Buidlers&Angels General Award: Before the MainNet Node Policy implementation: contribution reward; after the MainNet Node Policy is implemented: token holding income plus contribution reward.
Q5. What are the Prerequisites of Being Ecosystem Buidlers & Angels？
According to the Cocos-BCX MainNet Ecosystem Buidlers & Angels incentive plan 2.0, as long as the Buidlers & Angels are successfully selected in the TestNet stage and meet the requirement of open positions which is not less than 3 million COCOS, they could apply for the first phrase of COCOS MainNet Ecosystem Buidlers & Angels.
Unselected institutions should fill out Cocos-BCX MainNet Buidlers & Angels Application Form. The Cocos-BCX Foundation will issue a review announcement on the 15th and 28th of each month.
Q6. Can Qualified Institutions in TestNet Stage Automatically Become COCOS MainNet Ecosystem Buidlers & Angels?
According to the Cocos-BCX MainNet Ecosystem Buidlers & Angels incentive plan 2.0, as long as the Buidlers & Angels are successfully selected in the TestNet stage and meet the requirement of open positions which is not less than 3 million COCOS, they could apply for the first phrase of COCOS MainNet Ecosystem Buidlers & Angels and become COCOS MainNet Ecosystem Buidlers & Angels.
Q7. What are the Differences Between Cocos-BCX MainNet Node and COCOS MainNet Ecosystem Buidlers & Angels?
Candidates who obtain top 11 votes will become active BPs and council members and the rest become candidate BPs and candidate councils.
However, there is no limit for ecosystem Buidlers & Angels literally.
Users who pledge 50 million COCOS can register as the council candidates or BP candidates.
However, ecosystem Buidlers & Angels should pledge 3 million COCOS only.
Pledged COCOS Use Difference
50 million COCOS pledged in candidates’ account is considered as their original obtained votes. It will take 72 hours to unlock.
However, ecosystem Buidlers & Angels can withdraw 3 million COCOS pledged in their accounts anytime as long as they are no longer COCOS ecosystem Buidlers & Angels.
Active BPs need to provide hardware environment, install program on the MainNet and get prepared for block generation.
Council members need to participate in decision-making such as on-chain proposal and parameter configuration.
COCOS ecosystem Buidlers & Angels need to contribute in tools, games, communities and content of Cocos-BCX ecosystem.
Council candidates and BP candidates will not end. The active BP and selected council members will be replaced every 24 hours.
The Ecosystem Buidlers & Angels Incentive Plan of 345 million COCOS will last six months.
Elected Way Difference
Users can register as the council candidates or BP candidates or as both a Council and a Block Producer candidate. But candidates who obtain top 11 votes will become active BPs or council members.
However, the Cocos-BCX Foundation decides ecosystem Buidlers & Angels based on various selection rules.
Please check question 3 and question 4.
Rewards Distribution Difference
Blocks generation is distribution. However, it needs to be unlocked linearly within 24 hours, and the active BP should manually execute the corresponding command to receive the rewards. Currently, 100 COCOS rewards for generating each valid block.
The incentive period of ecosystem Buidlers & Angels selects once every two months.
Q8. How to Become an Active BP or a Council Member?
Users who pledge 50 million COCOS can register as the council candidates or BP candidates or as both a Council and a Block Producer candidate (should double pledged COCOS).
Check the Detailed Guide: How to Become an Active Block Producer or Council to Earn Revenue
Q9. How to Become Cocos-BCX Ecosystem Buidlers & Angels?
Q10. Can I Become Both a Cocos-BCX MainNet Ecosystem buidler or Angel and a Cocos-BCX MainNet Node?
Yes, as long as you meet the requirements.
If you have any other questions, please feel free to join Cocos-BCX official group and contact admins for help, we will solve your problems as soon as possible.
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