UYT NETWORK Main-Net Wallet Tutorial Part2
In the last article, we introduced the functions of transaction, transfer, and cross-chain conversion.
This article mainly introduces pledged assets and how to select verification nodes for nomination.
Operation demonstration address details:
UYT available balance: 7.0777 Frozen amount: 2
U-USDT available balance: 396.51
U-BTC available balance: 0
U-ETH available balance: 0
After the mainnet is launched, UYT NETWORK has many new terms appearing, which will be answered in future tutorials. This article only introduces the explanation of terms related to pledge & nomination
Glossary:
Nominators: users who hold UYT to participate in the NPoS election validators, they elect the validators in the relay chain by staking UYT, and they will also receive the income generated by the staking.
Verifier: Maintain the security of the relay chain by staking UYT
Phisher: Phisher is also a verification node, whose main role is to supervise whether other verifiers violate regulations or cheat.
Epoch: The epoch in UYT NETWORK represents a day
Pledge: Generate more asset income by collateralizing assets
UYT NETWORK node knowledge popularization:
▲Only the top 256 nominees for each verification node have revenue. UYT is currently the only public chain with 256 revenue nominees, and the maximum number of other public chains is 128.
▲Each epoch is one day, and the retained earnings of each epoch are only valid for 84 days. If it expires, it will be deemed invalid, so here we need to remind the nominator to receive the earnings in time.
▲Each nominator selects up to 16 nodes during nomination. Currently, the number of nodes is not very large. In the future, all nodes will be open for deployment, and there will be more node choices to nominate.
▲The more validators self-mortgage, the more nominations they receive, the more stable the block generation, and the easier it is to be selected as the block node revenue.
Pledge link
The first nomination requires asset pledge. After the asset pledge is successful, the node can be selected for nomination.
The block information of the pledge node monitoring station is as follows:
max_additional: Compact<BalanceOf>: 1.2000 // represents my increased pledge asset quota.
Click on the UYT asset page, click on nomination-click on my nomination on the node page. Click to add pledge on my nomination page. Fill in the amount of pledged assets to increase, enter the password, and click OK. To be confirmed by the block.
After the pledge is successful, we need to select a node for nomination, and click “Nominate Modify Node” to select the node. I selected the first 3 because the first three nodes returned the most profit (the node revenue is set to 0 to indicate that the node distributes all the revenue to the nominator).
The block information of the nominated node monitoring station:
Declare the desire to nominate targets for the origin controller.// represents the selected target node source.
After the block is confirmed, you can see that the nodes we nominated will be displayed. If your nominated node is unstable, you can also modify the nominated node.
With the increase of nodes and the gradual stability of the network, the UYT network will gradually improve the front-end display block browser. Users can query more block information, and more node monitoring station information will be converted to front-end display for all users Show.
Special note: After UYT NETWORK opens a synchronization node, all node revenues are set to 10% by default. UYT NETWORK hopes that each node verifier will have more benefits in maintaining the stability of the network, and also hope that each node verifier will promote more The nominator participates in the project and gets more benefits. The nominator and the validator share the same prosperity and losses. This is also a symbol of fairness. The node validator helps the nominator to obtain income, and the nominator distributes his profits to the nodes. SF.
Of course, the benefits here are also related to the stability of the node. For example, the validator sets the rate of return to 50% when deploying the document, but it is very stable and the probability of being punished is rarely compared to if the rate of return is set to 10. % Of validators who frequently miss blocks are punished, so the comprehensive income must be higher than 50% of nodes.
UYT NETWORK Wallet is a safe, comprehensive and professional UYT public chain wallet, dedicated to providing users with the safest funding options, the most comprehensive UYT functions, the most convenient use experience, and the richest application options. UYT Wallet is currently the decentralized wallet with the largest number of users in the UYT NETWORK ecosystem. It is also the only wallet that supports both PC and mobile terminals. It has cumulatively provided services to more than 100,000 UYT NETWORK users from all over the world. We will introduce you to account import, creation, offline and other functions in the next article UYT NETWORK mainnet wallet usage tutorial 3.
