EDC Blockchain is a decentralized blockchain platform which concept is based on the Delegated Proof of Stake (DPoS) algorithm. This allows all users to maintain the network by involving validators acting on behalf of users during decision making.
Before the validators can reach consensus decisions, the team has to prepare additional software and perform various actions to help the validators launch a stable network and keep the project running. Therefore, the first phase of decentralization is carried out, during which users are able to create witness nodes.
What each node owner (witness account) receives daily:
- An additional reward for confirming blocks by their node;
- Accrual of 10% of all transaction fees that is distributed among all witness accounts.
How to switch to a witness account and create a node
1) Submit an application for switching to a witness account in the “Witness” section in the EDC Blockchain wallet.
Note. The "Send a request" button becomes active only after you reach Rank 3. Read how to get a rank in this article.
2) Instructions for deploying and configuring a node will be displayed here after switching to a witness account. Deploy and configure the node following the instructions.
Note. To get the main node IP to connect your node to the general blockchain, please contact the EDC Blockchain support service.
3) Your application will be processed within 24 hours. After confirming the functionality of the node, the administration will confirm your application for adding a witness account to the blockchain, and you will receive a notification in your personal account.
4) In the nearest maintenance time, 17:00 (GMT +8), your account will be included in the committee and will begin to confirm blocks. You will be able to receive a reward for each confirmed block, as well as an accrual from all transaction fees.
5) The witness account is valid for 365 days. After the 365-day period has expired, the witness account will be automatically excluded from the committee and will no longer confirm blocks. The user will also stop receiving rewards for confirming blocks and accruals from transaction fees.
6) A mechanism for managing witness accounts has been added to EDC Blockchain. This makes it possible to exclude any witness account from the committee by the decision of the administration. This measure is necessary to maintain the stable operation of the network in case of disconnection and long-term inoperability of user nodes.
Terms of creating witness accounts
- In total, 100 users can switch to witness accounts.
- No more than 10 witness accounts can be added to the blockchain monthly.
If you have any questions, please contact the EDC Blockchain support team.
Gaining the ability to switch to witness accounts, honest and active users are rewarded for block validation, while EDC Blockchain can redefine the resilience of the network in an environment without centralized control, as well as the active use of the blockchain and how changes are made to consensus, which is a great way to prepare for the launch of a reliable public decentralized blockchain.