HECO launched the global node election, a total of 21 master nodes

Rhythm BlockBeats news, on May 7, HECO announced the official launch of the global node election, opening a new era of HECO decentralized governance.

On December 21, 2020, the HECO mainnet was officially launched and the "Tinder" stage was launched simultaneously (HECO is divided into Tinder , Spark, Flame, Liaoyuan four stages), according to the plan, the node election is also ready to be officially launched at this stage.

Node election is a key step to improve the stability and decentralization of the HECO system, so that more users in the HECO community can Participate in the HECO ecological development, and give more rights and incentives to the community, thereby promoting the prosperity and sustainable development of the entire HECO ecosystem.

How to become a HECO node candidate?

The HECO node is the governance and equity node of the HECO chain. Powered by the network, nodes enjoy the benefits of transaction fees on the HECO chain and participate in on-chain governance. More rights and interests in the future will be generated based on node proposals.

HECO has 21 master nodes, and 11 master nodes and 11 candidate nodes will be opened in this round. Users can vote for node candidates, pledge HT (HECO) to the HECO address specified by the node, the top 11 candidates with HT pledge amount are the main nodes, and the 12th-22nd are the candidate nodes.

According to the official announcement, it has become Node candidates need to pledge 5,000 HT. The pledged HT will not be unlocked until the candidate withdraws from the election or gives up the node governance. The unlocking period is 15 days.

It should be noted that , all node candidates must pass the KYC review, and HECO node campaigns are strictly prohibited  HECO officials have the right to disqualify participants for illegal fundraising activities.

HECO node income and governance rights

It is reported that all HECO node fees are distributed according to the following ratio: 50% is distributed equally to each masternode, 40% is distributed according to the number of HT locked by all 21 masternodes, and 10% is distributed to all alternatives The locked HT corresponding to the node.

Benefit distribution rules between nodes and locked users: will limit the funds distributed by nodes to users at 70% Between -100%. The specific amount can be decided by the node sponsor or the community by voting.

Locked funds for financial management, the funds locked in the locked address should play a fund effect, and can be transferred after community voting Go to the project address of lossless mining to obtain considerable lossless mining income.

As the main body of HECO governance, nodes enjoy voting rights and governance rights, and effective decentralization is carried out through perfect mechanism construction governance.

Node election voting rules

Users can vote for node candidates through the HECO official website, and pledge HT (HECO) to the HECO address specified by the node.

Voting start time: To be officially announced.

Participate in the HECO node election, please look for the designated URL

The HT pledged by the user will be freely accessed, and the user will exit the node to vote and get it back The HT withdrawal application period is 3 days.

It should be noted that if the user retrieves HT, the number of votes for the node will decrease, and the actual number of votes , calculated according to the snapshot of the deadline for this round of election. In the future, every 7200 blocks (subject to actual implementation) will be used to distinguish between the master node and the candidate node according to the user's HT lockup balance.

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