Qitmeer Umayyad Network 1.0 “Majority Gamble Model” Game
According to Chapter 4 of the Qitmeer Umayyad Network 1.0 Economic Model, the Qitmeer Network will have a fixed one-year staking lock-up program, 90% of the 10,800,000 MEERs will be used as an incentive during the whole year of the staking lock-up.
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Incentive Allocation
90% allocated to base incentive: 8,748,000 MEERs
10% allocated to competitive incentives: 972,000 MEERs
Staking Lock-up Address
Guard pool ( A position ) lock-up address: MmQitmeerMainNetGuardAddressXd7b76q
Glory pool (B position) lock-up address: MmQitmeerMainNetHonorAddressXY9JH2y
Staking Rewards (Lock-up)
First of all, let’s talk about the start and the end of the staking lock-up, which runs from block 0 to block 108,000 (roughly one year).
The rewards for the staking lock-up will be fetched from the network itself which uses 50% of the block reward as an incentive for miners in return for providing hardware installments that helps maintain the network and the remaining 50% of the block reward is for building the staking lock-up model and other incentives. This means 108,000 blocks, 10 MEERs per block, for a total of 108,000,000 MEERs, of which 90% or 97,200,000 MEERs, will be used for the staking lock-up.
Please see the attached document for the calculation formula
12-Period Staking Cycle
The entire staking lock-up campaign will last for approximately one year and is divided into 12 periods of 90,000 blocks each (approximately one month), regardless of the period in which participants participate in the staking lock-up, they will be able to enjoy the remaining period rewards, for example, participating in the third staking lock-up will eventually receive 10 periods of rewards.
Base Incentive
Each staking lock-up position has a corresponding base incentive and each period is divided into 4 intervals. The value that is evaluated to have reached this interval is the staking rate.
When the staking rate is less than 25%, the AB and AB positions will receive a total of 38% of the base incentive for the period.
When the staking rate is between 25% and 40%, both AB and AB positions will receive a total of 50% of the base bonus for the period.
When the staking rate is between 40% and 50%, the total of AB and AB will receive 80% of the base bonus for the period.
When the staking rate is greater than or equal to 50%, the total of both AB and AB positions will receive 100% of the base bonus for the current period.
At the end of the period, both AB and AB positions will receive the basic bonus on average and the user will share the basic bonus of the position according to the weight of their lock-up positions in the (50% of the position).
The remaining unallocated Base Bonus will go to the Qitmeer’s treasury if the staking rate is not reached.
See the attached document for the calculation formula.
(Base Incentive Table, Calculation of Base Incentive, staking Rate Corresponding Incentive Table, Calculation of staking Rate)
Competition Incentive
There is a competition incentive for each staking lock-up, how to get this competition incentive?
In each issue of the staking lock-up, the new lock-up volume of AB and AB will be evaluated to see who staked and locked in more MEERs. When the new lock-up volume of one bin is greater than or equal to 10,000 MEERs of the other bin, at the end of this issue the one bin with the greater new staking lock-up volume will win.
The new lock-up users of the one position that received the competitive incentive will divide the competitive incentive of this period according to the weight of their locked positions, while the staking users of previous periods cannot participate in the competitive incentive of this period.
If the conditions for the competitive incentive are not met, the competitive incentive for the current period will be deposited into the Qitmeer’s treasury
Please see the attached document for the calculation formula.
(Competitive Incentive Table, Calculation of Competitive Incentives)
Weighting
Each period of the staking lock-up will be divided into 5 periods, each of which is 18,000 block heights (roughly 6 days). Early participation means the early start of the period. Greater weight (because the early lock-up is longer) means greater gain from the staking lock-up. This weight applies to both base rewards and competitive incentives.
For the calculations and formula, please see the attached document at
(Table of Weighting Factors, Weighting Calculation Methodology)
More details about Economics of Qitmeer Umayyad Network 1.0
About Qitmeer
Qitmeer is the next-generation public chain based on BlockDAG, which is dedicated to serving the ecosystem of Islamic Finance, ethical finance, and socially responsible investment, thereby enhancing financial inclusion and creating social impact.
In contrast to the competition model, BlockDAG’s collaboration model in the mining achieves a desirable balance of typical blocks metrics among the security, openness, fairness, and scalability.
Qitmeer adopts a classic POW consensus and UTXO data model and designs a unique asset issuing mechanism which requires the reserve of native currency, which is in line with core ethical financial values.
As the Qitmeer Network mainnet launched, we invite the investors and the Qitmeer Networks Community to take a look and learn the core idea about Qitmeer Network. This video was presented by our very own Effendy Zulkifly — Qitmeer Network (Council Member).
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