Posted: 8/23/2017 11:53:18 AM EDT
If you got any Tezos, and especially if you plan to sit on it for awhile and dont plan to transact, trade, or whatever, you need to be aware of the planned "nondilutionary inflation" that will be inherent into Tezos. If you do not put up your XTZ as a bond and run a baker node to generate blocks when it is your turn, you will miss out on earning XTZ for this action, even if your generated blocks have no fees.
to describe an example, if all XTZ was locked up into bonds and generating blocks, then all accounts would receive the same amount of XTZ reward (percentage based on your owned amount of XTZ stake). Thus the term "nondilutionary". Current figure being thrown around is 5% yearly inflation as block generation reward. This does not count any extras you would gain from transaction fees in the blocks you generate.
We can expect that many people will not run full nodes and will thus miss out on this. The solution is to delegate your block generation rights (staking rights) to me! To this end, I will be running a delegation service. I actually already have over 3 years of experience doing this exact same thing already, for the NXT cryptocurrency. In NXT, mining is called 'forging' and delegation is called 'leasing' so I run the "NXTCrypto Leased Forging Cooperative" that has been very successful. I plan to bring this same service to Tezos.
Unlike NXT's version of leasing out to a pool, for Tezos, whether you stake yourself, or delegate to someone else, you must lock your XTZ into temporary bond (current figures are 90 days) that you then cannot spend as your stake is then involved in block generation. So just 1 think to keep in mind.
There are also some figures being tossed around that in order to be able to generate blocks, your bond must be at least 10K XTC. I am well past that so that is no problem. But it is unclear whether/not people can delegate less than <10K to some aggregate system to be included into it. Hopefully that is the case though.
Still trying to come up with a name for my service. I have ruled out Delegator McTezosface though.
Im also about to start working on a whitepaper. Unfortunately, someone else has already advertised this and supposedly they have 1million XTC "committed" to them now, so im a bit behind. Hopefully my past success for NXT will be a big benefit. Also need to whip up a website and domainname, certs, cloudflare, etc
is that English?
lols. but thanks for the bump
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