On 24 July, we are launching a special program that will last eight weeks and will stimulate the development of the network of nodes that underpins the Waves ecosystem.
Waves platform is developing and the number of transactions on the network is growing. With the release of the updated RIDE smart contracts programming language, we have already seen a sharp increase in network activity.
One of the most important components of Waves Platform’s decentralised network is its full nodes. It is critical for us to maintain and develop the network, creating profitable conditions for Waves node operators. We are therefore launching a new program that will stimulate the development of the network and accelerate growth of revenues for node holders. However, since we are planning significant investments in nodes’ stakes, access to the support programme will only be given for the winners of a fair and transparent challenge!
Eight-week challenge
Anyone can take part in the challenge, but the main requirement for participation is, of course, to run a working full node. The core task of this challenge is to increase your stake by any available means, but mainly by attracting new WAVES leases. The node that achieves the most significant increase will receive a 1,000,000 WAVES addition to its leasing stake from the Waves team for one year, with the intention that they keep all additional profits generated by this stake. There will be three overall prizes:
– 1st place: 1,000,000 WAVES
– 2nd place: 600,000 WAVES
– 3rd place: 400,000 WAVES
From Wednesday 24 July, we will begin making weekly snapshots of Waves node stakes, based on the ‘Average Gen. Balance’ from the community-driven website http://dev.pywaves.org. We will monitor stake growth, compare nodes’ performance and score each node. The snapshot period will last for eight weeks, ending on 18 September. To win the competition, you need to have a maximum amount of points for a total of 8 weeks.
How does it work?
We will apply an algorithm to score participating nodes and decide the winner. Here’s what it will look like in practice:
Terminology:
Node — Instance with installed Waves Node and activated Miner
Generating Balance — Average Generating Balance during the Snapshot Period
Snapshot Period — 1 week
OldGenBalance — Day 1 of the Snapshot Period
NewGenBalance — Day 7 of the Snapshot Period
PerformanceRatio — MinedBlocks/EstimatedBlocks per Snapshot Period
Example: Let’s assume that three nodes have increased their average generating balance by 75,000 within a Snapshot Period
As you can see, all three nodes received the same number of extra WAVES in leases. However, Node 3, with the lowest balance, scored 26.91 points because the difference between the balances at the start and end of the period was proportionately far greater. Meanwhile Node 1, with the highest balance, received 2.44 points, because in this situation 75k represents less significant growth. And Node 2, with a balance in between 1 and 3, received 9.04 points. While its growth was significant, the node’s performance (blocks mined) was lower than the other two.
The challenge is designed in such a way that big players cannot displace smaller ones — this is all about decentralisation, ladies and gentlemen! The winners will be eligible to receive a respectable amount of passive income.
Where to get extra WAVES?
That’s part of the challenge! Node owners must look after their communities and organise their own leasing. They can discuss their ideas with their communities on social media, ask people to come up with mutually beneficial schemes, sign smart contracts, run competitions — or anything else they can think of! Everyone can decide their own strategy, and find out what proves most effective!
Profitability of WAVES leasing and mining
Many of you may ask: What if I don’t have a Waves node? Go and create one! It’s going to be profitable and we are awaiting a further significant increase in revenues for miners and leasers in the autumn.
Deploy a node, and if you need advice or help, go to the developers chat — the folks there will tell you how to do things. And get some WAVES to add to your stake!
Holders can join the game
Withdraw WAVES from exchanges to a cold wallet, and then lease to a small node on profitable conditions. In the autumn, we expect revenues from leasing WAVES to increase to up to 5% annually. It will be profitable to hold your WAVES in your wallet for the long term.
System requirements for nodes:
Minimum: 4 cores, 8 GB RAM, 80 GB SSD (at least 50 GB)
Optimal: 8 cores, 16 GB RAM, 80 GB SSD (at least 50 GB)
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Game of Nodes: A new programme of support and development for Waves network was originally published in Waves Platform on Medium, where people are continuing the conversation by highlighting and responding to this story.