Dears, would be good to share benefits of running nodes and economic rent. pls feel free to share from other coins too. best is lot more people run nodes and community of nodes is very large
I have built a BOScoin reward calculator which gives a high level overview of the rewards in the first year of BOSnet based on some assumptions (as we don’t know the live values yet). You can change the values and see how it affects your rewards. Feel free to try it out!
that is awesome calculator - I tried out… May be I am giving some unreasonable values in those. any reasonable values to play with?
To understand the basic assumptions and to calculate the rewards the below are the formulas taken from the white paper, and you an plug in some assumptions.
a = ? = # of Frozen units on YOUR node (assumption)
b = ? = # of average frozen units on nodes across entire network (assumption)
c = 18 = Confirmation reward year one
d = ? = # of nodes on the network (assumption)
e = 17280 = Blocks validated per day on network
f = ? = # of frozen units on entire network (assumption)
g = 5400 = freezing rewards across entire network per block
h = 24 = hours in a day
i = ? = # of transactions per block - every 5 secs (assumption)
j = 0.01 = BOS paid per transaction to node operator
(((a/b)c)(e/d)) = confirmation rewards per day
(g/f)ah = freezing rewards per day
(ij)(e/d) = transaction rewards per day
***** Calculations as published in BOScoin white paper as of April 30, 2017 ********
I really like the calculator, the only thing that at this stage seems optimistic is the default number of transactions per second. It’s difficult to predict the amount of interest and therefore the number of transactions. Hopefully, as people start building Trust contracts, this will increase transaction volume. Secondly, if BOScoin can prove itself as a reliable and cheap way to transfer value then this will also increase adoption and transaction throughput. We have to start somewhere though and the reward calculator is great for testing the options. Thank you for making it.
I calculate it in this way, 276,093,688 coins distributed among 10,000 that equals one unit. Total 27609 total units frozen, divided by 4 for a node = 6902 assumed total nodes. So it’s still like this =
How many nodes do you execute?
How many nodes are running on the network?
How many BOS units are frozen in your node?
How many units of BOS are frozen in all the nodes?
How many transactions per second are being validated?
Confirmation rewards: 16,459.47 BOS in the first year.
Transaction Rewards: 3,200.57 BOS in the first year.
the result is more understandable, I think .Not counting all the people who sold the currency, so it can be a little less frozen units and therefore, more reward.
Nice , I love this numbers !!
that sounds to be be logical… but bit logically on high side and lot will depend on uptake of the BOScoin service.
The yield seems to be pretty high, even if we assume low uptake…
It’s hard to tell, that’s why I made the calculator in such a way that you can change the values and see how it affects the rewards. The default values are just some random figures really, no real thought process behind it.
Thank you, Andy! I agree that the default transactions per second are a bit on the high side, at least for now. Once DApps are being built on the platform, we will most likely see a big increase indeed, but it will take quite some time to achieve the 100 transactions per second cap.
180 tx/sec would mean we are transacting more than the entire current blockchain space. and the current network is below 1 tx/sec. It’s just a guess and a target of 1000 tx/sec.
If we see standard applications that are centralized unicorns like uber, fb, and many smaller ones, 1000 tx/sec is very much possible. think of fb posts/comments per sec kind of applications… So the growth hacking would be moving boscoin for such High-speed transactions. Korean DAPPS itself could be a huge business case. Idea would be to really ramp up the team, on boarding apps and building a solid community to achieve all this.
Hi Israel. I think your calculation above is a good starting point … but it is very conservative in my opinion. There is NO way that all coins will be used in master nodes. Here’s why:
- Many people won’t be able to afford it! Especially now that coin has listed on a proper exchange, we’re talking serious cash to run one
- Not everyone who owns enough coins will bother to run one. Some people are lazy or won’t have the technical knowledge to set one up
- There will always be a number of coins being used on the platform itself / being sent in transactions / on exchanges. These coins are out of circulation as far as master nodes are concerns
- Coins get lost over time as people lose keys / die
In my own calculation I reckon:
- 3,000 nodes will be run
- Freezing 12,000 units
- 3 transaction per second
- 37,869 confirmation rewards in the first year
- 221 transaction rewards
Scott, Israel, Confirmation rewards or irrespective of transaction rewards. I am assuming that we get immediately or we need to wait for some other factor. We do get some coins today in wallet, what is it for
these are calculations based on assumption, but can vary by what is mentioned by tobydownton, the coins that are sold, are lost, the expected nodes are not mounted, the speed of tx, … but between mine and those of toby, its an idea