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BPoS Node Registration Guide
Elastos is taking the step in changing its Elastic Consensus mechanism from DPoS (Designated Proof of Stake) to BPoS (Bonded Proof of Stake). Longtime Elastos contributor and former Council member Yipeng Su constructed a thorough Proposal to ensure better security and stability of the Elastos main chain and side chains. BPoS is comprised of two groups of participants- stakers and validators. This guide provides steps on how to register a node in order to become a validator in BPoS. For more info on how to deploy a node prior to node registration, please refer to this Guide.
Included will be:
> Node Registration Guidelines
> Getting Started
> Steps to Register and Update a Node for BPoS
> Claim ELA Rewards
Node Registration Guidelines
♦ The node owner must pledge 2000 ELA, which is locked for a minimum of 72,000 block heights (roughly 100 days).
♦ This pledge time can be extended beyond the initial minimum requirement. Upon the expiry of the pledge time, the node will automatically expire as well.
♦ The maximum pledge time for staking on a node for stakers cannot exceed the expected expiration time of the node.
♦ After registration, the nodes remain inactive and cannot participate in the block consensus. However, nodes can start accepting stakers who wish to stake their tokens on them.
♦ Activation of a node occurs when the total staking rights of all stakers on it exceed 80,000. Once activated, the node is eligible to participate in the block consensus.
♦ In the BPoS protocol, an arbitration cycle consists of 36 blocks. At the beginning of each cycle, 36 validators are randomly selected from all active nodes.
♦ ELA staking profits to the node owners and their stakers is automatically dispersed via blockchain code, 25 percent for node owners and 75 percent for stakers.
Download Essentials Wallet
The first step in registering a node is to download the flagship Elastos wallet- Essentials. Download the latest version of the wallet on Apple or Android here.
Get ELA on the Mainchain
Various exchanges such as Coinbase, Kucoin, Huobi, and Gate.io offer access to purchase ELA. Users can also use the Elastos DEX Glide Finance to purchase ELA on the Elastos Smart Contract(ESC) Chain. Please refer to the Coingecko Markets page for Elastos for all other options to purchase ELA.
To begin the node registration process, the purchased ELA token should be transferred to the Essentials wallet. Once the main chain ELA is received in the wallet, the registration process can commence.
Steps to Register and Update a Node for BPoS
1. Register a Node
1.1 Log in the wallet and navigate to the “BPoS Voting” page by swiping left to the third page of the main interface.
1.2 Click the “+” icon located in the upper right corner of the page. This action will prompt a pop-up window to appear, displaying a warning message. Click “Okay” to proceed to the “Registration” Page.
1.3 On the “Registration” page, fill in the necessary information such as node name, node URL, country or region, and number of days pledged. The node public key displays the user’s public key by default. After inputting the relevant details, click on the “Register” button.
Note: The user needs to manually modify it to the public key on the server before registering the node.
1.4 Review the registration information carefully and click “Confirm” to complete the registration process. Node registration will be completed after the block confirmation.
1.5 Return to the “BPoS Voting” page and click on the symbol located in the upper right corner. Then the node owner can view the details of their node.
2. Upgrade a Node
2.1 Log in the wallet and navigate to the “BPoS Voting” page by swiping left to the third page of the main interface.
2.2 Click the “+” icon located in the upper right corner of the page. This action will prompt a pop-up window to appear, displaying a warning message. Click “Okay” to proceed to the next step.
2.3 On the “Upgrade to BPoS” page, review relevant details about the node such as node name, node URL, country or region, and number of days pledged. Once the required information has been confirmed, click on the “Upgrade” button.
2.4 Review the registration details and then click “Confirm” to proceed with the upgrade process.
2.5 The node update process will be finalized after a successful block confirmation.
Claim Node Rewards
1. Navigate to the “ELA Staking” page.
2. Choose the “Withdraw” option located at the bottom of the page.
3. Enter the amount of ELA rewards you wish to claim, and then select the option “Withdraw the node’s reward“.
4. Click on the “Withdraw” button at the bottom of the page to initiate the process of claiming your ELA rewards.