As we move toward the official launch of the ShipChain mainnet, we wanted to discuss how that’s going to look from both an economic and technical perspective. Without further ado –
- 175,000,000 SHIP are being assigned to the reward pool for validation. This means that the “Sale 2” referenced in the whitepaper is canceled. We carefully considered all options and felt that assigning these tokens to the security of the network itself was critical to the success of the sidechain.
- 20% maximum of the pool will be distributed as validator/delegator rewards per year. For instance, this means in Year 1, 35,000,000 SHIP are being dedicated to the validator/delegator reward pool. After year one and in subsequent years, the maximum annual distribution will be recalibrated and based on the current reserve value.
- Other tokens held currently will be used for Grants, such as Gitcoin grants, hackathon prizes, and more to encourage development activity on the network.
- We are planning to set a minimum delegation fee on the network of 15% to avoid a race to the bottom by validators and to protect the security of the network. We encourage validators to remain at the 25% mark, however.
Validators operating nodes will have to fund their wallets with active SHIP and migrate to the mainnet. There will be no SHIP faucet available for the mainnet. We will announce an exact date and time in the coming days for this and will make sure that we disseminate it on all available channels (Blog, Gitter, Twitter, Telegram announcement channel, etc.), and are still on track for July 2020 as planned. Please make sure that you have the most recent version of Hydra at that time, and we will be available on the launch of the network.
Until then, cheers!