The time to kick-start the BlockBase Network has come. We’re proud to announce a new token distribution program that benefits everyone who wants to participate on the network as a service provider. We’re going to request a sidechain for us, and we’re going to pay for it. The number of spots as service providers is limited, so if you’re interested in earning some BBT while being an awesome crypto pioneer, this is your opportunity.
The reason we’re doing this is simple. All blockchain networks have economic incentives for participating as a node on the network. Bitcoin does this through BTC mining, others do it through inflation or transaction fees. BlockBase does it through payments from service requesters (customers) to service providers. However, in order to have customers there has to be a service, and in order for a service to exist there has to be customers. So BlockBase is going to be customer number one. By having service providers for our sidechain, we’re kick-starting a network of providers that can very easily provide many other sidechains we hope will be requested in the future.
We want to request a sidechain that has somewhere between 10 to 25 service providers, where 20 providers would be the sweet spot. We’re planning to run this sidechain for at least one year and use it for our proof-of-concepts and for demos to potential clients. Assuming a network of 20 providers, the sidechain we’re going to request will have the following configurations:
- A block time of 10 minutes
- A maximum block size of 1 MB
- A maximum payment of 120 BBT when the block is full
- A minimum payment of 100 BBT when the block is empty
- A settlement every 290 blocks (every two days on average)
This configuration results in a monthly average payment for each provider of 24k BBT or 16 EOS at the time of writing. In total, BlockBase will be paying about 480k BBT per month or 320 EOS. To better undersand how we’ve arrived at these numbers, make sure to check out our online calculator.
Why these values you ask? We wanted to have a payout that was more than fair for running a node that will mostly just occupy some disk space and needs a very modest machine to run (we tested it successfully on a network of 1 Core 2.3 GHz with 1GB RAM Linux nodes), but that wouldn’t flood the market with BBT. This also means we will have leeway for promoting adoption through other means and activities.
So how can you participate as a service provider? We would love to reserve spots for all community members that are known or active in the community. Also, enthusiasts that have been following our project and have talked to the team are more than welcome to join as providers. Just reach us on Telegram or Twitter and we’ll be there to welcome you. Don’t be shy, you’re awesome and the community needs you! The remaining available spots may be claimed anonymously by anyone who wants to join the network as a service provider. First come first served.
We hope in publishing our sidechain request on the EOS network in two to four weeks from this announcement, depending on how fast people want to join in. When the request is published, providers can join it. We’ll keep everyone posted on the progress. We’re still polishing the node code, so at the time of the sidechain request you should download a fresh version of it.
If you want to be a service provider and don’t know where to start, make sure to reach us. It’s mostly about downloading, configuring and running a BlockBase node. All instructions to download, configure, and run a blockbase node are on github here. You can also find a lot of useful information on the explore section of the website.
Published by Ricardo Schiller Lead Architect of BlockBase.Network