ONE. Requirements for the application of business and community node
(One) Business node
(1) The applicant of the foundation is the offline wallet owner of XAG (or XRP). Maintain 5 million or more XAG when applying for offline wallet address.
(2) The average daily quantity of wallets in the current quarter must be maintained at 5 million or more XAG.
(3) The total number of awarded business nodes is limited to 200 in chronological order. Those who fail in the current quarter will be eliminated automatically and those who are qualified for new applications will be filled automatically.
(Two) Community node
(1) Obtain business node qualification in the current quarter.
(2) Apply to the Foundation.
(3) Voting by automatic procedure, the top 100 candidates are awarded according to the total number of votes obtained.
TWO. Voting rules of community nodes
(One) When the program automatically counts votes, the new user takes the off-line wallet address as voting voucher, and transfers at least 30 XAG to the wallet of the business node (which defines the contributor affiliation), then the wallet address becomes a valid voting address, and its contribution value for the business node is fixed at 30 votes; there are only 30 valid votes for each address in the lifetime. That is, the program will only confirm that each offline wallet address transfers equal to or more than 30 XAG as valid votes. More than 30 XAG are counted as 30 votes, but fewer than 30 XAG are invalid votes. Invalid voting does not affect the right to continue voting at that address.
(Two) The number of wallet holders for applying for community nodes shall be calculated at the average daily amount of token, one token as one vote.
(Three) The total number of valid votes in the current quarter: the sum of total number of votes held by the wallet applying for community node and the total number of valid votes affiliated to it.
THREE. Node reward
(One) Node reward source and value
(1) The Foundation is responsible for rewarding qualified business and community nodes, with a total number of 10 billion. There are 1 billion every year, and the total incentives is released in 10 years.
(2) Among them, 500 million are distributed equally according to the total number of qualified business nodes; another 500 million are distributed weighted to qualified community nodes.
(Two) Counting cycle and distribution rules
The counting cycle is one natural quarter. The last day of the last month of each quarter is the time of announcing qualified nodes. The next day is the starting time of the award distribution, which is distributed to random objects at irregular time points in a week. Each qualified node gets reward once a week and the distribution time is one quarter.
The above rules are fair, open and transparent, and will be distributed automatically through the automatic assessment of the set procedures. The expected start-up time is 0:00 Pacific Time, Oct. 1, 2019. The email address of receiving node application will be published before the start. In order to avoid price fluctuation, the Foundation will publish the election rules in advance, hoping that participants will have the right time to layout. After the participants start the campaign process, they can check the reward process through the block browser.
XAG Project Foundation
August 28, 2019