REIMOON is a technical node driven by community.
REIMOON is a technical node driven by community.
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With the start of the node campaign, REI Network officially entered the community governance stage. Considering that there are a large number of users in the community who do not understand the rules of node voting, our REIMOON team wrote this manual to try to help everyone participate in blockchain governance.
The purpose of this article is to give you a brief introduction to the voting rules, so I will not delve into it too deeply. Readers are welcome to submit different opinions, and we look forward to your responses:
Staking Rules of REI Network What these rule changes mean Practical Operation Manual
I believe that many of the readers and friends are old users of GXChain and are very familiar with the relevant staking rules. However, on REI Network, these main rules have undergone certain changes, including:
The additional issuance rate of tokens is still 10mREI per year (equivalent to the original 1mGXC). However, the amount directly distributed to the community (super nodes and voters) has been cut by 20%, and this part will be used to subsidize the handling fee;
The voting weight mechanism was cancelled, and the fixed deposit became a demand deposit. Therefore, voters do not need to choose the pledge period, but only need to wait 7 days when redeeming tokens;
The order of block production changes. From the original rotation system to a weighted average system, the more votes a node obtains, the more block production opportunities it can obtain;
The scope of staking rewards and dividends has been expanded from 50% of the original annual issuance of tokens to the current 80%. This means that in the future official block production process, the 50% dividend ratio is equivalent to the original 100% dividend ratio.
The latest staking mechanism essentially implies many value judgments, such as:
The free-staking mechanism essentially transfers the fees generated by the on-chain interaction from the users themselves to the node operators, and tries to carry out market-based secondary distribution of this part of the value capture based on the expectation of user growth;
The change of the block order is more “proof-of-stake”. The node obtains governance rights and benefits equivalent to the voting rights, and it also eliminates the possibility of targeted attacks by hackers based on the block order.
In general, REI Network is more market-oriented and more secure under the new staking mechanism.
Step 1: Download and set up the wallet Please note that you must obtain the download link from the official wallet website. All download links from other channels are fake wallets, so don’t be deceived.
Here we take the popular imtoken wallet as an example. After creation, the homepage defaults to an Ethereum address. Click the word "mainnet" under "Wallet" to switch between different side chains, including heco, bsc, matic, etc.
At present, imtoken has reached an official cooperation with rei, and users can directly switch to REI Network. If you are using other clients or web plugins, you need to set them manually. At this time, click the small gear in the upper right corner, then click the plus sign, and select "Custom":
In the interface that appears next, fill in the following information:
Network Name: REI Network
RPC URL: https://rpc.rei.network
ChainID: 47805
Symbol: REI
Decimals: 18
Explorer: https://scan.rei.network
After saving, you have created your own Rei wallet.
Step 2: Recharge After purchasing REI on the exchange, enter the address of the wallet into the withdrawal address. Taking a security exchange as an example, the withdrawal usually arrives in the account within one minute. Of course, in this step, users should also pay attention not to register accounts on fake exchanges.
Step 3: Go to the voting page In the "Browse" page of the wallet app, or in a computer browser with the wallet plugin installed, enter this URL:
https://dao.rei.network/#/stake
In the pop-up interface, select Connect Wallet.
Step 4: Vote Click on the "Voting" tab, and you will see eight nodes that have been launched so far, of which the first five are official temporary nodes, and the last three are community nodes.
Here we take our REIMOON node as an example, click "Voting", and in the pop-up page, enter the number you like:
Finally, click "Submit". It is worth noting that before the total number of votes is less than 100 million, neither users nor nodes will receive benefits, and it will take seven days to redeem REI, so please do not vote impulsively.
REIMOON is a technical node driven by the community, with rich experience in public chain development and operation, and is committed to helping more on-chain users participate in the REI Network ecological protocol.
We will launch more free on-chain tools in the future, you are welcome to come and experience and vote for us.
contact us
Telegram: https://t.me/reimoon_official
Twitter: https://twitter.com/gxc_moon
Official website: https://rei.gxcmoon.com
With the start of the node campaign, REI Network officially entered the community governance stage. Considering that there are a large number of users in the community who do not understand the rules of node voting, our REIMOON team wrote this manual to try to help everyone participate in blockchain governance.
The purpose of this article is to give you a brief introduction to the voting rules, so I will not delve into it too deeply. Readers are welcome to submit different opinions, and we look forward to your responses:
Staking Rules of REI Network What these rule changes mean Practical Operation Manual
I believe that many of the readers and friends are old users of GXChain and are very familiar with the relevant staking rules. However, on REI Network, these main rules have undergone certain changes, including:
The additional issuance rate of tokens is still 10mREI per year (equivalent to the original 1mGXC). However, the amount directly distributed to the community (super nodes and voters) has been cut by 20%, and this part will be used to subsidize the handling fee;
The voting weight mechanism was cancelled, and the fixed deposit became a demand deposit. Therefore, voters do not need to choose the pledge period, but only need to wait 7 days when redeeming tokens;
The order of block production changes. From the original rotation system to a weighted average system, the more votes a node obtains, the more block production opportunities it can obtain;
The scope of staking rewards and dividends has been expanded from 50% of the original annual issuance of tokens to the current 80%. This means that in the future official block production process, the 50% dividend ratio is equivalent to the original 100% dividend ratio.
The latest staking mechanism essentially implies many value judgments, such as:
The free-staking mechanism essentially transfers the fees generated by the on-chain interaction from the users themselves to the node operators, and tries to carry out market-based secondary distribution of this part of the value capture based on the expectation of user growth;
The change of the block order is more “proof-of-stake”. The node obtains governance rights and benefits equivalent to the voting rights, and it also eliminates the possibility of targeted attacks by hackers based on the block order.
In general, REI Network is more market-oriented and more secure under the new staking mechanism.
Step 1: Download and set up the wallet Please note that you must obtain the download link from the official wallet website. All download links from other channels are fake wallets, so don’t be deceived.
Here we take the popular imtoken wallet as an example. After creation, the homepage defaults to an Ethereum address. Click the word "mainnet" under "Wallet" to switch between different side chains, including heco, bsc, matic, etc.
At present, imtoken has reached an official cooperation with rei, and users can directly switch to REI Network. If you are using other clients or web plugins, you need to set them manually. At this time, click the small gear in the upper right corner, then click the plus sign, and select "Custom":
In the interface that appears next, fill in the following information:
Network Name: REI Network
RPC URL: https://rpc.rei.network
ChainID: 47805
Symbol: REI
Decimals: 18
Explorer: https://scan.rei.network
After saving, you have created your own Rei wallet.
Step 2: Recharge After purchasing REI on the exchange, enter the address of the wallet into the withdrawal address. Taking a security exchange as an example, the withdrawal usually arrives in the account within one minute. Of course, in this step, users should also pay attention not to register accounts on fake exchanges.
Step 3: Go to the voting page In the "Browse" page of the wallet app, or in a computer browser with the wallet plugin installed, enter this URL:
https://dao.rei.network/#/stake
In the pop-up interface, select Connect Wallet.
Step 4: Vote Click on the "Voting" tab, and you will see eight nodes that have been launched so far, of which the first five are official temporary nodes, and the last three are community nodes.
Here we take our REIMOON node as an example, click "Voting", and in the pop-up page, enter the number you like:
Finally, click "Submit". It is worth noting that before the total number of votes is less than 100 million, neither users nor nodes will receive benefits, and it will take seven days to redeem REI, so please do not vote impulsively.
REIMOON is a technical node driven by the community, with rich experience in public chain development and operation, and is committed to helping more on-chain users participate in the REI Network ecological protocol.
We will launch more free on-chain tools in the future, you are welcome to come and experience and vote for us.
contact us
Telegram: https://t.me/reimoon_official
Twitter: https://twitter.com/gxc_moon
Official website: https://rei.gxcmoon.com
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