More than six months ago, the Minter test network was launched, which aims to allow for creating individual coins and integrate them into various projects. The blockchain running on the Tendermint engine and using the Delegated Proof-of-Stake (DPoS) consensus algorithm has already found its validators, who will support the network and form the blocks using masternodes. DeCenter spoke of the goals, the difficulties of working on Minter, and the remuneration for the functioning of the network with Evgeniy Taburyanskiy, creator of the StakeholderSpace project that was one of the first to launch a validator on the Minter network.
Who Is a Validator?
The consensus algorithm of DPoS implies that there are voting participants, who are delegating coins and validating participants, who are running masternodes and holding the tokens. The first group entrusts its coins to the second, and users choose those deemed "responsible" for the formation of new blocks. The delegated system simplifies the activity, and in the case of Minter, the participant can transfer BIPs, coins of the project, and quickly buy cryptocurrencies using them. Then, the validators support the network for regular rewards. The ease of implementation and Minter's prospects attracted IT specialist and developer Evgeniy Taburyanskiy from St. Petersburg.
"I learned about the project from social networks. I got a message that Evgeniy Gordeev is launching his own network. I became interested in it and began to read his materials and posts. The Minter idea, in my opinion, is very interesting, as the project is completely open. It's a wonderful case of open-source, so I did not have to contact the development team and learn about the technical components. I just opened a blog on GitHub, read the code, tried to emulate it, and everything turned out fine. After that, I continued to monitor network updates, the appearance of innovations, how efficiently and quickly the project is progressing, and I’m constantly getting to learn new information," Taburianskiy says enthusiastically.
Masternodes from Validators
Minter began to regulate the participation of masternodes, or servers in a decentralized network, which are designed to perform unique functions, such as fast transactions or private transfers determined by the size of the stake (own and delegated). According to the plans of the developers, initially, there will be 16 servers on the network, one of which is owned by Taburyanskiy. Then, every month, four new ones will be added. As a result, the maximum number of validating nodes is 256. At the start, the most professional and ambitious participants will be selected. This will increase competition and will force them to work hard on their projects. It is not difficult to deploy nodes, even in several data centers, such as Google Cloud, Amazon Web Services, and Digital Ocean.
"By education, I'm an IT specialist, so I quickly figured out the system. Of course, the whole thing relies on the competence of the programmer, since, to create a long-term project, you need professional skills. But, in my opinion, anyone who possesses basic knowledge and is interested in blockchain can deploy a simple node. Running a simple scheme with an executable file is easy. Although in terms of long-term prospects, only the strongest will remain—those who are most interested in the project. The Minter network is limited by the number of validators who will receive rewards for their activities. If you do not get a reward, then you will not be interested in maintaining the network. This is a fact. Validators who care about security and, at the same time, are open (i.e., do not hide information about balances and rewards), will inspire the audience's trust and have the greatest stake," Evgeniy supposes, adding that validators will have to fight for users' attention.
The Battle for Delegators. Commission Fees
It is becoming increasingly difficult to attract the attention of new participants to the network due to the fact that the audience is becoming more experienced. The task of the delegating user will be to analyze the list of masternodes and choose the most professional and active one; the one that they will be ready to entrust their coins with. The validators try to get users in different ways. For example, a small commission by market standards for the work done, which means the formation of blocks, can be an excellent motivation for entry. At the moment, the network of Evgeniy Taburyanskiy has set a fee of 10 percent, which will soon be lowered.
"In the test network (we are at this stage), the validator commission can be different. It does not affect anything, and instead, it is simply pampering. I'm not sure that this figure will remain in the main network. Most likely, the commission will be less. After all, there is an objective reality. I have the right to demand some money for my work, but that amount should not be exuberant. I'm not greedy, and 18 percent, 20 percent, or 50 percent are such huge rates that will kill me in a competitive market. Of course, you can put a very high percentage, and there will be people who, because of ignorance or lack of a better offer, will be ready to delegate—but only until there is a competitive validator with an adequate commission. I am convinced that we must carefully approach the issue of fees and reach the mainnet with a competitive fee for services. In addition, the whole idea is in attracting the attention of the community, as the more people who participate in the project, the more popular the network will be. I am interested in long-term partnerships with people who trust me with their coins. It is impossible to establish cooperation on the basis of heightened self-worth," as Taburyanskiy is sure.
The Battle for Delegators. Creation and Promotion of the Website
An important aspect from the technical and communicational point of view is the website of the validator. It is the site that all activities concerning the delegation of coins will be carried out through. For quick access, you need a simple interface and an accessible site configuration. The web page should be trusted by potential delegators who want to cooperate with a particular validator.
"I tried with my fellow colleagues to make a site most similar to the main page of Minter by observing color solutions and design so that it would create a holistic picture for people who would come to our common cause, click on links, and get pleasure from it. So that way, it does not seem to be something disjointed. Technically, until August 7, there was no site or interface where it would be possible for a potential stakeholder to assess the return on input without going into formulas, and in response to this problem, we offered a calculator. Also, there was no understandable analyst to answer the questions: how much have I delegated, how much did we earn together, and should I continue to be with this validator? We were the first to create an understandable statistics pages for each of our delegators and a page with key information about the validator’s work. Everything becomes clearer and easier," says Evgeniy about the new features of the site and notes that in this way, a small added value of the Minter network was created, and this attracted the attention of the community.
Promotion with the help of regular posts on social networks with an appeal to cooperate with this validator is an outdated technique. Users themselves can find and become interested in a quality product, and then choose the most optimal option for themselves. Delegators who are committed to long-term cooperation will not entrust their cryptocurrencies without a detailed project description.
"At the moment, my goal is to refine and create a quality product. Only then will I think about the progress of my project. I'm not sure that the scheme of constantly posting on Twitter, Telegram, and other social networks is very relevant at the moment. In my opinion, this type of promotion was at the peak of its popularity last year, when there was an ICO boom. Now the community has become more sensible. It reads analytics and monitors information. There are now thematic resources for promotion, which write about the cryptocurrency market. Probably, even our conversation will help potential users of Minter learn about me and my intentions," Taburianskiy suggests.
About the Earnings of the Validators
Owners of the future masternodes will be receiving rewards for network blocks for the first 10 years. In addition to the rewards from the network, you can also receive a commission for transfers. As a result, the validators will receive almost 10 billion BIPs, or 98 percent of the total supply. The reward for a successful block will start from the 333 BIP mark and in 10 years will gradually drop to 1 BIP. The market value of one BIP will be determined during a private sale at the end of October with the maximum price being 100,000 BIP per 1 BTC.
"For me, earnings go into the background in spite of such amounts. The main thing is to translate the idea into reality. When I estimate my rewards, the calculator shows some fantastic figures, which I sometimes refuse to believe. For me, they are very large. But common sense and assessment of the budgets of ICO projects tell me that incomes with numerous zeros at the end are a normal trend in the crypto industry. In any case, I am immersed in the project and thoroughly encouraged by it.
Development and modernization of the network take a very long time. Last month, I dedicated about six hours of work to the project per day. After all, nodes require attention, especially now at the test stage. After putting in the hard work, though, you see positive comments and feedback from the community, which encourages you to keep working. It's nice to listen and see. I want to do more and do it better, and rewards are just a pleasant bonus," Taburyanskiy shares his impressions.
During the airdrop, the Minter network's BIP coins will be distributed among users who have undergone a simple KYC procedure with a confirmed phone number and e-mail address. In total, participants will receive 100 million BIPs, costing 1,000 BTC. In the process, it is planned to introduce a joint referral program with partner companies, among whom are some of the best projects and world brands.
"I try to adjust to the roadmap and move in parallel with the Minter team. I constantly monitor the actions of the guys, and I see what they have to offer. I immediately study new releases and think about how we can use the innovations or what needs to be changed in the architecture of our validator and in the interface of the site. Most likely, some changes will follow. My colleagues and I are in a perfect position to track new trends from Minter developers. The main work is done. There is some undisclosed information within sections like the 'Frequently Asked Questions.' Today, I was engaged in working on that section with the colleagues. We also need to add information about the team, so there is content that gives texture and credibility to our audience. On the topic of the functionality of the site, it is unlikely that there will be many changes—although anything is possible. Now, the questions are what percentage will be allocated to the fund of developers and what percentage will be reserved for block rewards. This all affects the forecasts, take the calculator that shows the approximate profit from delegated coins. Functions are sewn into the code, so when the network conditions change, we will have to make corrections. As for the infrastructure, in general, it is ready and waiting for a stable release of the software part of the masternode from the Minter team. At the moment, we are adjusting and testing security and monitoring systems so that by the time the main Minter network is launched, it will be at its best. In any case, we are ready for all innovations," as Evgeniy Taburyanskiy, the validator of the Minter network, speaks in detail about his plans.