Delegate Endorsement
Delegate Endorsement is a feature introduced to the IoTeX Network that allows aspiring Delegates to participate in governance and consensus without directly meeting the self-staking requirement of 1.2 million IOTX tokens. By leveraging endorsements from other stakeholders, this system fosters inclusivity, decentralization, and broader participation within the IoTeX ecosystem.
Key Features
For Delegates
Participation Without Self-Stake: Aspiring Delegates can now register and accept endorsements from stakeholders to meet the 1.2M IOTX staking requirement.
Streamlined Process: Delegates register with a 100 IOTX fee and can accept endorsement requests without needing to self-stake.
Governance Inclusion: Gain eligibility to participate in consensus and governance, contributing to the network’s direction.
For Endorsers
Support Delegates: Stake IOTX to endorse aspiring Delegates, enabling them to join the consensus process.
Earn Rewards: Endorsers share in block rewards and bonuses based on the endorsement agreement.
Flexible Staking Options: Stake endorsement buckets with customizable durations, including auto-stake options for rewards.
How It Works
Roles and Operations
Delegates
Register Without Bucket: Register as a Delegate by paying 100 IOTX. Initially, Delegates are not eligible for consensus.
Accept Endorse Requests: Delegates can accept endorsement requests from Endorsers, unlocking eligibility to participate in consensus.
Terminate Endorsement: Delegates can terminate endorsements as needed.
Endorsers
Stake Endorsement Bucket: Create endorsement buckets by staking at least 1.2M IOTX for a chosen duration.
Submit Endorse Request: Propose endorsements to Delegates. Once accepted, the bucket becomes locked for the endorsement period.
Revoke or Cancel Endorsement: Endorsers can revoke active endorsements or cancel pending requests.
Endorsement Process
Delegate Registration:
Delegates register with a 100 IOTX fee.
Registered Delegates are not eligible for consensus until endorsed.
Endorsement Bucket Creation:
Endorsers stake at least 1.2M IOTX to create an endorsement bucket.
Buckets can have customizable staking durations, with options for auto-stake bonuses.
Endorsement Request Submission:
Endorsers select a bucket and propose an endorsement to a Delegate.
The endorsement includes an expiration date, determining the period for which the Delegate can participate in consensus.
Accepting the Endorsement:
Delegates accept the request, and the bucket becomes locked until the endorsement is terminated.
The Delegate is now eligible to participate in consensus.
Termination:
Endorsements can end through expiration, revocation, or Delegate termination.
A protection period ensures smooth transitions for both parties.
Benefits
For Delegates
Accessible Participation: No need to own 1.2M IOTX tokens to join the network.
Reputation Building: Gain visibility and credibility by securing endorsements from stakeholders.
Focus on Governance: Participate in consensus without managing self-staked assets.
For Endorsers
Reward Opportunities: Earn rewards through block production, bonuses, and negotiated agreements with Delegates.
Active Governance: Influence network direction by empowering credible Delegates.
No Node Management: Participate without the technical or operational burden of running a node.
Staking Method
Rewards
Requirements
Risks
Self-Stake Delegate
1.06x rewards
Run a node + 1.2M IOTX
Full self-responsibility
Endorse Delegate
Negotiable (~1.06x)
1.2M IOTX stake
Potential penalty if Delegate misbehaves
Vote Delegate
1x rewards
Small token amounts
Minimal risks
Rewards Distribution
Rewards come from block rewards, foundation bonuses, and epoch bonuses.
Endorsers receive their share of rewards based on the endorsement bucket, which also benefits from the self-stake bonus (1.06x).
Reward splits between Delegates and Endorsers are arranged off-chain.
Implementation Notes
Compatibility: The endorsement mechanism integrates seamlessly with IoTeX’s existing staking system.
Security: Endorsement locking ensures stability and protects against abrupt changes.
Flexibility: The ability to revoke endorsements with a protection period balances stability with adaptability.
Get Started
Register as a Delegate or create an endorsement bucket to support the IoTeX ecosystem.
Shape the future of IoTeX with greater inclusivity and decentralization!
Last updated