QuarkChain Announced Early Token Swap for Miners Who Wish to Join PoSW Mining
Dear Community Members,
At present, QuarkChain mainnet has been running smoothly for more than 2 months, and more miners are participating in the mining event. However, many miners still hold QKC as ERC20 token, rather than the mainnet token. They can not take the advantages of the PoSW consensus to improve mining efficiency by staking the mainnet QKC token. In order to enable miners to participate in mining more efficiently, we decide to open the early token swap channel for miners who participate in the mainnet mining. Miners who participate in the mainnet mining and hold ERC20 tokens can be qualified for the early token swap through submitting an application.
What’s the Meaning of Early Token Swap
After the early token swap, miners will have mainnet QKC token. Miners can obtain benefits that reduce mining difficulty by 20 times by staking a specified number of mainnet QKC tokens.
Starting Time: From now on
Method：Please fill-up the Early Token Swap KYC Form (No need to KYC again if you complete it before): https://quarkchainguardian.typeform.com/to/jxNku3
Notices Before Applying early token swap:
1. This Early Token Swap is for mainnet miners only. The formal token swap will start at the end of July. For community members who are not miners, please wait for the token swap announcement.
2. It is required to hold QKC ERC-20 token (The minimum token amount: 20,000 QKC ERC-20 token).
3. Due to compliance requirements, all miners must complete and pass KYC before they are eligible for the early token swap. Please send ERC20 token to the address used to burn after QuarkChain publishes KYC results. The loss of failure to pass KYC and early burn has nothing to do with the QuarkChain team.
4. The official public address for early token swap is: 0x0000000000000000000000000000000000514b43.
The official backup address for early token swap is: 0x9BdE80288a48520992C4cFf14e1546927A8c3E79.
Please don’t trust any other addresses except for the above two. Be careful of fake addresses and phishing attacks.
5. Do not send ERC 20 QKC tokens to early swap token address directly from an exchange.
6. QuarkChain mainnet does not support cold wallet at the moment. We recommend transferring QKC-ERC20 tokens from a cold wallet address to a metamask address and then burning the tokens using the metamask address.
How to execute Early Token Swap and obtain native QKC coins for PoSW?
- Holders must pass the KYC
- Token holders may send their ERC20 QKC tokens to a public address. The official addresses provided by QuarkChain are:
a) Official public address: 0x0000000000000000000000000000000000514b43.
b) Official backup address: 0x9BdE80288a48520992C4cFf14e1546927A8c3E79.
- The address used to burn ERC20 QKC tokens will be announced after we finish the KYC process, please follow the official QuarkChain social media channel for the update.
- The wallet address from where the ERC20 tokens were sent will automatically be credited to the same wallet address on the QuarkChain mainnet with native QKC coins. The amount credited will be equal to the amount sent
What is PoSW?
A simple hybrid PoW/PoS — proof of staked work (PoSW) is exclusively developed by QuarkChain, and runs on the QuarkChain shards. This consensus allows miners to enjoy a 20-times reduction in the difficulty of mining if there are sufficient stakes in the miner’s address (currently 256 pieces per interval) based on the amount of native tokens they staked.
We use the following parameters of PoSW:
The maximum hash power benefits: 20x
The miner’s hash power estimation: 256 blocks
If the miner stops mining, stakes will be locked for 256 * 10 = 2560 seconds
In simple words, miners can reduce mining difficulty by 20 times by staking QKC. The number of stakes corresponds to the different hash power benefits of blocks. At least one block, and at most 256 blocks. Miners can enjoy the benefits until withdrawing stakes.
The minimum number of stakes and mining algorithms for each shard are shown in the table below.
Whom can Apply: All miners who join QuarkChain Mainnet Mining
Requirement: hold QKC ERC-20 token (The minimum token amount: 20,000 QKC ERC-20 token).
Please refer to our paper and mainnet configuration for more details.
A quick explanation of the terms and numbers of PoSW: the allowance is the number of blocks a miner could produce in any hashpower estimation window (contiguous blocks) without difficulty penalty. If the number of blocks produced by a miner exceeds its allowance in the window, the miner will not enjoy the hash power benefits, the difficulty of mining a block will be normal.
Hash power benefits: The total effective hash power could be lower than the total hash power. This means a miner with sufficient stake may be easier to mine if other miners do not have sufficient stake.