Launching the new vDex Node
What’s inside the vDex Node?
- The Oracle
- Open Ethereum
What is a Volentix Oracle:
An oracle script constantly feeding an EOS contract with the Ethereum VTX balance, account name, timestamp, and block info.
Which chains do the vDex nodes work with?
This version of the node works with these 3 blockchains (Bitcoin, Ethereum, and EOS)
What is a Volentix Node?
The Volentix Node AKA vDex Node, is a docker network using a .yml file for configuration.
How does voting work?
- Your vote power depends on the amount of VTX you have staked
- Stakers can vote for nodes and proposals
How does the distribution work?
- Anyone staking 10,000 VTX and running a vDex node is eligible to receive daily subsidies
- Selected services each payout a specific subsidy
- 10 VTX daily for voting
- 66 VTX daily for running the oracle
How does signing a contract happen?
The signing of transactions is done by using your private key which prints a digital signature to the transaction which can be mapped to your corresponding public key. Signing a transaction proves that the transaction in question was originated and authorized by that particular account.
How do you register to become a node?
To become a delegate only requires you to run a few commands from your machine. However, one can always procure more hardware that scales up the network and builds community trust.
In the case of the vDex node, one needs to vote daily as a minimum requirement.
What does an EOS contract constitute of and how does that help?
- Staking: You can stake your VTX and get rewarded for it.
- Custodian: Wrapped tokens are each backed by an equal amount of another asset. In this case, a pool of ETH VTX tokens is backed by a pool of VTX tokens on EOS to which a corresponding amount of original VTX token was sent. The synchronization of the initial EOS VTX with ETH VTX is ensured by:
- An oracle script executed by the nodes on the Volentix network, constantly feeding an EOS contract with the ETH VTX balance, account name, timestamp, block info etc…
- A smart contract on EOS validating this balance
- The retiring of EOS VTX by this contract according to the new approved balance
3. Token: VTX is the native utility token of the Volentix ecosystem.
4. Pools: Liquidity pools are pools of tokens that are locked in a smart contract. They are used to facilitate trading by providing liquidity.
5. Gateway: The vDex gateway allows the transfer of BTC & ETH into EOS. More chains like Polkadot and Cosmos are being integrated.
- EOS custodians must be updated continuously by a minimum of 8 oracles.
- No oracle can submit its value twice.
- Node operators must register to the Volentix node network.
- Users must be able to pick the work/subsidies they want.
- Volentix nodes should be extended with the new functionality of being able to update without having to null registrations.
- Nodes must have 10,000 VTX staked.
27 418 members, 952 online Volentix empowers users to trade across any Blockchain, simply, safely and without…