As the platform for the next-generation digital economy, Cocos-BCX aims to create an integrated multi-platform runtime environment for games and encourage members to co-build the ecosystem community. Thus, with the launch of mainnet 1.0 “Gang Rinpoche”, Cocos-BCX official release of the node election policy.

1. What Makes up Cocos-BCX Mainnet System

1.1 Candidate

There are 2 kinds of candidates in the system, active BP candidate and council candidate.

Ordinary token holders can register as active BPs or candidates for council members under operational instruction. Only candidacy accounts are eligible to be elected as active BPs or candidates for council members.

Active BPs need to provide hardware environment, install program on the mainnet and get prepared for block generation.

1.2 Active BP

Active BP is the provider of system resources, referring to the candidate who ranks top 11 by votes in the election and generates blocks in actual operation.

It should be noted that active BP may be degraded as candidate if there are not enough votes and new active BP can only be elected from candidate pool.

1.3 Council Member

Candidates who rank top 11 by votes can be elected as council members and make up the council and participate in decision-making such as on-chain proposal and parameter configuration.

1.4 Council

The council is made up of council members, and as an on-chain institution for governance, it is eligible to participate in decision-making such as on-chain proposal and parameter configuration.

Candidates who rank top 11 by votes can be elected as council members.

2. Basic Rules of Roles in Cocos-BCX Mainnet

2.1 Fairness

1) Active BPs rotate out of order according to random rules during an election cycle to avoid cheating or prediction of node generation;

2) Candidates support system robustness and gain some benefits;

3) Council members have equal rights and jointly make decisions for on-chain proposal.

2.2 The Relations and Rules of Candidate, Active BP and Council Member

1) During the operation of mainnet, token holders that have at least 50 million COCOS in their account can submit application and become candidates;

2) Candidates that rank top 11 by votes will be elected as active BPs while others remain their status, and the number of active BP will be adjusted by the council in the late stage.

3) Candidates that rank top 11 by votes will be elected as candidate members while others remain their status, and the number of candidate members will be adjusted by the council in the late stage.

2.3 Rules of Block Generation

The election cycle lasts for 24 hours, block generation cycle 2 seconds and the rule of active BPs rotation is:

All nodes that are elected as active BPs generate blocks in rotation out of order according to certain random rules.

It should be noted that block generation probability of all active BPs is approximately equal under the control of the algorithm and will not be influenced by the ranking of BP votes.

3. Basic Process of Participating in the Election

3.1 Candidate Application

To become candidates, token holders need to pledge 50 million COCOS, and choose active BP or candidate for council member in the application. After that, candidates take a vote and compete for active BP or council member, of which the two roles are compatible with the same account provided that candidates stake superposed COCOS tokens.

3.2 Token Holders Take a Vote

“One holder, many votes” is adopted in the election. Token holders vote for ideal candidate in the list of active BPs (11 candidates can be voted concurrently); likewise, token holders vote for ideal candidates in the list of council members (vote for 11 candidates is also permissible).

Candidates in the list of active BPs that make into the top 11 can be elected as active BPs in the election cycle; likewise, candidates in the list of council members that are within the top 11 are elected as council members in the election cycle.

3.3 Election Cycle

The election cycle is now set to24 hours.

3.4 Notice

· The active BPs and council members are independently elected.

· If active BP is offline due to network reason, other active BP will be picked up to participate in block generation.

4. Incentive Mechanism

4.1 Block Generation Reward

4.1.1 Definition

For each valid block generated by an active BP, the system will take an amount of funds out of capital pool as block generation reward, and invalid blocks due to network reasons, slow response and etc. are excluded.

4.1.2 Issue Rules

Each cycle of block generation currently lasts for 2 seconds. The chain system will take an amount of COCOS tokens which are managed by the council out of capital pool for the use of reward for active BPs of each block.

4.1.3 Issue Cycle

The generation of a block indicates issuance. It needs to be unlocked linearly within 24 hours, and gainers need to execute corresponding command to collect.

4.1.4 Reward Source

Capital pool

4.1.5 Reward Amount

Reward amount is a core parameter decided by council voting in the chain system, and it is currently set as 100 COCOS.

4.2 Settlement Allowance

4.2.1 Definition

For each settlement cycle, system takes an amount of funds out of capital pool as settlement allowance, hereinafter referred to as allowance. The allowance is managed by the council, serving as a subsidy for the operating team of the chain system. Candidates, active BPs, and council members can all receive incentives from the allowance.

4.2.2 Issue Rules

For each settlement cycle, the system will take an amount of funds out of capital pool as settlement allowance, of which the proportion is decided by the council, and candidates, active BPs, and council members can all receive some allowance;

· For each settlement cycle, the system will take out 55% of the allowance for council members, and the proportion of allowance is determined by the council;

· For each settlement cycle, the system will take out 45% of the allowance to equally distributed to candidates that fail to be elected as well as active BPs, and the proportion of allowance is determined by the council;

· Allowance for active BPs is distributed according to node weight, which is affected by the proportion of votes received by the node in the cycle;

· Allowance for candidates is evenly distributed.

4.2.3 Issue Cycle

The allowance is automatically issued after a settlement cycle (currently set as 24 hours).

4.2.4 Reward Source

Capital pool.

4.2.5 Reward Amount

Reward amount is a core parameter decided by council voting in the chain system, and it is currently set as 3,000,000 COCOS.

The above is the policy of Cocos-BCX mainnet node election. The above is the policy of Cocos-BCX mainnet node election. Interested teams and individuals are encouraged to apply for the Cocos-BCX Node Election Plan by filling out the form at https://forms.gle/TrmEvZamTuuKfqzXA. Let’s build Cocos-BCX ecosystem together!