P2P Validator: our payout model for Tezos rewards is changed
At p2p.org we want to build the most simple and secure staking service for our clients. Our delegators prefer to get their rewards faster and we have done it! We are improving the staking experience for all our delegators making P2P Validator a comfortable and robust partner to stake with.
First Tezos payout 40% faster
When someone delegates XTZ to a baker, the staked amount begins to generate rewards 7 cycles (1 cycle ~ 3 days) after the cycle the delegation was made. At the end of this period stake earns a portion of the total rewards generated in each of the following cycles. These rewards get frozen for 5 cycles together with the security deposits. If a baker double-bakes or double-endorses these funds get seized from the baker as a punishment measure. In addition, the baker loses all the rewards and fees that were locked together with the security deposits.
Each baker decides their reward payout model. To make the staking process easier we will pay rewards that are frozen from our own funds since they are already earned. The first payout will follow after the 7th cycle. All delegators will get their rewards in advance even in cases of slashing.
New delegators
Example - you started staking at cycle 154. The user will get their first reward after twelve cycles. Rewards begin accumulating after the 7th cycle. The first reward will follow at cycle 166. However, if you delegate to P2P Validator you will get your first payout at cycle 161, which is 15 days earlier than originally expected. This method decreases the wait period for the first payout by 40%.
Recent delegators
On October 1, 2019 our existing delegators will get their rewards that are currently frozen and will continue to receive payouts each following cycle. For example, if you delegated in 145 cycle, you will get rewards for two cycles (C152, C153) with two transactions. Each payout will correspond with the reward of the cycle. After that you will get payouts each cycle, so the next reward will be distributed at cycle 155.
Early delegators
For our early clients who have been with us for more than twelve cycles, these changes will mean that you will receive your frozen rewards immediately. For example, if you delegated at cycle 142 under the old payout model you would have received rewards for cycle 149 at cycle 154. In our new model, at cycle 154 you will receive five payouts for cycles 149, 150, 151, 152, 153 that correspond with the reward of the cycle. After that cycle you will continue to receive rewards each following cycle without further delays or shortfalls. Thank you for delegating with us!
We have confidence in the resilience of our infrastructure. We take full responsibility for any losses in the event of double-baking/endorsing occurring. In other words, if such an event takes place all delegators will get their rewards as planned and losses will be assumed by our bakery.
Safety of rewards for our delegators is our top priority. We insure our payouts with Baking Bad so, if we miss a significant number of blocks or endorsements (in other words if our performance is less than 90%), the corresponding reward will still be paid. We actively manage our self-bond to increase capacity and maintain the highest possible reliability AAA+ rating.
We hope such a payout model will add value for our delegators and simplify the understanding of our rewards payout schedule for Tezos.
If you have any questions feel free to contact our team. We are always open for communication.
Thanks to Baking Bad, David Telfer and our active delegator John for their help in improving this article.
P2P Validator offers high-quality staking facilities and provides up to date information for educational purposes. Stay tuned for updates and new blog posts.
<p>iGaming industry is growing really fast. Size of the online gambling market is anticipated to almost double and will reach <a href="https://www.prnewswire.com/news-releases/global-online-gambling-market-size-worth-usd-73-45-billion-by-2024-hexa-research-869794438.html?ref=p2p.org">73</a> - <a href="https://www.statista.com/statistics/270728/market-volume-of-online-gaming-worldwide/?ref=p2p.org">94</a> billion USD in 2024. Traditional solutions offer high level of user experience but still lack transparency and fairness. These limitations can be resolved with blockchain technology which properties as immutability and openness become a perfect fit for trustless gambling.</p><p><a href="https://daobet.org/?ref=p2p.org">DAOBet</a> is a game changer for iGaming industry and one of the best existing production ready solutions on the market. It is a blockchain infrastructure for online gambling that is based on a EOS codebase with some <a href="https://daobet.org/blog/why-did-we-choose-eos/?ref=p2p.org">notable improvements</a>, developing especially for online gaming industry.</p><p>It uses Proof-Of-Stake to secure the network and allows lower latency and higher throughput with a registered peak of 12 000 transactions in one second. Every user may also own a share of the network earning rewards by staking BET tokens.</p><h1 id="current-state-of-the-project"><strong>Current state of the project</strong></h1><p>DAOBet includes necessary features to provide solid user experience eliminating the need to trust a centralized game provider.</p><ul><li>Fast transaction speed at low cost</li><li>Network decentralization provided by 100 independent validators</li><li>Deterministic finality, approved transaction cannot be reverted</li><li>True fairness proven by <a href="https://daobet.org/blog/dao-casino-awarded-certificate-of-integrity-by-gli-for-signidice-rng/?ref=p2p.org">certified random number generator</a></li><li>WebAssembly virtual machine compatible with EOS</li></ul><p>The <a href="https://daovalidator.com/?ref=p2p.org">Game Of Stake</a> incentivized testnet is in full swing right now and will last due October 10, 2019. It is an important event to test network conditions and prepare for mainnet launch that is planned in the end of Q3, 2019.</p><p>We are glad to be a DAOBet validator and share the vision of fair and comfortable gaming experience without the need to rely on a centralized entity.</p><hr><p><em><em>If you have any questions feel free to contact our team. We are always open for communication.</em></em></p><hr><p><strong><strong>P2P Validator</strong></strong> offers high-quality staking facilities and provides up to date information for educational purposes. Stay tuned for updates and new blog posts.</p><p><strong><strong>Web:</strong></strong><a href="https://p2p.org/?ref=p2p.org"> https://p2p.org</a></p><p><strong><strong>Twitter:</strong></strong><a href="https://twitter.com/p2pvalidator?ref=p2p.org"> @p2pvalidator</a></p><p><strong><strong>Telegram:</strong></strong><a href="https://t.me/p2pvalidator?ref=p2p.org"> https://t.me/p2pvalidator</a></p>
<p>If you participated in a Polkadot fundraiser and received your DOT indicator tokens you can claim KSM with your original Ethereum address.</p><p><em><em>This guide is out of date, for actual instruction use <a href="https://p2p.org/economy/polkadot-nomination-guide">Polkadot nomination guide</a> and repeat the same steps for Kusama. To get list of up-to-date addresses for nomination in Kusama visit <a href="https://p2p.org/kusama?ref=p2p.org">p2p.org/kusama</a>)</em></em></p><p><a href="https://p2p.org/economy/kusama-network-delegation-guide/#create-an-account-on-kusama-network">Create an account on Kusama network</a></p><p><a href="https://p2p.org/economy/kusama-network-delegation-guide/#claim-your-ksm">Claim your KSM</a></p><p><a href="https://p2p.org/economy/kusama-network-delegation-guide/#nominate-validators">Nominate validators</a></p><h1 id="create-an-account-on-kusama-network"><strong>Create an account on Kusama network</strong></h1><p>First, you need to create a Kusama account. Visit <a href="https://polkadot.js.org/apps/?ref=p2p.org#/accounts">Polkadot UI</a>, go to <code>Settings</code> tab and select <code>address prefix</code>.</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/prefix.PNG" class="kg-image" alt loading="lazy" width="1600" height="729" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/prefix.PNG 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/prefix.PNG 1000w, https://p2p.org/economy/content/images/2020/09/prefix.PNG 1600w" sizes="(min-width: 720px) 720px"></figure><p>In a dropdown menu select Kusama (canary) and click <code>Save</code>.</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/2-13.PNG" class="kg-image" alt loading="lazy" width="1600" height="695" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/2-13.PNG 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/2-13.PNG 1000w, https://p2p.org/economy/content/images/2020/09/2-13.PNG 1600w" sizes="(min-width: 720px) 720px"></figure><p>Go to <code>Account</code> tab and press <code>Add account</code> button</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/3-12.PNG" class="kg-image" alt loading="lazy" width="1600" height="744" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/3-12.PNG 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/3-12.PNG 1000w, https://p2p.org/economy/content/images/2020/09/3-12.PNG 1600w" sizes="(min-width: 720px) 720px"></figure><p>Complete all the required fields and save all information in a secure place. For future ease add in the name of the account “stash” to identify it easily in the future or add a tag after creation. You will be able to download and store your encrypted keystore locally.</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/4-8.png" class="kg-image" alt loading="lazy" width="1600" height="743" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/4-8.png 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/4-8.png 1000w, https://p2p.org/economy/content/images/2020/09/4-8.png 1600w" sizes="(min-width: 720px) 720px"></figure><p>Press <code>Save</code> and backup your account</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/5-7.PNG" class="kg-image" alt loading="lazy" width="1600" height="746" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/5-7.PNG 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/5-7.PNG 1000w, https://p2p.org/economy/content/images/2020/09/5-7.PNG 1600w" sizes="(min-width: 720px) 720px"></figure><p>For secure staking you will need to have at least two accounts:</p><p><strong><strong>Stash</strong></strong> - the primary account that holds the funds. The funds can be kept in a cold wallet and all bonded KSM are locked. After unbonding, users must wait for a time before they can access the locked funds.</p><p><strong><strong>Controller</strong></strong> - a separate account to control and perform commands for stash account, like changing nominations, starting or stopping nominating and so on. It needs to have sufficient funds in KSM to send transactions when actions are taken.</p><p>Now you have created one account that initially will perform both functions. It will appear in your <code>Accounts</code> tab. After enablement of transactions, it is recommended to create a separate account, send 1 KSM to it and use it as a controller.</p><h1 id="claim-your-ksm"><strong>Claim your KSM</strong></h1><p>After account registration you need to claim your KSM. Go to the <a href="https://polkadot.js.org/apps/?ref=p2p.org#/claims">claim app</a> on Polkadot UI, select your account and press <code>Continue</code>.</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/6-4.PNG" class="kg-image" alt loading="lazy" width="1600" height="744" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/6-4.PNG 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/6-4.PNG 1000w, https://p2p.org/economy/content/images/2020/09/6-4.PNG 1600w" sizes="(min-width: 720px) 720px"></figure><p>To connect Kusama address with Ethereum fundraiser address you will need to sign the message with the ETH address that has DOT indicator tokens and paste the transaction signature in the empty box below.</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/7-3.PNG" class="kg-image" alt loading="lazy" width="1600" height="753" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/7-3.PNG 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/7-3.PNG 1000w, https://p2p.org/economy/content/images/2020/09/7-3.PNG 1600w" sizes="(min-width: 720px) 720px"></figure><p>To sign a transaction you can use MyCrypto (MC) or MyEtherWallet (MEW). For increased security, you can run one of the preferred applications on your local computer. Make sure you have downloaded the latest version for your operating system.</p><p>In MC go to <code>Sign & Verify Message</code>, in MEW go to <code>Message</code> tab. Copy text from the dotted box in the Polkadot claim app you used at the start and paste it into the empty message box in the MC or MEW and click <code>Sign</code>.</p><p>After that you will get an output. Copy and paste it into the empty box in the Polkadot claim app and press <code>Confirm claim</code>.</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/8-3.png" class="kg-image" alt loading="lazy" width="1600" height="747" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/8-3.png 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/8-3.png 1000w, https://p2p.org/economy/content/images/2020/09/8-3.png 1600w" sizes="(min-width: 720px) 720px"></figure><p>If you have a valid claim you will see a green box. This means that you are able to take part in staking and governance. Token transfers are prohibited at the moment.</p><h1 id="nominate-validators"><strong>Nominate validators</strong></h1><p><strong><strong>a)</strong></strong> First you need to bond your KSM that are in the stash account.</p><p>Visit the<a href="https://polkadot.js.org/apps?ref=p2p.org"> Polkadot UI</a> and select <code>Staking</code> tab.</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/9-3.png" class="kg-image" alt loading="lazy" width="1600" height="734" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/9-3.png 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/9-3.png 1000w, https://p2p.org/economy/content/images/2020/09/9-3.png 1600w" sizes="(min-width: 720px) 720px"></figure><p>Then choose <code>Account actions</code> tab at the top of the screen</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/10-2.png" class="kg-image" alt loading="lazy" width="1600" height="734" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/10-2.png 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/10-2.png 1000w, https://p2p.org/economy/content/images/2020/09/10-2.png 1600w" sizes="(min-width: 720px) 720px"></figure><p>Press <code>New stake</code> button</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/11-2.png" class="kg-image" alt loading="lazy" width="1600" height="724" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/11-2.png 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/11-2.png 1000w, https://p2p.org/economy/content/images/2020/09/11-2.png 1600w" sizes="(min-width: 720px) 720px"></figure><p>In the modal window choose your stash account and a controller account (in our case they are the same and their names and addresses will match). Put the number of KSM you are willing to bond.</p><p><strong><strong>This amount should be less than the total amount in your stash</strong></strong> to pay fees or set a separate controller account for your stash account in future.</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/12-2.png" class="kg-image" alt loading="lazy" width="1600" height="726" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/12-2.png 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/12-2.png 1000w, https://p2p.org/economy/content/images/2020/09/12-2.png 1600w" sizes="(min-width: 720px) 720px"></figure><p><strong><strong>b)</strong></strong> After your KSM are bonded you will be able to nominate up to 16 validators. Bonded tokens will be automatically delegated to chosen validators in a proportion that will be defined by the algorithm. If you want to delegate a specific number of tokens to a particular validator you have to select only one validator for your stash account. The number of tokens bonded in this stash account will be delegated to this validator.</p><p>Go to <code>Staking overview</code> tab. In the left-hand column are the initial Proof-of-Authority validators that do not accept nominations. To nominate P2P Validator find us in the right-hand column.</p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/13-2.PNG" class="kg-image" alt loading="lazy" width="1600" height="752" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/13-2.PNG 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/13-2.PNG 1000w, https://p2p.org/economy/content/images/2020/09/13-2.PNG 1600w" sizes="(min-width: 720px) 720px"></figure><p><strong><strong>You can find an up-to-date list of recommended addresses on <a href="https://p2p.org/kusama?ref=p2p.org">our website</a>. Copy our addresses one by one:</strong></strong></p><figure class="kg-card kg-image-card"><img src="https://p2p.org/economy/content/images/2020/09/14-1.PNG" class="kg-image" alt loading="lazy" width="1600" height="744" srcset="https://p2p.org/economy/content/images/size/w600/2020/09/14-1.PNG 600w, https://p2p.org/economy/content/images/size/w1000/2020/09/14-1.PNG 1000w, https://p2p.org/economy/content/images/2020/09/14-1.PNG 1600w" sizes="(min-width: 720px) 720px"></figure><p>After that scroll up to <code>Account Actions</code> tab that is above the <code>Staking</code> tab and you will see your bonded account.</p><p>Press the <code>Nominate</code> button and paste the copied address in the blank field.</p><p>Sign and submit the transaction.</p><hr><p><em><em>Hooray, now you can officially call yourself a nominator and are fully prepared to earn rewards immediately after the launch of public network.</em></em></p><hr><p><strong><strong>P2P Validator</strong></strong> offers high-quality staking facilities and provides up to date information for educational purposes. Stay tuned for updates and new blog posts.</p><p><strong><strong>Web:</strong></strong><a href="https://p2p.org/?ref=p2p.org"> https://p2p.org</a></p><p><strong><strong>Stake KSM with us:</strong></strong> <a href="https://p2p.org/kusama?ref=p2p.org">https://p2p.org/kusama</a></p><p><strong><strong>Twitter:</strong></strong><a href="https://twitter.com/p2pvalidator?ref=p2p.org"> @p2pvalidator</a></p><p><strong><strong>Telegram:</strong></strong> <a href="https://t.me/P2Pstaking?ref=p2p.org">https://t.me/P2Pstaking</a></p>
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