[Validator Contest] Join to bitsong-testnet-3 (incentivized)

Description

This is a contest wanted by BitSong to reward and incentivize those who participate in the BitSong Network consensus, guaranteeing them substantial rewards for the correct behavior during the various phases of the network, but also for devotion, professionalism, growth of the network and of course the quality of the infrastructure they put into play.

General Rules

  • The validators must be able to run a Full Node in full health and without having repercussions on the network in the event of a fall.
  • The validators must be available and able to resolve the various problems that their Masternodes could have during the various processes, with excellent timing.
  • The validators must always vote for the decisions that will be taken through Proposal .
  • The validators must never neglect their role in governance .
  • The validators must be committed to improving the ecosystem, proposing new parameters, new functions or anything that can lead to the improvement of the BitSong ecosystem .
  • The validators that will develop tools or anything that will prove to be useful to BitSong and/or its community, will be further rewarded .

Tokenomics

  • Governance Token : BTSG
  • Initial Supply : 116,420,850btsg (116,420,850,000,000ubtsg)
  • Funding Ended : 14th December 2018

Distribution

  • Crowdfunding (50%): 58,210,425btsg
  • Reserve Fund (20%): 23,284,170btsg
  • Team (15%): 17,463,128btsg
  • Marketing & Partnership (7%): 8,149,460btsg
  • Advisors (5%): 5,821,043btsg
  • Bounty Contest (2%): 2,328,417btsg
  • Airdrop Contest (1%): 1,164,209btsg

Awards & Conditions

Contest 1 - Join to bitsong-testnet-3.

This is a contest dedicated to validators who will take part in BitSong Testnets, starting from Testnet-3, and who will continue their participation also in Mainnet.

  • Total Max Prize : 2,400,000btsg
  • Max Partecipants : 32 validators
  • Delegations Total Available : 5,000,000btsg

Badges

  • Early Badge: 5,000btsg + 5,000btsg mainnet bonus
  • Veteran Badge: 15,000btsg
  • Founder Badge: 50,000btsg

Conditions & further rewards:

  • To be able to get the 5,000btsg prize, the validators will have to participate in all the testnets until the launch of the mainnet, where validators must have at least 90% of the blocks signed (mainnet scheduled for Q1/Q2 2020).
  • Additional 5,000btsg will be credited to the validators who will continue running their full node also in Mainnet (initially these 5000 btsg will be delegated to the validator and only after the 90th day of active participation in the consensus on the Mainnet , the tokens will be effectively sent to the validator).
  • After the first 6 months of validation in Mainnet , the validators coming from testnets, who will continue running their full node in BitSong , will be given the Veteran Badge along with further 15,000btsg (initially these 15000 btsg will be delegated to the validator and only after the 9th month of active participation in the consensus on Mainnet, the tokens will be sent to the validator).
  • The validators coming from the testnet will have priority over the awarding delegations that BitSong will carry out.
  • BitSong allocates a total amount of 5,000,000btsg for further delegations to its Early Validators . Evaluations will be carried out based on the activities, the quality and the interest that each Validator will show in the network.
  • Upon reaching the 12 months of active participation in the consensus, the validator will be given the Founder Badge , the “Diamond Validator” honor by BitSong and a bonus of 50,000 btsg.

Contest 2 - Join to BitSong Mainnet

This is a contest dedicated to validators who have never participated in any BitSong Testnet, but wish to join the ecosystem directly in Mainnet.

  • Total Max Prize : 1,760,000btsg
  • Max Partecipants : 32 validators
  • Delegations Total Available : 2,500,000btsg

Badges

  • Early Badge: 5,000btsg
  • Expert Badge: 10,000btsg
  • Founder Badge: 40,000btsg

Conditions & further rewards:

  • The 5,000btsg will initially be delegated to the validators. They will get the tokens effectively only after 3 months of active participation in the consensus.
  • The validators who will continue running their full node in the BitSong Network after the first 3 months, will get an additional bonus of 10,000btsg upon reaching the 6th month of participation in the consensus (initially these 10,000 btsg will be delegated to the validator and once reached the 9th month of active participation in the consensus on Mainnet, the tokens will be effectively sent to the validator). Once reached the 9th month of participation, the Veteran Badge will be assigned to the Validator.
  • Additional 2,500,000 btsg will be allocated for delegations to the most active and qualitative validators on the network. (Who did not participate in the testnet, otherwise the conditions of point number 1 will be applied).
  • Upon reaching the 18 months of active participation in the consensus, the validator will be given the “Founder” Badge, the “Diamond Validator” honor by BitSong and a bonus of 40,000 btsg.

ATTENTION: For the validators who have joined us from Testnet-1 and will remain until Mainnet, in addition to the 5,000btsg bonus specified in Contest number 1 , they will receive an additional bonus of 2,500 btsg , without the obligation to maintain the full node in Mainnet.

In the event that they maintain the full node also in mainnet, a further delegation of 25,000 btsg will be assigned to them, while they will be included in all the advantages listed in point number 1, with the sole exception that the “Veteran” Badge will be assigned to them at the 90th day of validation in Mainnet and not to the 6 month period as those who joined us from Testnet-3.

How to Participate

Contest dates

  • Start: January 27th, 2020
  • End: Mainnet Launch

Mainnet launch ETA

  • Q1/Q2 2020

Validator Slots

  • 32 Validators

Governance will be able to change this parameter by proposal once the mainnet is launched.

Participate in the discussion

Join our community on Discord and stay updated on all related topics. Make sure you check our channels often so you don’t miss out on updates!

Disclaimer

Registration to the form does not imply automatic approval by BitSong Group Ltd .
The contest program is in testing phase, it may change at any time and it may be necessary to perform a KYC/AML procedure . All approval requirements will be announced before the endline. The participants in this phase are aware that they may not receive the rewards if the KYC/AML procedures are not approved.

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