New on the Metrixcoin blockchain are governor nodes, users running a governor node are given a vote on blockchain and budget proposals, or may submit a proposal themselves.
- Metrixcoin altitude wallet
- 7.5 million spendable Metrixcoins as collateral
- a bit of Metrix extra to pay for fees
Setting up a Governor Node#
Setting up a governor node is made fairly easy, when in altitude you press the governance tab in the left upper corner under the smaller Metrix logo. In the main screen a button appears which says “enroll” now just click the button and the 7.5 million collateral for the node will be sent to a contract address. (Make sure you have 20+ MRX for the fees next to the colletoral) This meaning the collateral for the node will not be in your wallet and thus will not show in your balance. The node will start running after 15 confirmations.
A governor node has a fixed reward, the first reward after starting the node can take up to 96 hours, after the first reward an expected reward will be received every ~48 hours while the governor node is running, the altitude wallet does not have to be online to receive rewards because the rewards are being sent to you from the governor contract. The annual return of a governor node is the same as the staking rewards. 5% annually of which 10% (0.5% of the total reward) is sent to the developers funds.
If a proposal is submitted the governor node holders may vote yes or no on the proposal, for budget proposals a majority of 10% is needed and for blockchain proposals a majority of 51% is needed for the proposal to pass. Every node holder can submit a proposal, the cost for this is 600000 MRX and these will be burned when the voting is done. For a governor node holder being able to vote, the governor node has to be online for at least 28 days. To keep the governor node online a node holder has to vote at least once a month, if there are no proposals to vote on the node holder has to send a ping which is done in the governance tab on the main page by pressing “send active ping” this will cost about 15 MRX. There is a minimum of 100 active governor nodes needed for a proposal to be submitted and voted on.
- To unenroll your governor node just click “unenroll” in the governance tab, the 7.5m MRX collateral is sent back to you practically instantly.
- For more technical details https://metrixcoin.medium.com/decentralized-governance-protocol-dgp-on-the-metrix-block-chain-783fdbd0618d