Hi VEX Partners,
Since the launch of Genesis Block in Vexanium Mainnet is in this June, you can read the previous article about Block Producers in here https://blog.vexanium.com/vexanium-block-producer-101.html in case you don’t understand about Block Producers.
We want to inform you about the process of Block Producers when Vexanium Mainnet is running.
For the first 2-3 months of Vexanium Public Blockchain, Block Producers will become a private entity from Vexanium core developer itself and for every organization, consortium, and a company that wants to register as Block Producers can fill the form that will be given by Vexanium Core Developer. The faster Block Producers who register are collected, the e-voting blockchain for Block Producers selection will start faster.
At the beginning of Genesis Block and Vexanium blockchain, Vexanium core developer needs 300.000.000 (300 million VEX to run BP) where Vexanium Circulating Supply will be in the range of 700.000.000 to 760.000.000 by 2019, with a total supply of 1.000.000.000 VEX.
The requirement to register as Block Producer Candidate is to have 10.000.000 -12.000.000 VEX or can be less. If you have VEX more than the minimum requirement, the excess VEX you have can be a bonus in Block Producers e-voting process because the more VEX coin you have, the greater the possibility to be selected. Every e-voting process using VEX coin which will be staked so you can also unvote and change your vote to another blockproducers.
21 Block Producers (21BP)
The active Block Producers create blocks in Vexanium blockchain. The total amount of the block is 21. But the standby Block Producers can reach more than 21 even can reach 100-200 standby BP. The voting process of BP running continuously without stopping as long as the Vexanium blockchain runs. Also, the active BP members can change every minute depends on the number of votes they got.
BPs (Block Producers) will get Block prizes in the form of VEX coins generated by tokens through 5% inflation per year (2% BP + 3% lockup Worker Proposal).
The registration process of BP will run after Vexanium Mainnet is started. Initially, during the first 2-3 months of registration process running, BP will be run by Vexanium Core Developer. If there can be around 21-30 minimum BP registered then the E-voting process can run faster than the estimation.
The total range of BP needed is 30 BP.
– Block Producers Active: 21 BP X 10.000.000 VEX (For BP)
– Block Producers Standby: 9 BP X 10.000.000 VEX (For BP)
This is the minimum number required in the early running phase of Vexanium blockchain. But after the public Block Producers is opened then the VEX used for this BP will still be used as reserve and standby BP which is needed for Backup BP.
Here is the first 30 names of Vexanium Blockchain BP that managed by Vexanium Core Developer.