Place/Date: Singapore - September 21st, 2016 at 7:50 pm UTC · 3 min read
Contact: Jeff, Source: NEM
The New Economy Movement (NEM) has successfully completed its trial Supernode rewards program. With the completion of its alpha phase, the platform has now increased the rewards offered to high-performance nodes on the network from 70,000 XEM to 140,000 XEM per day. Starting September 1, 2016, the daily reward amount is split between node operators meeting the set criteria.
Supernodes are the backbone of NEM blockchain solutions platform. These “high-performance” nodes play a crucial role in supporting light wallets, mobile apps and other third party applications that utilize NEM APIs. These Supernodes essentially form the backbone of NEM network and for that, the operators are rewarded from the Supernode Rewards Fund, set aside for this specific purpose. In spite of the rewards program, light client users are charged the normal transaction fee on the NEM network for transactions processed on Supernode. Supernodes are responsible for facilitating safe and secure transactions over the NEM blockchain for no additional charges.
Speaking about the Supernode rewards program, NEM developer Bloody Rookie says,
“The node rewards program offers the opportunity to earn money by running a Supernode while helping to strengthen the NEM network. This is truly a win-win situation.”
Proof of Importance (POI), the consensus mechanism used by NEM network is designed to be energy efficient. This undemanding consensus mechanism makes it possible for an NEM node to run even on a Raspberry Pi device. Even though nodes running on Raspberry Pis are capable of earning fees by processing transactions and discovering new blocks, they don’t contribute much towards network throughput. Supernode rewards are designed to encourage the community members to run high-performance nodes. The rewards offered by NEM through its Supernode rewards program is enough to cover the incurred expenses while making a profit at the rate of 6 percent ROI.
Nodes on NEM network are constantly monitored and tested throughout the day. These tests verify that the nodes meet required threshold bandwidth levels, block height, the accuracy of uploaded data, processing power, responsiveness, ping and bonded XEMs. In order to ensure consistent performance of high-performance nodes, the node admins are required to use a delegated account bonded with at least 3,000,000 XEM to boot the Supernodes.
Learn more about NEM at – https://www.nem.io
Learn more about Supernode rewards program at – https://forum.nem.io/t/nem-supernode-rewards-program/1735
Participate in NEM forum at – https://forum.nem.io
NEM FAQs are answered at – https://www.nem.io/faq.html
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Disclaimer NEM is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.