A few weeks ago a community member on the IoTeX Forum asked for information on becoming a Delegate. Prior to that, we published a blog on FastBlocks, the easiest way to become an IoTeX Delegate - unbelievably it only takes three steps. The blog is clear on the steps required and even has a video walkthrough. Couldn’t be simpler, right?
But that wasn’t really the question our community person posed. He was looking for guidance on the returns he might get from becoming a delegate vs. the return he’d get by just staking with an existing delegate.
He thought - and was right - there were additional incentives paid to delegates and needed more info. Add to that, it’s not simply a monetary decision. When considering the ‘To Be, or Not To Be’ of becoming a delegate, part of what people will weigh is about governance. If I were a delegate, what values would I bring to the role of platform governance versus what values do existing delegates have that match mine?
Below, you’ll see an edited version of this conversation.
Delegate Reward Pool
Yes, absolutely there are significant additional incentives for becoming a delegate. One of our community members came up with this reward calculator for IoTeX delegates. https://iotexlab.io/calculator 3
And here is a diagram describing the rewards:
Real Delegate Earnings Compared
Most of us like to see actual examples so we can understand how these rewards systems play out in real life. I know I do! To see what each delegate is earning you can start on this page:
When you hover over any value in a cell you can see an explanation and more details.
From this page you can also dig deeper into the particulars of any delegate. To look at just one example let’s look at Delegate #37 with the cute name of Satoshi Musk. (“Elon’s evil twin”)
On this page you can see the rewards of this delegate who is out of the top 36 but still in the top 100. If you scroll down, you can show the Rewards Calculations.
Go on this page and do some sample comparisons of the current delegates. I guarantee you’ll ‘get it’ much more readily than if you just think about it abstractly.
OK - you’ve made the excellent decision to become an IoTeX Delegate but you don’t want the potential headache and cost of hosting your own server. Fortunately, there’s an easy alternative choice. Fastblocks.
See how easy it is to manage your delegate settings in this short video walkthrough 1 from Aaron Basi, Lead Product Manager, IoTeX.
And becoming a Delegate with FastBlocks takes just three steps. Pay attention - if you blink, you might miss it. Watch here. 3
Please consider becoming a pillar of the IoTeX community. Become a delegate.
Let us know if you found this useful or if there’s anything else we should have covered.
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