Staking
The Veritise blockchain works with a Delegated Proof of Stake and Proof of Importance (PoI) consensus mechanism. This means that if you own VTS you can earn more VTS by ‘staking’. There are two ways to do this:
1) Set up your own node and vote for your node with your desktop wallet. Follow the link for detailed instructions: https://github.com/veritise/veritise-node
2) If you don’t want to set up your own node then in your Desktop Veritise wallet there is a section called “Staking” where you can vote for someone else’s node and still earn rewards. Watch the videos on our Youtube channel to learn how. Links below.
Video Tutorials
French: https://youtu.be/-CyADN5G1ZM
English: https://youtu.be/oHS-ae7HBiU
Rewards
Node operators receive a reward for every block they harvest. The reward contains a small amount of currency defined by inflation rate (1% a year) and all fees collected from transactions included in the block. 10% is deducted from the reward for the network itself.
Block reward = 0.9 x (fees + inflation)
A further 15% may be deducted if the node operator has defined a harvesting beneficiary address in the node’s config.
What does this mean in plain language?
Every year 1% worth of new VTS will be generated over the total supply. 1% of 300 million VTS total supply is 3 million. This means a total of 3 million VTS is rewarded (spread out and distributed proportionally according to holdings) to all network participants over one year’s time. But it doesn’t stop there. Network participants also are rewarded with transaction fees, so the more transactions take place on the Veritise blockchain the more VTS is awarded.