The SPK Network is alive. Support me as a node operator and earn SPK tokens.

in #spknetwork2 years ago

As you probably know, the long-awaited SPK Network has left testnet mode and is officially active since Monday, August 8 at 7pm Pacific Time (Tuesday, August 9, 2:00 UTC).

As I am a fervent supporter of the project, I of course added my stone to the building by running a node to support the SPK network as @arcange.spk.

Being a node operator

My node has been running smoothly since the launch.

Of course, there were some hiccups, as is often the case when putting a project of this magnitude, into production but these were quickly resolved thanks to the hard work of @disregardfiat and a few node updates deployed promptly.

For those who want to use it, I also provide an SPK Network API at https://spkcc.arcange.eu

That's it for the technical part. I will now try, as usual, to share with you in a layman's way my experience on this subject and explain to you why it should be of interest to you.

What is the SPK network

The SPK network is a project that was initiated a long time ago by @starkerz and @theycallmedan. Their vision is to provide the necessary components for the creation of a completely decentralized platform to host and distribute it, starting with videos but, why not, other data as well.

The goal is for this new Web 3.0 platform to rely on the Hive blockchain to secure its transactions, but for its storage and management data to be outside the Hive blockchain and to be also fully decentralized.

The SPK network is therefore managed in a separate blockchain (sidechain) with its own rules.

Mining and Governance

As every time we talk about blockchain, it is inevitable to talk about Mining (also known as Block Production) and Governance. Let's see how it goes on the SPK network.

1. Mining = LARYNX (token)

Anyone who had a Hive account before January 6 of this year has probably already heard of the LARYNX token. Indeed, since that date, an airdrop has been in progress and it is possible each month to claim LARYNX tokens depending on how much Hive Power (HP) you had in your account at that time.

Note: for those who did not benefit from the airdrop, it is possible to buy LARYNX on the de dlux decentralized exchange (DEX).

But what are the LARYNX used for?

Once you have LARYNX, you have two options:

  1. Become a node operator (aka miner)
    If you have some technical skills, you can set up a server, install the necessary software on it and start mining. You will also need to lock your LARYNX. You will then be rewarded with other tokens: SPKs (more about them below)

  2. Delegate to a node operator
    If you do not want to burden yourself with the management and maintenance of a server and its software, you can still withdraw income from your LARYNX by delegating them to one or more miners of your choice. Of course, the more reliable your delegates, the higher your remuneration will be.
    When you delegate your LARYNX, both the delegator and the delegatee receive a reward with SPK tokens. It is a win-win operation.

The 4 states of LARYNX

  • liquid
    That is the state they have when you receive them from the airdrop or buy them on the DEX.
    Only when they are liquid can you transfer, sell, lock or power them up.
  • locked
    That is a required step to be part of the sidechain consensus. The more you lock, the higher the chance to be among the top 20 block producers and get higher rewards.
  • powered
    When you power up your LARYNX, you will start earning SPK Tokens at a (current) rate of 0.010%.
  • delegated
    Delegating is a "kind of" voting for witnesses on Hive, except that it has no effect on governance. You just tell the SPK Network who you consider a reliable node operator.
    When you delegate your powered-up LARYNX to a node operator, both will start earning SPK Tokens at a (current) rate of 0.015%.

2. Governance = SPK (token)

Currently, SPK tokens are not yet usable, which does not prevent you from wanting to accumulate them.

Indeed, the SPK Network continues its development and, when released, the governance-related role of SPK will then come into play. It is therefore in your best interest to obtain as many as possible if you wish to have your say later about the SPK network and its orientations.

Should I lock, power up or delegate?

One question I had in mind before the launch was "how do I best use/invest my LARYNX tokens?" For example, as a node operator, is it better to lock all my LARYNX tokens or keep a few of them liquid? Does it change something?

If you are a node operator, locking your LARYNX will allow you to get SPK tokens at the (current) rate of 0.1%. That's the best option for you if you want to maximize the number of your SPK tokens.

What is certain is that if you do NOT operate a node, it is useless to lock your LARYNX! You won't get any benefit from doing that. Keeping them liquid won't help either. The best thing for you to do is to power up and then delegate them to one or more node operators.

QUICK PROMO:
I'm a node operator! Check your wallet and delegate your LARYNX to @arcange.spk =)

Another option would be to find the mix that best suits you. You could, for example, lock part of your LARYNX (if you are a node operator), Power-up another part and delegate it to someone else to support it (and thus promote the replication of SPKs), and keep however a liquid part for other options to come which could provide a better return (me teasing)

As you can see, the good thing about the SPK network project is that you remain in control. This is true Web 3.0 spirit!


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My spk-promo node is funded until the end of 2023 - it has been working 24/7 since the first day. You can ask any questions here or write to @spk-promo

I take this opportunity to mention that from this account and from @elcomentador, I am supporting with delegation in LP. I have always liked your projects and that gives me the confidence to delegate you my LARYNX.

We'll keep seeing each other here.

Thank you for your delegation @garybilbao. Much appreciated!

cool! I will delegate to you.

I’ve been selling my larynx, then powering up the hive. I wonder if I have the correct strategy..

I am also mostly selling various Hive Engine tokens. Either to power up Hive, or to buy Hive Dollars (HBD), and transfer it to savings.

Future will tell...

I’ll do it when I come home from my holiday

Thank you @pele23. Happy holiday! 🏖️

I see Lock, unlock, and delegate as my wallet choices. How do I power up?

if you click on the arrow, you can power up.

Thanks. Got it!

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I don't have much, but delegated to your node.

Thank you for your delegation @mengao. Much appreciated!

Great project. Checking it out right away

Would any Larynx tokens be given if we use the #larynx tag in our normal posts?

No, that's not how its distribution works.

Okay and thanks!

I am yet to understand this SPK but once I do, I will consider the delegation 👍

Weldon 💪

I have delegated to you already and I'm planning to add more soon.

Thank you for your delegation @bitzfund. Much appreciated!

You're welcome and thank you for your good job on the hive blockchain.

I delegated to you on Tuesday. When do the spk mining rewards get paid?

It works a bit like HBD in savings. SPK tokens are allocated every 28800 blocks (approx 24 hours) starting from the moment you delegated.

Why haven't I received any spk in my wallet? I delegated Tuesday!

You're right. I saw talks about it in the operator chat room. Looks like It's only triggered when transactions that affect the balance occurs... basically the same as HBD...
As soon as I get more accurate information, I will forward them to you.

I believe we have this fixed. The distribution calculation only happens for certain transactions, but we're trying to display the balance everybody has because you can, for example, send tokens that would be present.

Sir,@arcange
I am yet to understand this SPK but once I do, I will consider the delegation. Thank you so much.

Nice hopefully I got dropped some tokens I can delegate to you. I like how they incentivize delegating. Thanks for breaking this down though 🙏🏾

You have 306,748 LARYNX available for claim. you can check your wallet here

Sorry to bother you, I am trying to power up Larynx but I get this result

image.png

tenor (1).gif

Do you still get the same error message if you retry?

Yes, unfortunately. I don't want to say it but this has been for three days now.

https://hiveblocks.com/tx/3d8da5c481968066c4a20eced23e57106b505ce1 shows you attempted to lock liquidity, but your transaction was not accepted because you do not operate a node.

Thank you for helping to solve this issue.

Adding some feedback on these is the next step. :)

So in order to lock liquidity you need to run a node? Even though everyone are saying you should lock them and delegate to a node operator?

Confused.

Power Up is what people are doing to delegate.

Ahhh I see what is wrong with what I am doing, I am using
https://www.dlux.io/me#spk/

instead of

https://vue.dlux.io/me#/

As the first link doesnt allow you to power up, as opposed to the second one.

Hella confusing.

Got some idea. Thanks.

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Already did!

Thank you @for91days

I'll check it. Do you need to be active or just keep the node up?

Doing both is better but not required 😉

I delegate you my Larynx tokens , I didn't claim the passed month so I guess I have lost tokens ?
We have to claim every month right ?
!CTP
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(3/10)

Unfortunately, unclaimed tokens are lost.
If you do not want to forget about it, you can use my AutoClaim service

I did already 😃.
However I didn´t earn any SPK so far, the wallet shows 0. Should be updated daily. Strange.

It works a bit like HBD in savings. SPK tokens are allocated every 28800 blocks (approx 24 hours) starting from the moment you delegated.

Yes, but it is now >48h ago.

You're right. I saw talks about it in the operator chat room. Looks like It's only triggered when transactions that affect the balance occurs... basically the same as HBD...
As soon as I get more accurate information, I will forward them to you.

It's been fixed. You should see your earned SPK from now

What is the advantage of spk vs D.tube?

Unfortunately, I can't answer that question as I'm not using d.tube

I delegated all my spk to you, I did not even know I had some.

Hehe, that's good news for you. Thank you for your delegation.

I powered up my Larynx on August 9th and my first choice of the node to delegate my tokens was yours. Successes my friend!

Thank you for your delegation @charsdesign. Much appreciated!