Deeper Network Basic Mining 2.0 + Mining updates for Genesis and Basic Mining
It’s been a fruitful year since the Deeper Chain’s mainnet launched in 2021 with many developments and milestones reached. Having grown from 2,000 nodes to over 65,000 nodes, the Deeper Network is entering the next phase of development, one that shifts some of the focus to the long-term growth and sustainability of the project. The genesis nodes were the first nodes on the blockchain with thousands taking part in the free gold and silver genesis miner giveaway. Then came the basic mining nodes which helped grow the network to where we are today. As we transition from the basic mining, where sharing bandwidth will earn you $DPR rewards, to the next phase of basic mining, we’d like to update the Deepernaut community on what the next 6–9 months for mining will look like.
Genesis Node Mining
What are the changes?
For users who were lucky enough to get into genesis mining, there’s good news. Mining rewards will not change for both gold and silver genesis miners when you restake. Mining rewards as high as 90% APY will remain as long as the user re-stakes your $DPR for another 6-months. Furthermore, the 6-month stake term will not be locked-in and genesis miners can unstake at any time during the 6-month term. Please note that once unstaked, genesis miners will lose their genesis status forever and lose out on current and future rewards & benefits of genesis node mining.
Once unstaked, Genesis Nodes can participate in Basic Mining 2.0. Users will have the ability to stake again within 48 hours.
How do I restake?
Re-staking will be made easy. For all genesis nodes, their 9-month term will expire on May 26, 2022. With the release of AtomOS firmware version 1.1.16.rel, users will start to see options to re-stake or to un-stake directly in AtomOS without fees. To re-stake, nothing needs to be done. The system will automatically enter the second stage after the user has received a total of 270 days of rewards. To un-stake, simply click the “Staking Info” check box under the Mining -> Wallet -> Wallet Manager tabs in AtomOS then a popup window will appear. When un-staked, after 48 hours, the previously staked DPR will be distributed linearly to the user’s Deeper Chain wallet over 90-days.
How do I increase my stake?
Genesis miners will be able to increase their stake on the BSC staking platform just like basic miners do. No need to pay high gas fees on Ethereum. You can follow this tutorial.
As a token of appreciation (pun intended), all genesis nodes will receive an exclusive Genesis Node NFT airdrop into their genesis Deeper Chain wallet. The functionalities and benefits of owning a Genesis Node NFT can be found here.
What are the changes?
Users who still want to participate and lock-in the basic mining APYs can still do so before June 1, 2022 UTC +0. After June 1, 2022 users who want to mine $DPR will only have the option to participate in Basic Mining 2.0. Mining rewards as high as 60% APY will remain as long as the user stakes your $DPR for another 6-months before the deadline. Furthermore, the 6-month stake term will not be locked in and basic miners can unstake at any time during the 6-month term.
How do I increase my stake?
Current users enrolled in basic mining have the opportunity to increase their stake as they had previously.
Basic Mining 2.0
What is basic mining 2.0?
This next generation of basic mining is simply a natural progression of many mining programs which evolve to become a more sustainable version of the original version. Basic Mining 2.0 will have a feature which allows the APY to become adjustable every 3 months depending on network conditions and participants on the network. The dates of the adjustments will be on Sept 1, 2022, Dec 1, 2022, Mar 1, 2023, June 1, 2023, Sept 1, 2023, and Dec 1, 2023.
How much will the APY change?
One may be thinking that the APY will only go down every time there is an adjustment, which may not be true. As long as mining rewards paid don’t exceed certain limits for that term, APYs won’t change. The rate changes, if any, will first be determined by the team until the governance of Deeper Chain is fully launched which then will give the power to the governance council to make the decision. This is all part of the steps being taken towards a fully decentralized network.
Promotional events where APY increases for a term could also happen to encourage more miners onto the network. Since users can un-stake at any time, it gives the user the freedom to control their funds.
Lastly, under the condition that many new users continue to join the network and more traction is gained as a project, that will only unleash a chain of positive effects on $DPR and the rest of the ecosystem.
The Future of Deeper Network Mining
Currently, under the PoCr (Proof of Credit) consensus algorithm, Deeper Network users can earn $DPR for sharing their bandwidth. However, new ways of incentivizing Deeper Network users are coming in 2022. A new and additional reward mechanism called NPoW (Next-gen Proof of Work) will soon be implemented on the Deeper Chain. This new mechanism does not use IPs in transactions and develops for stronger protection of user IPs.
User devices perform decentralized tasks within the Web3 ecosystem such as systems stress testing, IP-related platform support and other services that will be useful to Web3. In addition, EZC, a non-tradeable stablecoin which can be purchased via traditional payment systems such as credit card will automatically allow the purchase of DPR from the secondary markets and portions of it burned. The remainder of the DPR will be stored in a treasury reserve to be used for future rewards. The EZC non-tradeable stablecoin uses our own decentralized price oracle and allows users to easily use the services available on the network. IPs on the network are a very valuable resource and protecting user privacy is vital to the future growth of the network and services.
There is no doubt Web3 is the next generation of the internet and the Deeper Network is building a sustainable sharing economy for the future right now. Join the revolution!
Got questions? Please contact our helpdesk: https://support.deeper.network/hc/en-us