Is NGK.IO block producer the next wealth password we predominate?
From the news released by NGK.IO few days ago, we have captured a very important information, which is the “block producer” that has been repeatedly mentioned. Many people are confused about this “block producer”. What exactly is this “block producer”? What does it mean for us?
First of all, what is a block producer?
Every node in the blockchain network is actually every computer or server terminal that stores data.
The node will complete the verification, accounting and production of the new block transaction. The system mechanism will give bookkeeping rewards to the bookkeeping nodes. In order to obtain rewards, all nodes will fight for the right to keep accounts and the nodes which won will be known as the “block producers”.
Second, how to become a block producer?
Block producers will obtain the right to keep accounts through voting by all currency holders. Except that the calculation method of the block producer election process is not calculated by people, but by currency, the other is similar as the actual election process. For nodes participating in the election, a series of standards must also be met. The standards are usually as below:
1. Public display: The campaign team needs to have its own public website;
2. Technical specifications: the campaign team needs to release technical specification evaluations such as equipment and total expenditure budgets;
3. Community welfare: A team with a public project will publish an overview of the project welfare;
4. Telegram group + test network: List the names of test network nodes and the telegram groups participating in the test network;
5. The route map of the election node, including: community plan, team values, capital use and transparency, and other important matters considered by the candidate node;
6. How to treat node dividends, including: whether dividends will be distributed to voters in the future; and whether relevant regulations for dividends have been formulated. If it is established, relevant links need to be given.
After understanding these, we will look back at how to become a block producer of NGK.IO. As the selection of block producers is one vote per coin instead of one vote per person. Therefore, if you want to become a block producer of NGK.IO, you have to have a lot of NGK coins. The more NGKs you have with you, the greater the probability of being elected as a block producer of NGK.IO. From the NGK market in the past few days, we can see that some big players have started to recruit NGK to prepare for the election of a block producer.
For retail investors, as thry do not have many NGKs on hand and coupled with the above-mentioned standards, it is more difficult for them to become a block producer of NGK.IO. However, this does not prevent us from exercising our voting rights. After all, the block producers of NGK.IO are mainly generated by the majority of retail investors. The strength of the big players who want to become block producers is not much different, and the NGK coins they hold are estimated to be similar. At this time, whoever NGK voted by retail investors will be the last hope for them to win in the competiiton. In order to attract the votes of retail investors, block producer candidates must be attractive enough, such as the aforementioned dividends. This makes NGK a sweet pastry for all parties, and the corresponding currency price of NGK will also risen.
To sum up, in order to become a block producer, big players will not only accumulate NGK coins to obtain more voting rights, but also show enough attraction to obtain more retail votes. In order to maximize the benefits, retail investors will do their best to increase the NGK in their hands, and then vote for the best. In this way, a positive cycle is formed, and the price increase of NGK becomes inevitable!
