The 101 VeChain Thrudheim (Authority) Masternodes Selection Process Begins

What is an Authority Masternode?

An Authority Masternode is a server connected to the network running the VeChainThor full node software and keeps a full copy of the blockchain. Authority Masternodes are the only full nodes on the VeChainThor blockchain that are authorized to validate and produce blocks.

Who would own the Authority Masternodes?

For quick growth of the VeChain ecosystem, the designation of Authority Masternodes will be given to organizations or individuals in the following five categories:

Enterprise users

The adoption of enterprise users is critical in industrializing the VeChainThor blockchain technology. They can leverage the Authority Masternodes to easily and quickly deploy their blockchain applications and lower the cost of using the platform to provide services to their customers. Authority Masternodes also provide the enterprise user with flexibility in the service fee scheme for their customers who may still prefer to pay in fiat currency, which is extremely important in the early stage of blockchain adoption. In addition, they can influence the technological and business development of the platform to suit their business needs.

Blockchain development teams

A dynamic ecosystem needs high-quality developers. The Authority Masternodes can incentivize the developer to build their dApps or sidechains on the VeChain blockchain and express needs for the improvement of the platform. Developers may also use the Authority Masternode to develop and run cross chain services.

Business development ambassadors

By leveraging the features of the VeChainThor, business development ambassadors can accelerate the enterprise mass adoption in a broader range. They can implement the licensed VeChain solutions or build their own blockchain solutions for their enterprise clients.

Community contributors

Community contributors actively help the growth rate of the VeChain community and ecosystem in areas such as community outreach, community management, professional expertise. They also represent the interests of the community in the governance of the platform. The use of earned VeThor can be used to facilitate community events and further grow the reach of VeChain ecosystem.

Academic research partners

Academic research partners contribute to the technological research and development of the VeChain blockchain and leverage the Authority Masternodes to test out or run dApps for their research purposes.

What is the criteria for an Authority Masternode owner?

In order to be qualified as an Authority Masternode owner, you will have to meet the criteria in following areas:

  1. A VeVID with verified identity: Before applying for the Authority Masternode, the individual or institution applicant needs to complete the KYC verification in the VeVID portal to obtain an VeVID which represents the status of a verified user of the platform.
  2. A secure and performing node environment:

How can I apply and what is the approval process?

Application prior to mainnet launch

The initial application is only available to those who locked up at least 250,000 VET from Dec 21 2017 till the mainnet launch (after token split, the requirement of Authority Masternode changed to 25M). The application will start from now and last for FOUR weeks. Applications can be submitted through the following form:

Application Form

The Authority Masternode owner approval and designation process is as follows:

  • The shortlisted applicants will be approved by the Steering Committee.
  • If selected, the applicant will be contacted by the Foundation to provide KYC documentations, the proof of 250,000 VET (after token split, the requirement of Authority Masternode changed to 25M) holding as well as the node hardware information. The applicant may be contacted for further information if needed.
  • If everything checks out, we will contact the applicant to start the deployment process. (please see the below section)
  • If the Foundation is not able to identify enough qualified applicants, we will temporary reserve the nodes for future applicants.

Application after the mainnet launch

Applicants can apply for the Authority Masternode through the VeChain portal. Applicants would need to first complete the KYC verification and obtain a VeVID which represents the status of a verified user. And then the user can apply for the Authority Masternode with their VeVID in the VeChain portal. Only after a user has a verified VeVID can the user apply for the Authority Masternode through the VeChain portal.

  • If the applicant is deemed qualified, it will be submitted for approval by the Steering Committee. The review and approval process should take no more than 3 weeks once all the required information is provided.
  • Upon the approval by the Steering Committee, the applicant will be added to the waiting list until there is a vacancy in the Authority Masternodes. (Please see below section for the requirements of maintaining the Authority Masternode status and the replacement process)
  • If the applicant is selected as an Authority Masternode owner, they will be contacted by the Foundation to provide the proof of 250,000 VET (after token split, the requirement of Authority Masternode changed to 25M) holding and the node hardware information. The applicant may be contacted for further information if needed.
  • If everything checks out, we will contact you to start the deployment process. (please see below section)
  • Once the Authority Masternode is deployed, the owner should continuously fulfill the requirements set out by the Foundation to avoid losing the Authority Masternode status.

How can I host an Authority Masternode after being selected?

When being selected as an Authority Masternode, the owner will be contacted by the Foundation to provide the VeChain wallet address, IP address, and specifications of the node environment. The foundation will perform a vulnerability scan of the environment before it is placed in production.

How does the Foundation monitor performance?

An Authority Masternode might be disqualified and substituted with a candidate in the waiting list if the owner violates any of the following rules:

  • Any node that is unavailable to produce block more than three times during a 24-hour period
  • Critical or high-risk vulnerabilities were found on the node environment
  • Node owner fails to fulfill the committed contributions to the ecosystem
  • Node owner fails to upgrade the software within the specified timeframe by the Foundation
  • Node owner refuses to follow the voting result
  • Node owner conducts malicious attack on the blockchain or other nodes
  • Node owner was noticed to cause other damage to the ecosystem

What is the process of replacing an Authority Masternode?

If the Steering Committee confirms the technical committee’s motion to disqualify an Authority Masternode, the replacement process will begin. The Steering Committee will designate a random number (e.g. the hash of a future block) that will be used to randomly pick a qualified candidate in the waiting list. The replacement process is executed via a smart contract that requires multi-signature of the Steering Committee members. The smart contract ensures that whenever an Authority Masternode is disqualified a new node must be added, which prevents anyone from attempting to wipe out the Authority Masternode list. Any Authority Masternode owner that is disqualified cannot apply to be added back to the waiting list for six months.

The VeChain Foundation is a non - profit entity established in Singapore.