SPK Network to Distribute Delegation Rewards Starting from Monday

avatar of @gadrian
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2 min read

SPK Network is slowly coming to life.

A new wallet was presented recently which is a definite improvement compared to what I used before.

It still has its rough edges here and there for the user experience, but a clear step forward.

By the way, it's August, have you claimed your LARYNX claimdrop this month? Make sure you claim your real tokens, not the test ones. I claimed them from the older interface, which probably only deals with real tokens, not the test ones.

If we count in the monitor for node validators which was presented a while ago, we see efforts are being made to translate the available information for the less technically-inclined users.

A few days ago an announcement was made about a testnet for SPK Network being deployed to introduce the power-up, delegation, and locked rewards as presented at an earlier time (in June).

Apparently, the testnet didn't reveal anything serious, as the plan went forward to release these updates into production on Monday. There is a call-to-action inside, but I believe that's for after the mainnet goes live on Monday.

networkg537fab5d7_1280.jpg Source

I've actually gone through the process and powered up my LARYNX tokens and delegated them to a node operator. Since this is on the testnet, nothing I did matters for the real tokens, and I'll have to repeat the operations once the updates become available for the mainnet.

I still need to get used to the longer time for a transaction to be picked up on DLUX, than on Hive, and a couple of minor interface glitches could be fixed/improved: popups that should be closed on clicking a button the validation error when removing delegation, which shouldn't be there (the one that says you can't delegate less than 0.001 LARYNX) - the operation still goes through, despite the validation error and the popup not closing adding error messages (for example, I tried to delegate to a node that was only for Ragnarok, and nothing happened - I didn't know it was only for Ragnarok until after I talked to the node operator, so I had no idea what happened; an error message would have been nice!) are there transactions for SPK Network filtered/interpreted on any interface?

What's the Plan Going Forward?

Distribute SPK rewards at the specified levels to seed the initial governance of the sidechain, after which SPK holders will vote the consensus node validators:

There are three token types in our proposed ecosystem. LARYNX, SPK, and BROCA. LARYNX is the miner token with an ongoing airdrop that can be claimed monthly. SPK is the governance token that will help turn our HIVE "side-chain" or "layer 2" into a DPoS (Delegated Proof-of-Stake) layer 2. This current change being tested allows our Larynx miner stakers to earn a very small amount of SPK to build a seedling governance. At our proposed distribution rates of 0.1, 0.015(x2), and 0.01%, we will expect no more than 15,000 SPK tokens to be minted by the next release; after which these tokens will vote a top 20(and even the number 20) which will then vote for the networks validators and other key network variables.

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