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Launch of the Shared Nodes System (SNS) as part of EMM

Launch of the Shared Nodes System (SNS) as part of EMM

 

Common ideas and approaches

1. To create a fully automated service that works based on smart contracts, giving 100% transparency to users

2. To give the possibility to access the service to both users and external programs – as by simple way to Deposit/Withdraw funds to the smart contract via ETZ wallets (without using EMM), and through the account in EMM, which will display comprehensive statistics for all addresses, transactions, rewards

3. To give the possibility to Deposit/Withdraw any amount at any time – users must receive information about the amount of rewards and balance at any time, deposit or withdraw funds without any restrictions

4. To give the possibility to export data to MS Excel – full transparent statistics for all transactions of all users accounts at this service

5. The shared smart contract solves the issue of averaging the rewards between many masternodes – the total reward of all activated shared masternodes will be proportionally divided between depositors – by this way the system works as MASTERNODES POOL

 

User interface and operating procedures

1. Any ETZ owner (or external program) can make a transfer to the managing smart contract address of any amount greater than 1 ETZ. User can make transfers from one ETZ address – the amount of the user's contribution to his account will be accumulated accordingly. User can make transfers from different ETZ addresses – accounting balances and rewards will be conducted separately by these accounts

2. User can withdraw his funds at any time – all or part – he needs to make a transaction from the user's ETZ address to the address of the managing smart contract with indication of the required amount and special code in Transaction Data (if 0 and without the code – withdrawal of all funds from the account = the deposit + received rewards)

3. EMM will have a section displaying statistic data (users have to specify the ETZ addresses from which deposits were made):
- balance of funds transferred to the managing smart contract
- amounts of rewards
- deposits and withdrawals
- EMM has tables, graphs and export to MS Excel function
EMM generates values for Transaction Data to allow users to perform correct transactions according to the corresponding operations.

Please read more detailed Shared Masternodes System User Manual.

 

System implementation

1. First of all “managing” smart contract EmmSharedNodes (managing smart contract, published at https://github.com/etherzeroru/emm-shared-masternodes) will be deployed that triggers the desired number of “working” smart contracts EmmSharedNodeProxy (shared smart contract). The managing smart contract receives all rewards for work of the associated masternodes and distributes the rewards between the investors in proportion to their contributions once an hour

2. Thereafter the first translation in 20.000 ETZ will be made to the managing smart contract – thereby immediately runs the first shared smart contract – by this way one masternode will always work in the system regardless of how much users will use the service

3. When investors make their deposits and when the collected amount becomes more x20.000 ETZ, EMM uses managing smart contract to trigger the creation of the sequential shared node:
- EMM starts the masternode (creates the Masternode Data)
- the managing smart contract makes a transaction in 20.000 ETZ to a new shared smart contract
- the shared smart contract makes a transaction in 20.000 ETZ from its address to the masternode smart contract, indicating Masternode Data

4. When users withdraw funds and when the common amount of deposits on the managing smart contract decreases at x20.000 ETZ, the managing smart contract requests a refund from the last shared smart contract, which withdraws this amount from the masternode smart contract and transfers it to the managing smart contract, which performs the payment(s) to the user(s); EMM stops the associated masternode(s) at the end of the process

5. The currently service fee is 30%, but it can be changed (the maximum value is 50%) depending on the ETZ/USD exchange rate of to match the commission amount to the cost of server’s rent

6. Rewards are awarded to user’s accounts in the managing smart contract (by this way "working" user deposit is constantly increasing)