Newton forms the infrastructure for the community economy, of which community governance makes up the most important part. Since the start of the project, the community has contributed in various ways. This Plan will help accelerate the creation of a harmonious, symbiotic human-machine community, to gradually improve project governance, ensuring benefits to contributors through technology. The Newton ecosystem will start to flourish, and more governance functions — such as review of new NewMall merchants — will eventually be completed by nodes. Human and machine nodes will get more responsibilities and rewards.
Newton’s consensus mechanism is Proof of Action (PoA), mainly manifested in NewForce. Community members increase their NewForce through positive contributions, and reduce it through negative ones. The ratio of each NewID’s NewForce to all NewForce, times the quantity of NEW released that day, determines its conversion into NEW. The total quantity of NEW for community incentives is 60 billion, released over the next 50 years. Incentives will start to be released after the launch of NewPay V1.0. 800 million NEW will be released in the first year — an average of 2,191,700 per day. In the initial period, community members can earn NewForce in three ways: Running or voting for human nodes; inviting new users to download and install NewPay and create a NewID; and shopping on NewMall. In the human node campaigns and voting, 1 NEW corresponds to 0.0001 NewForce. Each invitation produces 25 NewForce, and each on chain data on NewMall or other online mall DApp produces 5 NewForce.
The current plan calls for human node and 19 official machine node & 38 alternate machine nodes. In the White Paper, at the present stage, the Foundation uses machine nodes to ensure system stability and for upgrade/maintenance. In this period, machine nodes do not earn NewForce and are not allocated newly released NEW. In the future, they will be able to campaign for election. At that time, NewForce rules for machine nodes will be issued.
The specific rules for human nodes are as follows:
1. Requirements for human nodes to become candidates:
Holding at least 10 million NEW, initiated through NewPay.
2. Requirements for human nodes to vote:
Holding at least 10,000 NEW.
Each NewID gets one vote.
3. Human node election rules:
Nodes receiving at least 10 votes.
4. Rewards for human nodes:
Elected nodes receive 2X NewForce for the NEW deposited by the node, receive 1X NewForce for the NEW of voting. Voters receive 1X.
NewForce are counted when the NEW are locked for campaigns or voting for 24 hours. The system takes a snapshot of each NewID’s vote total and status every day at UTC 0:00 to compute rewards.
5. Withdrawal after successful candidacy or voting:
In order to ensure continuity of governance, human official and alternate nodes can only withdraw 7 days after being elected. NEW used for candidacy are transferred back to the candidate’s address 14 days after withdrawal.
Voters can change their vote at any time. In case a candidate node withdraws, or the voter withdraws, the NEW are returned on the 7th day after withdrawing.
This announcement marks a new stage in project governance. Nodes will play a crucial role in the community economy, and Newton will be the first blockchain community to truly involve them in governance. We look forward to participation from all!
February,16th, 2019
