[Validator Introduction] Big Time

Hello 'fuge-heads, :cyclone::wave:

We are announcing our validator, Big Time, to the Centrifuge project! This is not just another validator. In Big Time, YOU decide the commission rate.

Community Driven Commission

The commission will start at 10% and once we have enough nominations to be in session, a snapshot will be taken once we are included in an era. From there, the commission rate will decrease by 1% for every 1 million CFG (MCFG) staked – minimum 1% commission rate.

Commission Decrease

The “total staked” must stay above the next threshold for an entire bonding period (7 days/100,800 blocks) in order for the commission rate decrease to take place. If the “total staked” drops below the threshold, the countdown ceases and must be restarted by bringing the “total staked” back over the threshold.

Commission Increase

If the “total staked” drops below a tier that it has previously passed, a countdown of 7 days/100,800 blocks will begin. If the amount stays below for the duration of the countdown, the commission rate will increase by 1% (maxmimum of 10%).

Example Scenario

Big Time reaches 1.3 MCFG “total staked” and is poised to be included in the next era. When the next era begins, Big Time is included at 1.4 MCFG at a 10% commission rate and a snapshot is taken. Some time later, Big Time eclipses 2.4 MCFG “total staked” so a countdown begins. If the “total staked” stays above 2.4 MCFG for an entire bonding period (7 days/100,800 blocks), the commission will be lowered to 9%.

3.4 MCFG - 8%

4.4 MCFG - 7%

5.4 MCFG - 6%

4.4 MCFG - 7% (“total staked” decreased, commission rate increased)

5.4 MCFG - 6%

10.4 MCFG - 1% (minimum commission rate reached)

Team

We believe that the combination of a Centrifuge insider and a business-savvy outsider makes for a healthy and balanced partnership.

  • JP: member of the Centrifuge team and DeFi maxi with a passion for decentralization
  • Boosh: life-long tech junkie who is a finance professional by day and crypto enthusiast by night

Mission :rocket:

It is important to us that Big Time offers the Centrifuge staking community a secure, automated, reliable, and collaborative validator.

Secure :lock:

Both the validator and the controller are multi-signature accounts requiring a signing threshold of 2 in order to make any changes. This approach is “orders of magnitudes more secure” than a single signature and ensures that neither of us can act solely out of self-interest.

Automated :moneybag:

The validator automatically pays out rewards to nominators after every era (24 hours) so you don’t have to worry about transaction fees or expired rewards.

Reliable :white_check_mark:

The validator setup is run on a high-performance, single-tenant, dedicated server via Vultr with a 100% uptime guarantee and real-time alerting to mitigate slashing events.

Collaborative :houses:

We intend for Big Time to be an engaging project where the community gets a hand on the wheel. This validator will not be run behind closed doors. Join our Discord server to be part of the discussion.

JP and Boosh :raised_hands:

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