Hoard has officially released it’s first Ethereum DApp on mainnet. The DApp operates like delegated proof of stake, distributing rewards across individual ERC20 addresses who’ve staked 5,000 HOARD coins. Block times are calculated in 10 minute intervals where every 10 minutes an address is selected to receive a block reward. The selection process is akin to a linear time stamp which means that any address that registers before another will receive a payout in the order they were registered. Here’s an example:
Let’s assume 7 nodes (erc20 addresses) are live.
Alice = Node 1, Node 2, Node 5
Bob = Node 3, Node 4, Node 6, Node 7
In this scenario Alice registered 2 addresses before Bob. However, both Bob and Alice registered nodes 1,2 & 3 within the first block respectively, but Alice was first with Node 1 & Node 2. When the first block reward is generated Alice’s Node 1 will receive the first reward. When the next block completes Alice’s Node 2 will receive the reward. But when block 3 completes Bob will receive rewards in Node 3. This cycle repeats itself until each registered address has been given a reward, in the order in which is was registered. Once all addresses have been cleared, the cycle starts over and Alice’s node 1 is paid for a second time.
The first year Hoard is distributing 4,000,000 HOARD coin to DApp users. This calculates to 10,958 HOARD per day. At 10 minute intervals 144, payouts are distributed per day. If there are 1440 nodes registered then all will be paid within 10 days. As more addresses are registered the longer a cycle will take to complete. This will also reduce the total amount of HOARD coins receivable within 1 year. A primary reason why some holders choose to register multi addresses.
Here’s the equation in simplistic terms
T = (R / N) * I
R is the reward per call (10958 / 144 = 76)
N is the number of nodes
I is the amount of payouts per day (144 assuming 10 min)
if N = 1000 -> avg. 11 HOARD / day / node
if N = 2000 -> avg. 5.5 HOARD / day / node
if N = 10,000 -> avg. 1 HOARD / day / node
Registered addresses are not actual masternodes, supporting a live network. The actual masternodes go live once the Smaug protocol and network are sent to mainnet. This is expected sometime within Q1-Q2 2019. Once the Smaug Network is launched the current DPoS DApp system will be depreciated.
The smart contract auditing was performed by BlockGeeks through their BountyOne auditing program. The contract is identifiable on EtherScan here. I suspect the engineering team will make the repo public on Hoard’s GitHub at some point.
At the time of this post there are 630 addresses registered. That locks up 3,150,000 HOARD coin at this time. I suspect to see 6000-8000 addresses registered and active by the end of 2018.