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Beniamin Mincu

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Everything posted by Beniamin Mincu

  1. Good point. Should have another AMA in the next 2 weeks.
  2. Hey Petr! Noted, thanks for the feedback.
  3. Sounds great. Keep spreading the word! ๐Ÿ˜
  4. Great to have you on our team, Lucian! ๐Ÿ™
  5. Beniamin Mincu

    hi community

    Welcome @radutiu, great to have you! Are you from Sibiu?
  6. Welcome to Elrond @josefcoap! ๐Ÿ™Œ How did you stumble on Elrond?
  7. Beniamin Mincu

    Nว hวŽo

    Great to have you with us, Dan. Keep up the great work! ๐Ÿ™
  8. Welcome @Victor! Would have been really great to invent Elrond in March 2009, guess you've meant 2019 ๐Ÿ˜ Would be great to share relevant updates about Elrond on your blog.
  9. Great to have you onboard @Danny Serb! Tattoo photo would be perfect! ๐Ÿ˜
  10. Welcome to Elrond @TarantuloTV! Great design, keep it coming ๐Ÿ˜Š By the way, how did you come across Elrond?
  11. Beniamin Mincu

    intro

    Great to have you as well @Bambarello! Curious, what other interesting communities are you guys part of? ๐Ÿ˜
  12. Beniamin Mincu

    intro

    Great to have you with us @nakashu! What would be your top feedback based on what you've seen until now?
  13. Welcome Sever from the internet! Great to have you with us ๐Ÿ™
  14. Welcome @RandyArl! Fascinating background. Philosophy is a great tool for discovering truth, but devoid of logic and a good dose of empirical skepticism it can leave you wondering in infinitely nonsensical circles. I'm quite curious how did you arrive at fortune telling? ๐Ÿ˜€
  15. Hello and welcome @collinagba5! Where did you hear about Elrond?
  16. Beniamin Mincu

    Hi people!

    Welcome @acelasiyo! So how did you discover Elrond? ๐Ÿ˜Š
  17. Welcome @zillabytes! Curious, what's your background?
  18. Great spirit guys, keep it up! Again! ๐Ÿ˜
  19. Great idea! Let's have the first community organized meetup. You choose a nice city in Europe, and we find a way to come meet there during one of the weekends. ๐Ÿ˜
  20. Hey guys. I am Beniamin, Founder & CEO of Elrond. I spend most of my time thinking about the long term vision of Elrond, setting near-term milestones, overcommunicating them internally and externally, bringing the brightest minds I know together in the Elrond team, and pushing hard along our team on all fronts to advance in the right direction at high speed. I've been in the bloclchain space since 2013, joined the NEM Core team in 2014, and later invested in more than 30 blockchain startups. However, the last two years have been undoubtedly the most challenging and gratifying years of my life. Roughly around this time two years ago, together with my brother, we set out to solve what we thought were the most pressing problems in the space, and bring a 3 orders of magnitude improvement in blockchain scalability, speed, cost and user experience. It was obvious to us at that point that such an improvement would have an enormous impact on the space, and could in fact be comparable to the Internet transition from dialup to broadband. So after ~2 months of private discussions, we gathered some of our smartest technical friends together for a first meeting about this new project. The rest, as they say, is history. ๐Ÿ˜ In Elrond we've built a team with which we can literally build rockets, a feat clearly visible in the speed and resourcefulness with which we deconstruct, tackle and overcome obstacles. We're still early in this game, and you'll probably see several other products coming from the Elrond team in an effort to achieve our core ambition: bring a 1000x improvement in blockchain speed, scale, cost and user experience - to give anyone, anywhere easy access to the digital economy. P.S. I'm very excited to finally see the forum come alive. Through it we'll hopefully discover great people from our community, engage in thoughtful dialogue on various Elrond topics, and strengthen our ecosystem. See you around!
  21. Dear community memebers, Here is an overview on the scoring and rewards methodology. Battle of Nodes: Scoring & Rewards ๐Ÿ”นEarn rewards for maintaining node(s) and completing missions ๐Ÿ”นEarn special prizes for successful attacks, bug discovery and excellent behavior ๐Ÿ”นPoints are awarded for each node daily and added up at the end of the event ๐Ÿ”นPrize pool split between special prizes and uptime rewards ๐Ÿ”นSurprise & secret missions for bonus points ๐Ÿ”นTrack your nodes on the leaderboards The $50.000 prize pool will be split into two categories: ๐Ÿ† Special Prizes will be awarded for the following categories: โฑ Uptime - The highest scoring node per account - 7 prizes โš”๏ธ Attacks - The best executed attacks on the network ๐Ÿ•บ Community - Members that stand out throughout the event. ๐Ÿ‘พ Bugs - The most critical bugs or issues discovered ๐Ÿ“Š Leaderboards will track the ranking of nodes based on their added daily score, a weighted sum of: Rewards Proposed blocks Uptime Missions Client version - penalty for not updating The philosophy behind the Battle of Nodes scoring is to reward each node according to their individual conditions, so at the end of each day, node scores are comparable. This is done by factoring in all the many variables of each shard and determining a daily "shard optimum" - the average score possible under the given conditions. Actual results are compared to this optimum to obtain the daily score. Read below to get a better understanding about how we make this fair for everyone. Scoring explained The leaderboards will be the place to follow your nodes' performance and how you compare to other participants. The ranking will be done based on score. Score is accrued individually for each node and is calculated on a daily basis. Each phase will have slightly different scoring methods, as we look to incentivize different behavior. The score at the end of each round is added up towards a final score. The prizes and rewards are given based on the final standings on the leaderboards, at the end of the Battle of Nodes even. Phase 1 Scoring In the Build phase, participants should maintain their node(s) online with the latest client version and do the periodic missions to earn points. Points are given for: Number of Earned Block Rewards Online (minutes) Missions Latest client version Daily score is: Daily Score = ((1 x Percent Uptime + 3 x (Number of Earned rewards / Hitrate * Max Number of Earned Rewards) + 6 x (Proposed Blocks / Maximum Proposer Rate) + 1 x Mission) * Client Version)/11 * 10.000 Registered Nodes in shard - at the start of each Phase & Round in Battle of Nodes, the total number of registered nodes is split evenly across the number of shards. Not all nodes will be 100% online during the event, which will mean a reduced Hit-Rate (see below) Maximum rewards - For every mined block a reward is given to all the validators that participated in the consensus. A block is mined every 6 seconds, so maximum 14.400 blocks can be mined per shard per day, meaning maximum 14.400 rewards can be given in a shard. In Round 1 there were 21 validators defined in the Elrond consensus mechanism. Thus, the chance of a node to earn a reward for validating blocks is 21/(Nodes in shard). In Round 2 there were 63 validators defined in the Elrond consensus mechanism. Thus, the chance of a node to earn a reward for validating blocks is 64/(Nodes in shard) Maximum Rewards = Total Rewards per Day (14.400)* (Validators needed for consensus / Registered Nodes in Shard) In a shard with 133 nodes: 14.400 * (21/133) = 2273.684211 -> The number of rewards a node will earn, on average, if all nodes are online Rewards are counted by summing up the number of block reward transactions issued by the protocol. Hit-Rate - Indicates the liveliness of a shard, calculated by dividing the actual number of mined blocks by the total number of blocks possible in a period of time. In ideal conditions, there are 14.400 blocks in a day (86.400 seconds in a day / 6 seconds round time). A hit rate of 1 is ideal. Hit Rate = Mined Blocks / Maximum Number of Blocks Client Version - We encourage all the nodes to have the latest client version, so we may effectively deploy critical patch in short periods of time. 100% score will be awarded to nodes with the latest version. A 24 hours grace period after we officially announce a new patch. After that, a 10% penalty is added to the score earned every hour after the grace period. Missions - There will be periodical missions that earn extra points. It is not mandatory to do these missions, but they give significant score. A mission will be for example sending a transaction with a certain amount of gas or specific data encoded. Missions will be linked by nodes because they will require participants to send certain transactions from the address where staking rewards collected. There will be periodic missions, Scheduled missions, Secret Missions. Mission = 910 points Recap: The score has 11 elements: 1 x uptime 3 x number of earned rewards 6 x proposed blocks 1 x mission Daily Score = ((1 x Percent Uptime + 3 x (Number of Earned rewards / Hitrate * Max Number of Earned Rewards) + 6 x (Proposed Blocks / Maximum Proposer Rate) + 1 x Mission) * Client Version)/11 * 10.000 Node Round Score = Sum of Node Daily Scores that Round Phase Score = Sum of Round Scores Total Score = Sum of Round Scores โš”๏ธ See you on the battle #fiedl ! ๐Ÿ›ก๏ธ P.S. Leaderboards teaser
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