Delegators Overview

Introduction

OKExChain is based on Tendermint and relies on a set of validators who are responsible for submitting blocks. These validators participate in the consensus protocol by broadcasting votes which contain cryptographic signatures signed by each validator’s private key.

Token holders can get votes through the “delegation” command, and select the validators that they think are meaningful to the ecology. For these token holders, they are called the delegators.

For a practical guide on how to become a delegator, click here.

Voting Mechanics

In OKExChain, any user who has staked OKT tokens can vote. Each user is allowed to vote for up to 30 validator candidates using the full weight of their stake. For example, if a user has 1000 OKT staked, she can cast 1000 votes each for up to 30 validators. The top 21 validator candidates by total number of votes received form the core set of validators. Additional validators, ranked by total votes, are also compensated by the network to serve as validator candidates.

OKExChain is a liquid, delegative democracy. Users have the option of voting directly for validator, but they can also delegate their voting power to another account to vote on their behalf. The delegate account, called a proxy, has no control over the original user’s account — the user can proxy her vote trustlessly without handing over any keys. The proxy simply has the power to direct that user’s voting power towards certain validators, but the user can revoke her voting power from the proxy at any point.

In the proxy voting mechanism, there are two roles:

  • Ordinary voters

  • Proxy voter

Ordinary voter

  • You can only register as an agent voter by initiating a transaction with a registered agent

  • Only one agent can be selected as a voting agent

  • Established a voting agency relationship with an agent by executing an agent binding transaction

  • Once an agent is selected, all votes in the user account are managed by the agent (vote, not vote, to whom)

  • The number of proxy votes obtained by making up the mortgage and reducing the mortgage will be updated in real time.

  • Dissolve the agency relationship by executing a transaction that cancels the agency relationship

proxy voter

  • Become an ordinary voter by initiating a specific tx anti-registration

  • You must have a mortgage to register as a proxy voter. Once the proxy voter ’s mortgage is completely unbond, the proxy voter status will be automatically cancelled.

  • Acting voters allow more than one vote

  • Whenever the ordinary user represented by the proxy voter changes the mortgage, that is, all the voting weights of the proxy voter are updated to the latest at the same time. , Updated proxy vote weights for proxy voters

  • The proxy voter cannot reverse check the details of his proxy ticket, only the total proxy ticket can be found

  • When registering as an agent, you can no longer proxy your tickets to others (not multiple agents)

  • When the agent deregisters, the agent ticket on the agent is immediately cleared, and the weight of the voted node is also reduced in real time

Voting weight

The weight of the number of votes decayed weekly (0:00 UTC time every Saturday), the total decay period is 1 year, reduced to 50% After re-voting, the ballot weights will be refreshed formula:

start_timestamp = 946684800 (ie 00:00:00 UTC on January 1, 2000)
weeks_per_year = 52
weight = (now_timestamp - start_timestamp) / (seconds_per_day * 7) / weeks_per_year
shares = delegated_tokens * 2^weight

The best voting strategy is: update the voting in the hands once a week to ensure that the weight of the votes held is always up to date

Punishment

okexchain has an automatic penalty mechanism on the chain, which is currently implemented for two types of behavior:

  • When the block node is used as a validator, the block is not signed    -In the current testnet, when a total of 9500 block signatures are accumulated, an automatic penalty will be executed    -Penalty: Jail validator 600s    -The validator cannot participate in the block rotation during Jail

  • When the block node is used as a validator, a double signature is performed on a block    -Once a double sign is found in the test network, an automatic penalty will be executed immediately    -Penalty: Permanent Jail    -The validator cannot participate in the block rotation during Jail

Key Management

The best way to minimize the risk of theft or loss of OKT is to have a strong storage and backup strategy for your private keys. The safest way to store your keys is offline, either in a cryptocurrency wallet or on a device that you never connect to the internet. The best backup strategy for your k yes is to ensure that you have multiple copies of them stored in safe places, and to take specific measures to protect at least one copy of your keys from any kind of natural disaster that is a likely possibility in your part of the world.

To protect your OKT, do not share your 12 words with anyone. The only person who should ever need to know them is you. You do not need to share your private keys if you’re delegating OKT to a validator on the network or to use custodial services. If anyone asks for your key material,

Software Vulnerabilities

To protect yourself and ensure you’re using the safest code is to use the latest version of software available, and to update immediately (or as soon as you can) after a security advisory is released. This is important for your laptops, mobile devices, cryptocurrency wallets, and anything else that may be linked to your identity or your cryptocurrency.

To protect your OKT, you should only download software directly from official sources, and make sure that you’re always using the latest, most secure version of okexchaincli when you’re doing anything that involves your 12 words. The latest versions of Tendermint, the OKExChain-SDK, and okexchaincli will always be available from our official Github repositories.

No one from OKExChain, the Tendermint team or the Interchain Foundation will ever send an email that asks for you to download a software attachment after sending out a security advisory or making a patch available.

Verifying Transactions

Be skeptical of technical advice, especially advice that comes from people you do not know in forums and on group chat channels. Familiarize yourself with important commands, especially those that will help you carry out high-risk actions, and consult our official documentation to make sure that you’re not being tricked into doing something that will harm you or your validator.

When sending transactions or doing anything that may spend coins, you should always verify those transactions before hitting send. While address strings are long, it is important to visually comparing them in blocks of 4 characters at a time to ensure that you are sending them to the right place rather than into oblivion.

Account Security

One of the most important things you can do to protect your cryptocurrency and eliminate risk is to harden all of your critical online accounts. Attackers will try to gain foothold wherever they can, and will use that foothold to pivot from one place to another. Unprotected accounts like email, social media, your Github account, the OKExChain Forum and anything in between could give an attacker an opportunities to gain foothold in your online life.

For people who hold cryptocurrency, there are two specific account security actions that can be taken to eliminate specific risks that come with being part of the blockchain world.

  • First, it is important to enable 2-factor authentication everywhere you can, and to make sure that you are using a code generator or U2F hardware key as a second factor.

  • Second, be mindful of account recovery methods used to regain access to your most important accounts and make sure that you do not use SMS as a recovery method. If you haven’t done so yet, start using an authenticator app or a hardware key immediately for your personal email account and wherever else you manage your tokens, especially if you use online exchanges.

Supply Chain Attacks

Whether you’re buying a hardware or a hardware wallet, it is important to purchase whatever you need directly from the supplier or from a trusted source. This is the only way to completely eliminate the risk of a compromised device or chip from stealing your private keys, especially since there are reports of compromised wallets being sold on Amazon and through other popular online marketplaces.