Voters and Delegates
Last updated
Last updated
This documentation portal is currently undergoing updates to align with the IoTeX 2.0 Whitepaper release. Information provided here may be incomplete, or out-of-date. Please use this portal for preliminary reference only, and check out the official IoTeX 2.0 Whitepaper for updated information.
.2024 | IoTeX
IoTeX is committed to building a decentralized and inclusive ecosystem. As a digital democracy, IoTeX acknowledges and rewards community contributions in various ways.
In the IoTeX ecosystem, any token holder who stakes at least 100 IOTX and votes for a Delegate is recognized as a "Voter." Voting for a Delegate is a mandatory part of the staking process. By doing so, Voters help to secure and decentralize the network. In return for their participation, Voters receive rewards in the form of IOTX tokens, with the amount depending on their staking settings. This system creates a cycle that incentivizes voting, secures the network, and maintains decentralization.
Delegates are elected by IOTX token holders and represent the IoTeX network. They run the protocol, maintain consensus, promote project awareness, organize community-wide initiatives, and more. Any token holder can self-candidate as a Delegate in the IoTeX ecosystem. After profile registration (which costs 100 IOTX) the minimum requirement to become a Delegate is to receive at least 1.2 million votes from a single account, which can be the candidate's own account self-voting, or a third-party account endorsing the candidate.
The top 100 Delegates, ranked by votes, receive rewards proportional to their share of the total votes versus the total votes in the network. This incentivizes participation and ensures the IoTeX ecosystem remains secure, decentralized, and vibrant.
The top 36 Delegates with the most votes are “Consensus Delegates” that manage transaction verification and block production. Consensus Delegates also receive fixed block rewards for every mined block in addition to the variable rewards shared by all IoTeX Delegates.
