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Section D: FAQs
This section addresses common questions and provides comprehensive answers to help users understand various aspects of the L1X blockchain platform.
Once you Claim your L1X Coins, you will be able to Lock them into the Node Pool which will mint you an NFT. In the Public Sale Purchase, if you lock 50,000 L1X Coins you will get a Full Validator Node NFT and by Locking 10,000 L1X Coins; you will be able to mint an Event Listener Node NFT. Once the NFT is minted; you will not be able to burn that NFT. The coins locked in the Node pool can then be used to host your node when hosting begins.
You can sell your NFT the moment you mint it and are allocated the NFT.
The marketplace will be a part of the Wallet and it will be available the same time the P2P trading is available. You can sell your NFT individually before that.
Yes. We are working out some numbers on this and we will make it available for them.
Slashing Mechanisms are in place. This will be answered soon.
This is not correct. The correct information is presented above. 50,000 L1X Coins for Full Validator Node NFTs and 10,000 L1X Coins for the Event Listener Node NFTs. The rewards and the power of these nodes in terms of consensus and validation are different hence the two levels of coin amounts required.
L1X Protocol has a total of three types of nodes.
· Event Listening Node
· Transaction Execution Node also known as Full Validator Nodes
· Signing and Broadcasting Node
⇒ Event Listener Nodes and Full Validator Nodes are responsible to participate in the Consensus Mechanism.
⇒ Signing and Broadcasting Nodes can be hosted by the participating applications to ensure deposits and destination payload signing and broadcasting.
Not at this stage. After the Mainnet-Beta, we will work on a Dockerised application that will allow you to do it, provided you meet the hardware requirements for any of the three types of nodes. Also, note that the hardware requirements for Signing and Broadcasting of the Nodes will be released later. At the moment, the hardware requirements are for FVN and ELN only.
Yes, we will release clear instructions to the NFT holders who wish to run FVN and ELN before the Mainnet Launch.
Application Developers are hosting nodes during the Mainnet-Beta phase.
The Event Listener Nodes and the Signing and Broadcasting Nodes are not classified as Light Nodes. They are a part of the Transaction Execution, its finality, block production and finality process. The hardware requirements for the FVN and the ELN are the same at the moment but the ELN and SBN will have lower hardware requirements.
You can use the same address to buy during the process. Once you have acquired the minimum amount of L1X coins you will be able to lock it to Mint an NFT.
FVN NFTs need 50,000 locked L1X coin and ELN need 10,000 L1X Coin as a minimum. If you have 50,000 L1X Coins and decide to lock it for a FVN; you will only get ONE FVN.
In the Mainnet-Beta phase; to increase the security of the protocol; L1X coins will be able to be staked at the protocol level for which rewards will be provided. During this phase, the L1X Coins can also be used as Gas fees. The reward calculations are provided at this moment but the total rewards that are earned will be calculated during the active phase of the mainnet-beta.
The claim and stake at the protocol level will be through the selected websites to which information will be released before the launch of the Mainnet-Beta.
Once you lock your L1X Coins for the ELN, you cannot burn the NFT. If you want to host a FVN; you will have to lock a minimum of 50,000 L1X Coins.
In the long run, how will the detection process work to determine whether a user possesses the required 50,000 coins (acquired via public sale or private sale) to host a Full Validator Node (FVN), and does it mean that those who have acquired the coins through private sale need to sell them to the public and repurchase them to become eligible to host FVN or ELN?
For now, it is the time duration that is taken into consideration when the L1X Coins have been acquired.
We are currently working on the best way possible for Private Sale Investors to get a FVN and ELN NFT and more information will be released before the Mainnet-Beta launch.