With the launch of our Deeper Chain mainnet, the growth of nodes on the Deeper Network still remains as one of the most important aspects of the project. With a generous incentivization program where 60% of the total token allocation is reserved for mining rewards, participants on the network will be encouraged to make the network more robust by sharing their bandwidth while earning DPR rewards.
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What is basic mining?
Deeper Connect devices offer a decentralized private network (DPN), enterprise-class cyber-security and Web 3.0 gateway features. In addition, it is also a node on Deeper Chain which follows the Proof of Credit (PoCr) consensus algorithm. By participating in Deeper Chain’s PoCr, users can also earn $DPR tokens through their contribution to the Deeper Network, which is Deeper Network mining. There are different levels of mining. Genesis node mining (highest mining rewards), pro-mining and basic mining.
Will Deeper Connect devices sold on Indiegogo and Stacksocial be able to mine DPR?
Although Deeper Connects were never advertised as mining devices, Deeper Network has decided to add the mining feature in an effort to grow the network. Users can apply to have their device added to the Deeper Chain one month after mainnet launches. Deeper Network then plans to gradually open the mining function on devices in an effort to monitor the health of the network. Users who purchased their devices on Indiegogo and Stacksocial that want to participate in mining right away will first have to stake 1,000 $DPR to place their node on the Deeper Chain and start with a credit score of zero. Users then have the option to stake 5,000–100,000 $DPR to elevate credit scores to increase their mining rewards. See chart below:
How do we participate in basic mining?
Users must contribute to the network by connecting to the internet and sharing bandwidth. Once on the Deeper Chain, basic miners start with a credit score of 0 and must grow their organic credit score to 100 before DPR can be earned.
Organic Credit Score Rules:
- Deeper Network allows its users to grow their credit score organically when contributing their bandwidth to the network.
- The organic credit score will not be grown if the user’s bandwidth is not contributing to the network for any reason.
- The organic credit score can be grown by one (1) credit point when users share at least 10MB of uploaded bandwidth over two (2) consecutive days. A maximum of 1 credit point can be earned over this period of time regardless of how much bandwidth over 10MB the user shares.
- Deeper Network reserves the right to adjust the organic credit score rules and other related parameters at any time with the network development.
How does a node join the Deeper Chain?
Basic mining will require users to first fill in an online application with their device serial number. This application will be ready at mainnet launch, which is scheduled for August 28, 2021 @ 6pm (UTC+0). The staking platform will be announced once ready. In an effort to monitor and maintain Deeper Chain’s stability and health, approvals will be done in batches starting no earlier than 1 month after mainnet launch. When the user generates and binds their Deeper wallet to the Deeper Chain, this timestamp will play a role in the order in which approvals are made. A detailed tutorial will be made after mainnet launch.
How much can we earn with basic mining?
Basic mining rewards are below:
Can we stake DPR to increase our credit score tier and earn higher mining rewards?
1. Yes you can. By staking DPR, users can increase their credit score. The staking period is for 9 months with 3 months linear vesting.
2. Once on the Deeper Chain, by staking 5,000–100,000 DPR, a user can increase their credit score and start earning DPR. By staking an additional 5,000 DPR, a user’s credit score will be increased to 100. Other corresponding staking credit tiers and earnings can be seen below.
3. The maximum staked DPR amount is 100,000 elevating one’s credit score to 800. Credit scores that exceed 800 will not render higher mining rewards but the organic credit points earned will remain. The credits accrued can be used in the event of credit score deductions or unstaking.