SPK Network to Distribute Delegation Rewards Starting from Monday

in LeoFinance2 years ago

SPK Network is slowly coming to life.

A new wallet was presented recently which is a definite improvement compared to what I used before.

It still has its rough edges here and there for the user experience, but a clear step forward.

By the way, it's August, have you claimed your LARYNX claimdrop this month? Make sure you claim your real tokens, not the test ones. I claimed them from the older interface, which probably only deals with real tokens, not the test ones.

If we count in the monitor for node validators which was presented a while ago, we see efforts are being made to translate the available information for the less technically-inclined users.

A few days ago an announcement was made about a testnet for SPK Network being deployed to introduce the power-up, delegation, and locked rewards as presented at an earlier time (in June).

Apparently, the testnet didn't reveal anything serious, as the plan went forward to release these updates into production on Monday. There is a call-to-action inside, but I believe that's for after the mainnet goes live on Monday.


I've actually gone through the process and powered up my LARYNX tokens and delegated them to a node operator. Since this is on the testnet, nothing I did matters for the real tokens, and I'll have to repeat the operations once the updates become available for the mainnet.

I still need to get used to the longer time for a transaction to be picked up on DLUX, than on Hive, and a couple of minor interface glitches could be fixed/improved:

  • popups that should be closed on clicking a button
  • the validation error when removing delegation, which shouldn't be there (the one that says you can't delegate less than 0.001 LARYNX) - the operation still goes through, despite the validation error and the popup not closing
  • adding error messages (for example, I tried to delegate to a node that was only for Ragnarok, and nothing happened - I didn't know it was only for Ragnarok until after I talked to the node operator, so I had no idea what happened; an error message would have been nice!)
  • are there transactions for SPK Network filtered/interpreted on any interface?

What's the Plan Going Forward?

Distribute SPK rewards at the specified levels to seed the initial governance of the sidechain, after which SPK holders will vote the consensus node validators:

There are three token types in our proposed ecosystem. LARYNX, SPK, and BROCA. LARYNX is the miner token with an ongoing airdrop that can be claimed monthly. SPK is the governance token that will help turn our HIVE "side-chain" or "layer 2" into a DPoS (Delegated Proof-of-Stake) layer 2. This current change being tested allows our Larynx miner stakers to earn a very small amount of SPK to build a seedling governance. At our proposed distribution rates of 0.1, 0.015(x2), and 0.01%, we will expect no more than 15,000 SPK tokens to be minted by the next release; after which these tokens will vote a top 20(and even the number 20) which will then vote for the networks validators and other key network variables.

Posted Using LeoFinance Beta


popups that should be closed on clicking a button

@disregardfiat said that this one is coming with the next update. The popups should close on their own after a few seconds, but if you make the mistake to refresh the page they all show up again.

adding error messages...

You got no error here because that user was at some point running a Spk node for a short while, but that was maybe 3 months ago and the node wasn't removed from the list yet. Either the list needs a cleanup or at least users who want to delegate should be shown only a list of active nodes.

Voted on ListNerds!

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Thanks for the feedback from @disregardfiat. Maybe the buttons should be disabled until the popup is auto-closed and a "busy" mouse cursor should be displayed?

@markegiles is this UIs current builder. He also loves feedback.

Thanks! I didn't know that.

Tham man is so involved with not just one project, I guess these UI things don't matter too much if the core is functioning properly. We need more people involved like him.

They matter to the regular users. I can navigate through them, but regular users will hold back if UI doesn't work properly.

I was thinking about him, he is more interested in the core functionality and the UI will come next. Of course the interface and UI functionality is important for regular users, there were even some complaints on Discord from regular users, but he can't do it all at once. Either more devs need to be involved or we'll just have to wait more time.

He commented with the name of the UI dev. I didn't know him. Now I know who to tag if I think some UI improvements would be good.

disregardfiat does a great job on the backend, don't get me wrong. He's done a ton of things all by himself and from scratch.

That new wallet looks cool - Cheers for the link.

At the moment I'm just claiming my tokens and letting them sit there.

God it's confusing...

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On Monday or Tuesday (depends on timezone differences), you'll be able to power up and delegate them and earn a bit of SPK tokens in return.

Hello. Thanks so much for the article and your assessment of SPK. I've claimed my LARYNX Miner Tokens each month, but was waiting for clear instructions on their use going forward.

Take care and have a good rest of your week.

Yup, you'll be able to power them up and delegate them to a node operator (witness) for a small return in SPK tokens. The interface is pretty straightforward (similar to what we are used to on Hive), if you are going to use the new wallet, but right now the testnet is still running. From Monday (or Tuesday, depending on your timezone), you'll be able to do that on the mainnet, if all goes according to their planning.

Is there any particular node operator you'd recommend delegating to? Also, can you delegate to more than one?

Thanks for your time.

You can delegate to as many as you want. Just like on Hive.

I delegated to someone I know from my country who told me he ran such a node (@carloaxie). His posting account is @drlobes.

Tis sound's interesting to me buddy, been searching for info on how I can buy the token to no avail, can you help, where and how do I buy the token. Thank you

Sure! I didn't figure out how to switch to the SPK market on the new wallet (maybe it's not enabled yet), but you can use the older wallet and go to the DEX page at the top. You can buy with HIVE or HBD.

Thanks for the guide. I also talked to the team on discord, the new wallet is functional and I got myself some of those

How did you switch the DEX from DLUX to SPK on the new wallet? It didn't seem to work for me.

That's the main ling to larnx but you can just navigate straight to https://vue.dlux.io/dex
while there, just go to token at the top left and click, it will open a drop down window as seen in the screenshot, so you just click the token you want to trade. You can see the screenshot

Cool! I missed that dropbox! Thanks.

You're welcome 😊

I'll screenshot it to you in a few minutes

I forgot to claim my july tokens. Thanks for the reminder for August!

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Sorry about missing your July claim drop. I have an alarm set but rarely needed it.

I made sure to collect my airdrop and can we delegate our tokens to anyone to get dividends? Or do we have to delegate to people who said they will give us some return on the LARYNX?

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You receive a return no matter what. If the node operators send something more on top of that, that can happen, but just like I don't vote witnesses on Hive for that reason I won't delegate on SPK Network for that reason.

But if you power up & delegate to an SPK Network node operator (so can't be anyone), both you and (s)he receive 0.015% APR. Won't be high, but won't be nothing either. If you just power up (without delegating), you receive 0.01% APR.

PS: Still in testnet, so wait for Monday/Tuesday to powerup and delegate.

I have been claiming my LARYNX every month on that dlux link. So now I can start delegating them? Or should I wait a bit?
Thanks for the info, @gadrian

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I think it's better to wait until next week. Or you will do it again then.

Great! Thank you for letting me know, @gadrian! I will do that. Enjoy your weekend!

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