Gleb Palienko

Polkadot ecosystem PO at p2p.org. Previously head of Exonum @ Bitfury

4 posts
Polkadot P2P.ORG received grant for Multi-blockchain ETL for Polkadot and Filecoin

<h4 id="7th-september-2020-p2p-validator-is-delighted-to-announce-their-grant-work-on-connecting-the-polkadot-and-filecoin-ecosystems-by-creating-an-etl-solution-with-unified-api-together-with-web3-foundation-and-protocol-labs-"><strong>7th September 2020 - P2P Validator is delighted to announce their grant work on connecting the Polkadot and Filecoin ecosystems by creating an ETL solution with unified API , together with Web3 Foundation and Protocol Labs.</strong></h4><p>Over the past few years, the world has seen the rise of blockchain interoperability; with the attraction DeFi tools and platforms are getting nowadays, the idea of making the blockchain world more interoperable has become ingrained. The blockchain ecosystem has already attracted thousands of software developers working on different things - applications, wallets, dashboards, explorers - but by inserting interoperability into this equation brings an additional challenge.</p><p>Imagine a situation where a user moves a chain A asset through bridge B to parachain X to open a Collateralized Debt Position (CDP), then uses received stablecoin to long a synthetic asset from parachain D on a margin trade chain E. Ten years ago this could sound like nonsense - but this is a reality now. To make efficient applications that would allow this behavior - the developers need appropriate tools.</p><p><em><em>"Default blockchain node interfaces are usually unsuited for complex or historical data queries. That makes building application on top of blockchains a complicated affair - you need to build your own data layer first. Interchain communication aggravets that problem even more"</em></em>, says Vasiliy Shapovalov, CTO of P2P Validator. <em><em>"Our goal is to exctract, clean, enrich, transform, and serve the blockchain data in way that will allow users to to merge several application-specific interchain requests in the single one."</em></em></p><p>To begin this journey, we've decided to create an ETL solution for blockchains with a GraphQL API for the collected data. The solution aims to add value and decrease development costs for every company or individual who is working on application development. GraphQL as an API query language has been chosen to unify the data interface to simplify the development process and provide the best quality real-time data for applications.</p><p>As a validator, we have a unique opportunity to develop such a system:</p><ul><li>we have developed our dashboards and other tools that require a deep dive into specific blockchain's architecture</li><li>blockchain node management does not add costs to the solution as we already maintain them</li><li>we are familiar with a variety of blockchains</li><li>we are trusted by more than 2000 users staking their assets with us</li></ul><p>Although our ultimate goal is to provide a high-quality data source for lots of blockchains, we've chosen Polkadot and Filecoin to be the pioneers in this project. We would love to see services that would utilize this solution and supply a justified demand for more blockchains to be added as data sources.</p><p><em><em>“We are excited to work together with Protocol Labs and P2P validator to create an interoperability-first data warehouse across all kinds of different blockchains. This will make it easier to integrate with different blockchains and ultimately help the entire ecosystem ”</em></em>, says David Hawig, Grants Lead at Web3 Foundation.</p><p><em><em>"In collaboration with Web3 Foundation we’re delighted to support P2P Validator as they build an ETL solution to simplify the process of building wallets, dashboards, explorers and apps that interact with multiple blockchains connected through interchain communication protocol"</em></em>, says Eva Shon, Grants Coordinator at Protocol Labs.</p><p>Stay in touch with us and visit our website and GitHub to know more!</p><h3 id="about-web3-foundation"><strong>About Web3 Foundation</strong></h3><p><a href="https://web3.foundation/">Web3 Foundation</a> funds research and development teams building the technology stack of the decentralized web. It was established in Zug, Switzerland, by Ethereum co-founder and former chief technology officer Dr. Gavin Wood. Polkadot is the Foundation's flagship project.</p><h3 id="about-protocol-labs"><strong>About Protocol Labs</strong></h3><p><a href="https://protocol.ai/">Protocol Labs</a> is an open-source research, development, and deployment laboratory. Protocol Labs' projects include IPFS, Filecoin, libp2p, and many more. Protocol Labs aim to make human existence orders of magnitude better through technology.</p><h3 id="about-p2p-validator"><strong>About P2P Validator</strong></h3><p><a href="https://p2p.org/?utm_source=blog&amp;utm_medium=announcement&amp;utm_campaign=polkadot_grant_announcement">P2P Validator</a> is a world-leading non-custodial staking provider with the best industry practices and proven expertise. We provide comprehensive due-diligence of digital assets and offer only top-notch staking opportunities securing more than 300 million of USD value. At the time of publishing, P2P Validator is trusted by over 2000 delegators across 15+ networks.</p><p></p><hr><p></p><p><strong>Web</strong>: <a href="https://p2p.org">https://p2p.org</a></p><p><strong>Twitter</strong>: <a href="https://twitter.com/p2pvalidator">@p2pvalidator</a></p><p><strong>Telegram</strong>: <a href="https://t.me/P2P/polkadot"><a href="https://t.me/P2Pstaking">https://t.me/P2Pstaking</a></a></p>

Gleb Palienko

from p2p validator

Polkadot Polkadot overview for newcomers

<h1 id="polkadot-overview-for-newcomers"><strong>Polkadot overview for newcomers</strong></h1><p><em><em>August 18th, 2020</em></em> - Polkadot almost became a fully-operational network by reaching the 4th of five milestones - opening transfers between accounts. The network is expected to finish the rollout plan this autumn by enabling parachain auctions and cross-chain interaction protocol, but, which might be important for newcomers, now you can legally buy and sell DOT tokens. If you are someone who missed the original 2017 and small 2020 sale but still are interested - this article is for you.</p><h2 id="which-wallets-to-use"><strong>Which wallets to use?</strong></h2><p>We recommend starting exploring Polkadot with official <a href="https://polkadot.js.org/apps/#/accounts">Polkadot.js browser wallet</a> (you would also need to install <a href="https://github.com/polkadot-js/extension">polkadot.js browser plugin</a>). This is the official wallet supported by Web3 Foundation that provides all possible opportunities for DOT users. If you are not a fan of desktop wallets, you can just walk through all tabs and get a good overview of Polkadot. The full list of supported wallets can be found <a href="https://wiki.polkadot.network/docs/en/build-wallets">here</a>.</p><p>You will notice that a lot of them are in the development stage, but the following ones are fully functional:</p><ul><li><a href="https://www.parity.io/signer/">Parity Signer</a></li><li><a href="https://lunie.io/">Lunie</a></li><li><a href="https://polkawallet.io/">Polkawallet</a></li><li><a href="https://token.im/">ImToken</a></li><li><a href="https://www.mathwallet.org/polkadot-wallet/en/">Math wallet</a></li></ul><p>Please note that the wallets may not provide full functionality (e.g., Democracy, Council voting, Extrinsic, etc.) - but all of them support transfers and staking.</p><h2 id="where-to-buy-dot"><strong>Where to buy DOT?</strong></h2><p>Generally, we don’t give advice on the exchange as your experience may differ based on the country of your residence or KYC/AML procedures. As you’re reading this page, we believe you are already a crypto person and you don’t need common advice like picking a trusted exchange. But there’s one thing you may not be familiar with:</p><p><strong><strong>On August 21st, Polkadot will go through the redenomination process. It means the “old” DOT will be equal to 100 “new” DOTs. This was the choice of community - you can read more in the <a href="https://polkadot.network/the-results-are-in/">official post</a>. This change will not be done by changing any core code - from 21st 1 DOT will be equal to 10^10 Plancks (the smallest fraction of DOT), while now it’s 10^12 Plancks. If you buy your DOT now, you will just see 100x more DOT on your balance after 21st.</strong></strong></p><h2 id="how-to-create-an-account"><strong>How to create an account?</strong></h2><p>Please use <a href="https://economy.p2p.org/create-account-in-polkadot-network">our guide</a>. The whole process will take several minutes.</p><h2 id="how-to-nominate"><strong>How to nominate?</strong></h2><p>We have a general <a href="https://economy.p2p.org/polkadot-nomination-guide">guide on nominating</a>. Here are some additional tips that you might find helpful:</p><ul><li>You can nominate from 1 to 16 validators from one account. The validator election mechanism will distribute your stake to validators in an optimal way (generally, for one validator). We recommend to nominate trusted validators as the right selection will provide better yield and protect you from <a href="https://economy.p2p.org/Polkadot-overview-for-newcomers#what-is-slashing-and-how-does-it-work">slashing</a>.</li><li>Your nomination status will update every day (around 1PM CET - when the validator election happens). The meaning of each status: <em><em>Active - your nomination is working, and one of the validators you’ve chosen is in the active validator set. Everything is OK. </em></em>Inactive - it is OK to have some inactive nomination while you have at least one active - it means that your nomination is working, but some of the validators you’ve chosen are not in the active set. <em><em>Waiting - you will see this status if you’ve made a nomination but the elections haven’t happened yet. Don’t worry, just wait for the validator elections to be held. </em></em>Renomination needed - this signals you that you need an update of your nomination.</li><li>Bonding and unbonding <em><em>Bonding means you’re locking your funds to work in staking. While funds are locked, you can make nominations, update them, vote, etc. To make your funds liquid you should go through unbonding. </em></em>Unbonding might be performed when you want to stop nominating and move or sell your DOTs. Please be careful - the unbonding period for Polkadot is 28 days, so basically you won’t be able to transfer or stake your DOTs for almost a month!</li><li>Controller account is a special account that might be linked with your primary account (stash in terms of Polkadot) to perform some actions (e.g., staking). It is good practice to have a controller account connected to your stash and don’t touch the last one without a significant reason. What is more important, you can basically share your controller account with 3rd parties to perform staking while keeping your stash keys with you and your funds will be safe!</li></ul><p>For those of you who have more than 50000 DOT we have a <a href="https://economy.p2p.org/polkadot-nomination-strategies/#p2p-validator-special-offer">special offer</a>!</p><h2 id="how-do-rewards-work"><strong>How do rewards work?</strong></h2><p>At the moment, Polkadot provides around 14-15% APR on your stake. The following things might influence your profit:</p><ul><li>Validator fee. The average validator fee is around 3%.</li><li>Luck. The profit for each validator is proportional to the number of blocks produced during the era. These numbers will be equal in the long run, but for some days you may notice a bit more or a bit less profit than predicted - so basically you should not worry about this.</li><li>Total stake on the node. Polkadot provides staking rewards that are almost equal for every validator. After that, the validator automatically distributes the profit for the nominators after taking a validator fee. So, nominating to the validator that has 2M DOT in nominations will bring you twice as much as nominating the one with 4M DOT in nominations.</li><li>Overall validator performance. In the real world, different validators have different hardware resources, connectivity, etc. - all of these factors may affect nominators’ profitability.</li><li>Slashing penalties. <a href="https://economy.p2p.org/Polkadot-overview-for-newcomers#what-is-slashing-and-how-does-it-work">Please take a note on slashing and how it works in Polkadot</a>.</li></ul><p><strong><strong>Please use our <a href="https://economy.p2p.org/polkadot-nomination-strategies">article with nomination strategies</a> that are based on the stake you hold</strong></strong></p><p>Other important points on the rewards:</p><ul><li>Rewards are distributed each era (24 hours for Polkadot).</li><li>By default, the rewards are not claimed automatically. This can be done either by you or by your nominated validator. P2P Validator is periodically claiming rewards for our nominators, so you should not worry about this if you nominate us.</li></ul><h2 id="what-is-slashing-and-how-does-it-work"><strong>What is slashing and how does it work?</strong></h2><p>Slashing is a penalty mechanism that provides economic incentives for validators to play fair and nominators to choose the right validators. Slashing is triggered when a validator makes a double sign or more than 10% of the network goes offline. This can also happen because of a software bug. In such cases, the slashes are applied after 28 days and can be canceled by democracy voting.</p><p>As the slashing is applied to both validator and its nominators, you may lose some portion of your stake. To minimize risks to be slashed:</p><ul><li>Select 16 validators in your nomination.</li><li>Select only the validators you know and trust.</li><li>Don’t try to make maximum profits - staking is a marathon, not a sprint. The risk of losing a portion of your stake might outweigh the better profitability of an unknown validator.</li></ul><h2 id="what-resources-to-use-or-follow"><strong>What resources to use or follow?</strong></h2><p>For all newcomers to Polkadot ecosystem, we recommend the following resources:</p><ul><li>Our <a href="https://economy.p2p.org/category/polkadot/">blog articles about Polkadot</a></li><li>Join the <a href="https://t.me/PolkadotOfficial">official Polkadot group on telegram</a></li><li>Join the <a href="https://matrix.to/#/!FdCojkeGzZLSEoiecf:web3.foundation?via=matrix.parity.io&amp;via=matrix.org&amp;via=web3.foundation">community group in Element</a></li><li>Use the official <a href="https://wiki.polkadot.network/docs/en/getting-started">wiki of the project</a></li><li>Get familiar with Polkadot in action using <a href="https://polkadot.js.org/apps/#/accounts">Polkadot.js</a></li><li>Use <a href="https://polkascan.io/polkadot">Polkascan</a> or <a href="https://www.subscan.io/">Subscan</a> to dive deeper in addresses and transactions</li><li>Give <a href="https://kusama.network/">Kusama</a> network, a wild cousin of Polkadot, a try</li></ul><h2 id="about-p2p-validator"><strong>About P2P Validator</strong></h2><p><a href="https://p2p.org/?utm_source=blog&amp;utm_campaign=polkadot_for_newcomers">P2P Validator</a> is a world-leading non-custodial staking provider with the best industry practices and proven expertise. We provide comprehensive due-diligence of digital assets and offer only top-notch staking opportunities securing more than 100 million of USD value. At the time of publishing, P2P Validator is trusted by over 2000 delegators across 15+ networks.</p><hr><p><em><em>Do not hesitate to ask questions in our <a href="https://t.me/P2Pstaking">Telegram chat</a> or contact Gleb via [email protected] We are always ready to help and open for communication.</em></em></p><hr><p><strong><strong>Web:</strong></strong><a href="https://p2p.org/?utm_source=blog&amp;utm_campaign=polkadot_for_newcomers"> https://p2p.org</a></p><p><strong><strong>Stake DOT with us:</strong></strong> <a href="https://p2p.org/polkadot?utm_source=blog&amp;utm_medium=economy&amp;utm_campaign=strategy">https://p2p.org/polkadot</a></p><p><strong><strong>Twitter:</strong></strong><a href="https://twitter.com/p2pvalidator"> @p2pvalidator</a></p><p><strong><strong>Telegram:</strong></strong> <a href="https://t.me/P2Pstaking">https://t.me/P2Pstaking</a></p>

Gleb Palienko

from p2p validator

Polkadot Polkadot Nomination Strategies

<p>While validators in Polkadot work together as the heart of the ecosystem - validate transactions, build the blockchain itself, and maintain network security, nominators supply the blood - they delegate their tokens to the validators they trust and therefore receive rewards and provide supply to the blockchain economy. So, what's the best strategy for a nominator? How to be sure your funds are safe and working at their maximum? We've gathered some strategies that might be useful for you based on the stake you have.</p><h1 id="500k-dots-and-more-"><strong>500K DOTs and more.</strong></h1><p>You hold a large number of tokens, and the rewards you can get are pretty high (in absolute numbers). Here are some thoughts that you might find useful:</p><ul><li>The right nomination strategy can add several additional points to your APR, while with the wrong one you can receive only half of the potential profit. "Nominate once and relax" won't work for you because the fluctuations of nominations on the network can change the position of validators you've chosen drastically.</li><li>Selecting the most profitable validators in polkadot.js UI might not be a good idea because your stake is significant enough to change the position of validators in terms of profitability.</li><li>To make the best choice of validator, you should make predictions on the next validator set for each era, which requires development resources and a deep understanding of Polkadot validator election mechanisms.</li></ul><p>All this can make you think that it's almost impossible to get the maximum from your stake. <strong><strong>Luckily, you're reading this text on p2p.org. We're a top-tier validator and can make this happen because of our vast amount of experience accumulated in Kusama and Polkadot.</strong></strong></p><h3 id="p2p-validator-special-offer-"><strong>P2P Validator special offer:</strong></h3><ul><li>Optimized regular nominations to get maximum yield</li><li>Direct support by chat or video call</li><li>Weekly reports on profitability</li><li>Reports for tax authorities on demand</li><li>An immediate reaction in case of active set increases and other changes that can potentially affect your staking rewards.</li></ul><p><strong><strong>All the mentioned benefits are available for you without any additional fees. Contact us via <a href="mailto:[email protected]">email</a> or <a href="https://t.me/P2Pstaking">join our telegram group</a> to know more.</strong></strong></p><h1 id="50k-500k-dots"><strong>50K - 500K DOTs</strong></h1><p>We can bet you care about your profits, so you may develop this strategy by yourself - monitor the staking daily and update your nomination to choose the best validators. But the question is - how to choose reliable validator nodes and get maximum rewards from them? Here are some thoughts:</p><ul><li>Your stake is still significant enough not to use the automatic validator selection on polkadot.js - you're still able to push the specific node from the top profitability position.</li><li>Try not to update your nomination right after the election happens. The same reason being as for the point above - your nomination changes the landscape, so the best time to make an update is about noon CET.</li></ul><p>Feel free to use a <a href="https://redash.p2p.org/public/dashboards/cviD6Ci7oUDRnSoq8CqNJImrJfq8uuY37DsiF2CY?org_slug=default">dashboard</a> that predicts the next validator set and was designed to find out the best targets for nominations.</p><p><strong><strong>If you plan to continue staking Polkadot and would contact us during the upcoming month - we are happy to tell you are also able to receive a special offer for 500K+ stakes. Contact us via <a href="mailto:[email protected]">email</a> or <a href="https://t.me/P2Pstaking">join our telegram group</a> to know more</strong></strong></p><h1 id="10k-50k-dots"><strong>10K-50K DOTs</strong></h1><p>With a stake in this range, you might be interested in increasing profits, but paying too much attention to staking would not cover the costs of your time. The best approach would be to make a nomination and come back, check and update nomination if needed in a week or two. Here are some thoughts that might help you to make the right choice of validator:</p><ul><li>Choose nodes from a validator you know and can reach in case you have any questions. Polkadot network is permissionless - that means anyone can be a validator. The malicious behavior of a validator results in a punishment (slashing in terms of Polkadot) - which is a lot more harmful to the nominator than the validator.</li><li>If you're using polkadot.js, be careful over choosing validators automatically. This mechanism relies only on the current state of nominations and fees - and tells you nothing about specific validator quality.</li></ul><p>Use the <a href="https://p2p.org/polkadot?utm_source=blog&amp;utm_campaign=polkadot_nomination_strategies">p2p.org/polkadot</a> web page to find out the best target addresses supported by P2P Validator.</p><h1 id="0-10k-dots"><strong>0-10K DOTs</strong></h1><p>You don't have enough dots to earn a lot - but that also brings you an advantage - your stake does not significantly change a selected validator's profitability, so there is no need to pay much attention to nominations. The best strategy for you would be to choose around eight top-performing validators from the active set and the rest from the waiting list based on your feelings. We encourage you to put a bet on both big names in validation and include smaller independent validators who are active in community chats.</p><h1 id="general-thoughts"><strong>General thoughts</strong></h1><p>According to Polkadot network rules, you can choose up to 16 validators in your nomination, and an automated election algorithm will do the rest. It looks like a perfect solution - to nominate once and relax, but there are some pitfalls that might affect your profits:</p><ul><li>Validators you've nominated might not be elected to the active validator set. This situation might occur if the other nominators that chose the same validators as you will renominate to other nodes. In this case, you're entirely missing any profit - and will continue to miss it until you make a new nomination or other people help your validators reach the active validator set.</li><li>Validators you've nominated become extremely popular and receive many nominations. In this case, you're getting profits on your stake, but they are not optimal. Here's a simple explanation: the reward each validator receives is almost equal for all active validators in the long term. The more nominated stake a specific validator has, the less each nominator gets. Some validators have nominations for 2M, some for 4M DOTs - as a result, the profits for their nominators differ twice!</li><li>There is a small chance the nodes you've nominated would go offline. If you nominate 16, the chance all of them would be down is meager - but it exists.</li></ul><p>The risks of not paying attention to the actual state of nomination in Polkadot can result in losing profits (partially or even completely). <strong><strong>To mitigate our nominators' risks, P2P Validator supplies new validator nodes when the demand for them is growing.</strong></strong></p><p><strong><strong>Why else should you nominate P2P Validator?</strong></strong></p><ul><li>We've invested our own funds in Polkadot &amp; ecosystem and stake them via the public validator nodes - the same as you do</li><li>We have a dedicated DevOps and development team with a tremendous amount of experience across Polkadot and other blockchains</li><li>We were the first ones to run validators in both Polkadot and Kusama</li><li>We've achieved top-notch profitability for our nominators in Kusama and have a good track record.</li></ul><p><strong><strong>How to nominate P2P? Just use the 16 validator nodes listed on our website <a href="https://p2p.org/polkadot?utm_source=blog&amp;utm_campaign=polkadot_nomination_strategies">p2p.org/polkadot</a></strong></strong></p><h2 id="p2p-statistics-in-kusama"><strong>P2P statistics in Kusama</strong></h2><p>We have accumulated a huge amount of experience in staking Kusama and continue this story in Polkadot. The graph below shows the profits for a nominator with 1000 KSM with P2P Validator and other validators*.</p><figure class="kg-card kg-image-card"><img src="https://economy.p2p.org/content/images/2020/09/dx9t8wS.png" class="kg-image" alt srcset="https://economy.p2p.org/content/images/size/w600/2020/09/dx9t8wS.png 600w, https://economy.p2p.org/content/images/size/w1000/2020/09/dx9t8wS.png 1000w, https://economy.p2p.org/content/images/2020/09/dx9t8wS.png 1021w" sizes="(min-width: 720px) 720px"></figure><p>*<em><em>Other validators’ profits are calculated based on the average weighted commission rate of 7,5%, average stake amongst all validators, and current staking ratio.</em></em></p><h1 id="about-p2p-validator"><strong>About P2P Validator</strong></h1><p><a href="https://p2p.org/?utm_source=blog&amp;utm_campaign=polkadot_nomination_strategies">P2P Validator</a> is a world-leading non-custodial staking provider with the best industry practices and proven expertise. We provide comprehensive due-diligence of digital assets and offer only top-notch staking opportunities securing more than 100 million of USD value. At the time of publishing, P2P Validator is trusted by over 2000 delegators across 15+ networks.</p><hr><p><em><em>Do not hesitate to ask questions in our <a href="https://t.me/P2Pstaking">Telegram chat</a> or contact Alex via [email protected] We are always ready to help and open for communication.</em></em></p><hr><p><strong><strong>Web:</strong></strong><a href="https://p2p.org/?utm_source=blog&amp;utm_campaign=polkadot_nomination_strategies"> https://p2p.org</a></p><p><strong><strong>Stake DOT with us:</strong></strong> <a href="https://p2p.org/polkadot?utm_source=blog&amp;utm_medium=economy&amp;utm_campaign=strategy">https://p2p.org/polkadot</a></p><p><strong><strong>Twitter:</strong></strong><a href="https://twitter.com/p2pvalidator"> @p2pvalidator</a></p><p><strong><strong>Telegram:</strong></strong> <a href="https://t.me/P2Pstaking">https://t.me/P2Pstaking</a></p>

Gleb Palienko

from p2p validator

Polkadot Polkadot Council elections: vote for P2P Validator

<p>After the first council elections and removal of sudo module Polkadot will become a permissionless chain fully governed by the community. Every DOT holder can submit a proposal and suggest parameter changes such as increasing the validator set and many more.</p><p><strong><strong>P2P Validator is excited to announce our Council candidacy</strong></strong>. We have supported both Polkadot and Kusama networks from the very beginning, and, as a result, received more than 50,000,000 DOTs from 250+ users as nominations. As a Council member, we promise to act in the interests of the Polkadot community.</p><h2 id="why-you-should-vote-for-p2p-validator"><strong>Why you should vote for P2P Validator</strong></h2><ul><li>We have a proven track record of 2+ years in the validation business across different networks</li><li>We are active participants in the governance of most groundbreaking blockchains</li><li>We've invested our funds in Polkadot &amp; ecosystem and stake them via the public validator nodes</li><li>We have a dedicated development team and participate in W3F General Grants Program</li><li>We are always open for community requests</li></ul><p><strong><strong><a href="https://economy.p2p.org/Polkadot-Council-elections-vote-for-P2P-Validator#how-to-vote">Press here to find detailed instructions on voting.</a></strong></strong></p><h2 id="role-of-a-council-member"><strong>Role of a council member</strong></h2><p>Efficient governance implies an active participation of stakeholders, which is always limited to some extent. It requires continuous monitoring of new proposals and taking actions to check that the outcome is not harmful for the ecosystem. Sometimes, token holders miss the right moment or simply prefer not to participate in voting for various reasons. Councils in Polkadot represent passive stakeholders and have a crucial role in the governance affecting the way of approving/rejecting proposals.</p><p><strong><strong>Some of their capabilities:</strong></strong></p><ul><li>Accept or reject treasury spending proposals</li><li>Propose a referendum and change its bias</li><li>Cast "veto" on a malicious proposal</li><li>Cancel slashes that are in a queue for application</li></ul><p>Initially there are 13 councilors, the number will gradually grow to 23. Elections initially happen once a day. Later, elections will occur on a weekly basis and eventually monthly. Every token holder can pick up to 16 candidates. Stake-weighted votes are distributed automatically based on the Phragmen method the same way as nominating validators. <strong><strong>Tokens involved in staking count in the selection of Council members</strong></strong>. The vote is considered valid until canceled via extrinsic. Before that DOT are frozen (becoming non-transferable). <strong><strong>Unlike unbonding, there is no specific period to wait before unfreezing and they become unlocked and transferable right after submitting a corresponding transaction.</strong></strong></p><h2 id="the-mission-of-p2p-validator-as-a-council-member"><strong>The mission of P2P Validator as a council member</strong></h2><p><strong><strong>Very simply, we can describe our mission as a council member as follows: to protect the interests of nominators and validators.</strong></strong></p><p>Although nominators and validators have different roles in the ecosystem, we find that many points are valid for both:</p><ul><li>Nominators and validators own and earn a certain amount of tokens and are interested in network ecosystem growth.</li><li>Nominators' stake and validators' future profits are in a non-liquid state, so both would not welcome any change that would result in a negative change in value of their holdings.</li><li>In some cases, nominators and small independent validators may not have enough time or expertise to analyze the proposed changes and make a considered conclusion in voting for or against.</li></ul><p>So, what exactly are we going to do as a council member?</p><ul><li>Dive as deep as we can into any proposal that is put to the council</li><li>Publicly express our opinion regarding the proposals clearly stating the expected results for both nominators and validators</li><li>Collect opinions from both validators and nominators</li><li>Discuss it with other council members and vote based on the opinions we've got from the community</li><li>Issue regular reports on the network development direction based on the proposals and discussions in the council</li></ul><h2 id="how-to-vote"><strong>How to vote</strong></h2><p>1. Go to a Council tab of<a href="https://polkadot.js.org/apps/#/council"> PolkadotJS UI</a> and press the vote button in the right top corner.</p><figure class="kg-card kg-image-card"><img src="https://economy.p2p.org/content/images/2020/09/1-1.png" class="kg-image" alt srcset="https://economy.p2p.org/content/images/size/w600/2020/09/1-1.png 600w, https://economy.p2p.org/content/images/size/w1000/2020/09/1-1.png 1000w, https://economy.p2p.org/content/images/2020/09/1-1.png 1600w" sizes="(min-width: 720px) 720px"></figure><p>2. Select up to 16 candidates by left clicking on accounts in the left box or simply paste the address of the desired one in the search field. <strong><strong>Here is P2P Validator candidate address:</strong></strong> <code>14krbTSTJv3aaT1VeBRX7CzoV4crr3adeF3KutdpkCttrxsZ</code></p><p>After you specify the amount of DOT, press submit button and sign the transaction</p><figure class="kg-card kg-image-card"><img src="https://economy.p2p.org/content/images/2020/09/2-3.png" class="kg-image" alt srcset="https://economy.p2p.org/content/images/size/w600/2020/09/2-3.png 600w, https://economy.p2p.org/content/images/size/w1000/2020/09/2-3.png 1000w, https://economy.p2p.org/content/images/2020/09/2-3.png 1600w" sizes="(min-width: 720px) 720px"></figure><p>3.   Your vote will be considered in the following elections.</p><p>To cancel your vote go to Extrinsics tab, select the account used for voting, choose electionsPhragmen in the left drop-down menu, and removeVoter() in the right one.Then press the Submit Transaction button and sign it.</p><figure class="kg-card kg-image-card"><img src="https://economy.p2p.org/content/images/2020/09/3-3.png" class="kg-image" alt srcset="https://economy.p2p.org/content/images/size/w600/2020/09/3-3.png 600w, https://economy.p2p.org/content/images/size/w1000/2020/09/3-3.png 1000w, https://economy.p2p.org/content/images/2020/09/3-3.png 1600w" sizes="(min-width: 720px) 720px"></figure><p>Your vote will be immediately removed and tokens locked in Council elections will unfreeze.</p><h2 id="about-p2p-validator"><strong>About P2P Validator</strong></h2><p><a href="https://p2p.org/?utm_source=blog&amp;utm_campaign=vote_for_p2p_council">P2P Validator</a> is a world-leading non-custodial staking provider with the best industry practices and proven expertise. We provide comprehensive due-diligence of digital assets and offer only top-notch staking opportunities securing more than 100 million of USD value. At the time of publishing, P2P Validator is trusted by over 2000 delegators across 15+ networks.</p><hr><p><em><em>Do not hesitate to ask questions in our <a href="https://t.me/P2Pstaking">Telegram chat</a> or contact Alex via [email protected] We are always ready to help and open for communication.</em></em></p><p></p><hr><p></p><p><strong><strong>Web:</strong></strong><a href="https://p2p.org/?utm_source=blog&amp;utm_campaign=vote_for_p2p_council"> https://p2p.org</a></p><p><strong><strong>Stake DOT with us:</strong></strong> <a href="https://p2p.org/polkadot?utm_source=blog&amp;utm_medium=economy&amp;utm_campaign=vote_for_p2p_council">https://p2p.org/polkadot</a></p><p><strong><strong>Twitter:</strong></strong><a href="https://twitter.com/p2pvalidator"> @p2pvalidator</a></p><p><strong><strong>Telegram:</strong></strong> <a href="https://t.me/P2Pstaking">https://t.me/P2Pstaking</a></p>

Gleb Palienko

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