23 Dec 2020
The final frontier for Matic Foundation’s journey to decentralisation has begun, as public delegations to external nodes were enabled!
What this means, is that MATIC token holders can now stake and delegate their MATIC tokens to public Validators in addition to the Matic Foundation nodes.
By the end of January 2021, Matic Foundation will be truly decentralised as they switch their nodes off. By this point, staked MATIC should be delegated to public Validators.
As you know, Intergalactic Gaming intend to serve as a Validator for Matic, and so this article will aim to outline our community plan in a bid to request MATIC holders to delegate to IGGalaxy.
Delegate your MATIC tokens to IGGalaxy for 100% rewards!
If you have MATIC tokens, then read on to find out more about our rewards plan, ensuring you pay close attention to how we differ from other Validators on the network and how we intend to use our unique value proposition to create significantly more value for Matic Foundation’s thriving ecosystem.
A blockchain validator is responsible for verifying transactions on any given decentralised network.
For Matic Network, specifically, anyone can become a Validator by running a full-node which, in turn, allows them to earn MATIC from rewards and transaction fees on the network.
The core responsibilities of Matic Foundation Validator’s, much like elected Super Representatives on TRON Foundation, include upholding the network’s security, whilst verifying state transitions on the blockchain; namely, transactions and smart contract interactions.
Aside from this, Validators are also responsible for creating and voting on governance proposals, which aim to bring any changes to how certain aspects of the network function.
Season 1 of our InterMatic Competition Series has brought in over 6,600 gamers to IGGalaxy!
We believe that a Validators responsibility extend far beyond these, however.
As a Validator, it is essential that you can create significant value for the network through other means: community engagement, growth and representation.
A Validator is subject to penalties or slashing for activities, which include double-signing, validator downtime, to name a few, and so the highest risk to any MATIC delegated to a node is “bad actors”.
Our commitment to the continued growth of Matic Network has been clearly demonstrated by our intent to be long-term contributors to the ecosystem: we have a significant amount of MATIC self-staked; we are progressing exceptionally well with a working product; and we are set to conclude our esports tournament series in collaboration with the network.
Our developers have built an internal monitoring tool, ‘Quark’, so we can closely monitor the efficiency of the node, specifically, but also for all other services and infrastructural analytics.
IGGalaxy is a new and exciting social competitive gaming and esports platform with over 130k registered users, hosting over 600 tournaments over 10 esport titles. Whilst still in early beta, IGGalaxy promises to bring together key components and stakeholders of the esports ecosystem in new and exciting ways.
Our social competitive gaming platform, developed with gamers at the core, provides a dynamic competitive infrastructure dedicated to players and teams of all skills through unique rewards distribution infrastructure that ensures all participants are rewarded fairly. IGGalaxy is the first esports platform with an in-built multi-chain digital wallet that allows gamers - many for the first time - to store, manage and earn crypto-assets for doing what they love!
Going further, IGGalaxy provides a unique approach to increasing awareness and adoption for the nascent technology.
IGWallet gives gamers the opportunity to receive, store and send IGGalaxy and other whitelisted crypto-assets!
Having demonstrated the appetite for what IGGalaxy’s early beta provides, the next phase of our platform development plan will focus on user engagement and retention, as well as token utility.
When delegators stake their MATIC, they are typically looking to lock them away for a long period of time. In this period up until the tokens are ‘unstaked’, delegators will have two expectations:
This incentive mechanism (reward of tokens for staking) plays a critical part in ensuring competitiveness and security of the network, whilst also creating positive token flow for the token economy of the staked crypto-asset.
Therefore, when considering these two expectations, by delegating to IGGalaxy you are:
Supporting our value proposition and strategies that encourage value appreciation for both IGG and the MATIC network. Having self-staked ourselves and holders of MATIC, our interests on this are aligned.
Earning rewards for supporting IGGalaxy. This will include MATIC, as well as eventually IGG and ORB.
We carried out some updates to our Validator infrastructure ahead of this final phase of Matic Network’s mainnet rollout. Our new Validator node has been up and running last night and we have already 936,661.99 MATIC staked from delegators (without even announcing anything)!
Our community is incredible and we appreciate that gas fees are high right now, particularly for those re-delegating from Foundation nodes. As a result, the first phase of our three phase community rewards plan will have 0% commission set.
This means that 100% of MATIC earned from delegated MATIC will be distributed to the community!
We have provided the dates for each of the three phases below; however, these and the commission percentage may be subject to change.
IGGalaxy Validator rewards plan: 0% commission until 01/01/2021!
Please note that we intend to explore and deploy various other supplementary incentive mechanisms to delegators. This includes implementation of IGG and ORB tokens, distributed on MATIC network, as part of the rewards to delegators.
Matic Foundation is taking true steps towards decentralisation, and has now entered a pivotal phase, where a larger portion responsibility for the network rests on the community.
Over the course of our public beta development - and for Matic Network, over the past six weeks, in particular - IGGalaxy has demonstrated its ability to attract wide audiences and offer a seamless channel of adoption for those with little-to-no experience of crypto-assets.
As a reminder, when staking your MATIC, we encourage you to pay close attention to what IGGalaxy has been able to offer the network in such a short space of time, and the fundamental role IGGalaxy can play in the network’s future growth!
Delegating MATIC tokens requires an Ethereum wallet on Metamask, loaded with MATIC tokens and some ETH to cover gas fees.
Once you have set up an Ethereum wallet with MetaMask, and have the required cryptoassets, you will need to go to https://wallet.matic.network/staking/.
Connect your MetaMask wallet to the site by clicking ‘Login’, selecting MetaMask and sign in to complete the connection.
Once connected, you can find ‘IGGalaxy’ validator using the search function.
Click ‘Delegate’ once you have found IGGalaxy’s Validator node and stake the amount of MATIC you want to delegate.
To keep up to date with developments, please follow us on our various social media channels: