Overview of NEST: Decentralized Price oracle
1. NEST oracle quote mechanism
The NEST oracle solves the problem of price on-chain through a decentralized incentive solution, that is, the price predictor.
The core of Nest Oracle: Quote mining (incentive), verification cycle, price chain, beta coefficient.
Take the price of ETH to USDT as an example:
1) Any participant can pass the price that who recognized to the quotation contract, such as 1 ETH = 200 USDT, and then enter these two assets into the quotation contract according to the price ratio, The general scale will be 10-100 ETH and it will charge 1% of the ETH as a handling fee for mining and get NEST incentives.
2) After entering the asset, wait for T0 time (currently 25 blocks, around 5 minutes). During this period, anyone can buy ETH or USDT at the price of the quoter. If there is no transaction in T0, the quote It is hired by the system; if the transaction is completed completely, the price is invalid, and part of the transaction is partially invalid. After this time, the assets can be recovered.
3) If someone is willing to make a deal with the bidder, then at the same time when he deals, he must also report a new price according to the above standard, so that p1, p2 ... price chain is formed after the initial quote P0.
4) The quote size of the trader is beta times the scale of his transaction, where beta> 1 (currently beta=2), which means that the price chain will eventually terminate (downtime) with the expansion of the scale, and the perpetrator’s The cost increases geometrically, thus countering the aggressive behavior.
5) NEST value: mining fees and the use of oracles need to pay a certain ETH fee, unified into the system revenue contract, and distributed to all circulating NEST.
Price deviation defense mechanism: If this quote deviates more than 10% from the last valid quote, the scale of this quote is 10 ETH * 10 (the scale is expanded by 10 times)
2. NEST quote verification mechanism
Anyone can become a verifier, verify the price of the quoted miner's quotation, if there is a deviation between a single quotation and the market price, and there is a certain arbitrage space, then the verifier can take a single arbitrage. The specific verification rules are as follows:
1) The minimum number of validator orders is X * 10 ETH, where X must be an integer;
2) The validator needs to submit a new quotation at the same time as the order is submitted. The new quotation size requirement is the beta multiple of the size of the order, the current beta=2;(Note: If the verifier’s new offer deviates from the previous effective offer by more than 10%, then the new offer size will be x 10 times)
3) The new quotation initiated by the verifier has no quotation fee and does not participate in NEST mining;
4) The validator needs to pay a transaction fee of 0.1% of the amount of ETH paid while paying the bill;
3. How does NEST miners offer mining?
Assume that the price of ETH / USDT is 1 ETH = 200 USDT;
Step 1: The quote miner needs to deploy a NEST oracle quote contract and transfer 10 ETH and 2000 USDT assets to the quote contract at the same time; (Notes: 10 ETH is the minimum quote size)
Step 2: When the quotation contract is successfully deployed, it will take effect on the chain immediately. Any third-party verifier can transfer 10 ETH for 2000 USDT, or 2000 USDT for 10 ETH; if it is deal, it means that there is arbitrage between this single quote and the market price; Due to it can represent the market. The fair price quotation will not be traded under normal circumstances, the transaction needs to pay 0.1% transaction fee, and the trader needs to initiate a new quotation out, and the quotation size x beta times, the current beta = 2;
Step 3: If the quotation is not completed within 25 Ethereum block time (about 5 minutes), then the quotation data of this order will be used by the NEST system to participate in the formation of the oracle price; On the contrary, if the quotation is completely executed by the verifier, it means that the quotation data cannot represent the fair market price, and will be discarded by the system, and will not participate in the formation of the oracle price. Regardless of whether the transaction is completed or not, after 5 minutes of life cycle, the quoted miner can retrieve the quoted asset from the contract, and also get the NEST mining reward for the next quote.
The above is the quotation process of NEST predictor.
NEST mining cost: 1% of the Quoted ETH scale + Gas fee
NEST Token mining release rules:
1) The total amount of NEST is 10 billion.
2) The starting block of the mining pool output is the 6236588 block of Ethereum, and the NEST output of each block is 400;
3) Decrease every 2,400,000 blocks (about 1 year), and the output of each block decreases to 80% of the original;
4) When the block reward is 40 NEST, it will not decrease.
Calculation of mining output per quote:
First, we need calculate the NEST mining reward quantity M contained in the block of the packaged quote transaction. If the height difference between the block and the previous block containing the quote transaction is K, then:
M = K * 320
This means that if there is no quotation mining order for a period of time, the first new mining will get all the NEST rewards that have not been mined before. In this way, miners can be incentivized to conduct continuous quotation mining and maintain the stability and security of the NEST oracle network.
Assuming that the sum of the quotation fees in the block is E, and the fee paid for a certain quotation is e, then the NEST mining quantity of the quotation is N:
N = (e / E) * M
Each quote NEST mining allocation:
A. Quoted miner: 80%
B. Guardian node: 15%
C. Developer team: 5% (Note: when the total amount of NEST Token mining reaches 2 billion, this part of the reward will be cancelled, and the proportion of miners will be 85%)
Let me introduce you to the NEST oracle quote tool:
Mobile: NEST DAPP (NEST quotation must-have APP)
NEST DAPP Android version download address:
https://nestdapp.io/download/nest.html (browser open it )
NEST DAPP iOS testflight ：https://testflight.apple.com/join/xjJCIXwN
NEST DAPP website: https://nestdapp.io/
NEST prediction machine quote operation video B station: https://www.bilibili.com/video/BV1MK411W7jk/
PC: NEST quote script (GitHub open source tool)
Mining method: automatic mining
Download address: https://github.com/NestFans/NestMiner
Tutorial: https://github.com/NestFans/NestMiner/blob/master/README.md
The funds required to participate in the NEST oracle quote mining: 10 ETH + UDST assets worth 10 ETH.
4. How do NEST validators taker arbitrage?
If a quoted miner reports a quote that deviates from the market price, then the verifier can take arbitrage.
Suppose that the fund size of the quotation is: 10 ETH + 1200 USDT and the ETH price is 120 USDT;
At this moment, the ETH market price is: 1 ETH = 150 USDT;
Then, the arbitrage opportunity appears, the verifier operates:
Step 1: The verifier can transfer 1200 USDT to the quotation contract and exchange for 10 ETH;
Step 2: The verifier will report a new price, assuming 10 ETH + 1500 USDT;
Step 3: While taking the order, sell 10 ETH in the market to get 1500 USDT, so the final profit is: 300 USDT.
5. How can DEFI developers transfer NEST oracle price data?
NEST orcale price transfer developer documentation:
https://github.com/NEST-Protocol/NEST-oracle-V3/tree/master/NestOffer
NEST oracle price data transfer charging rules
ETH/USDT price prediction machine charging rules:
The NEST oracle provides block price sequences for downstream DEFI developers to call freely.
The specific charging rules are as follows:
1) Single transfer price of each block 0.0001 ETH
2) The minimum payment fee for a single transfer is 0.001 ETH
3) The maximum payment fee for a single transfer is 0.01 ETH
ETH/USDT price oracle calls ETH income distribution:
1) NEST system revenue pool: 80%
2) Quoted miner: 20% (if there are multiple quotes in the same block price, it will be assigned to the last quoted address)
1. How to open an ERC20 Token/ETH price oracle?
The nToken oracle is an open system. Any wallet address or smart contract address can create a new ERC20 Token/ETH price oracle through the nToken auction contract. Each ERC20 Token/ETH price oracle can only be created once, and the oracle that has been created cannot be created again.
nToken oracle creation process:
Deploy nToken oracle through NEST DAPP to create a contract. After successful deployment, enter the oracle auction process. The auction period is 5 days and the starting amount is 100,000 NEST.
1) During the auction period, anyone who can participate in the auction with a minimum bid span of 10,000 NEST;
2) After the auction period ends, the oracle enters the activation process; after activation, the initial deployment of the oracle is completed;
3) At the same time when the oracle machine is activated, the final NEST bidding funds will be smashed into the address 0x0000...0001 for permanent destruction;
4.) If there is a prophecy machine that ends the auction within the income distribution period of the NEST system, the activation is unexecutable and it can only be activated after the end of the collection period.
Bidding incentives: 50% of the bid difference
nToken oracle initialization:
1) Deploy nToken token contract
2) Add a new oracle quote trading pair
Rights of successful bidders: 5% will be allocated when each nToken mining is released
2. nToken prediction machine quote mechanism
The core of nToken is: Quote mining (incentive), verification cycle period, price chain, beta coefficient. Take the price of HBTC/ETH as an example:
1) Any participant can pass the price that he recognized to the quotation contract, such as 1 HBTC = 40ETH, and then enter these two assets into the quotation contract according to the price ratio, generally the scale of 10-100 ETH, the quotation The handling fee is 1% of the quotation scale of ETH. Mining for quotation will get nHBTC incentives.
2) After entering the asset, wait for T0 time (currently 25 blocks, about 5 minutes). During this time period, anyone can use the price of the bidder to buy ETH or HBTC. If there is no transaction in T0, then The quotation is accepted by the system; if the transaction is completed then the price is invalid, and part of the transaction is partially invalid. After this time, the assets can be recovered.
3) If someone is willing to make a deal with the bidder, then at the same time when he deals, he must also report a new price according to the above standard, so that p1, p2 ... price chain is formed after the initial quote P0.
4) The quote size of the trader is an integer multiple of his transaction scale, where beta> 1 (currently beta=2), which means that the price chain will eventually terminate (downtime) with the expansion of the scale, and the evildoer The cost has increased geometrically, thus countering the attack.
5) The value of nToken: The downstream users of nToken oracles need to pay the ETH fee every time they call the price data of the oracles, and holding nHBTC can get the distribution of ETH income from these systems.
Price deviation defense mechanism: If this quote deviates more than 10% from the last valid quote, the scale of this quote is 10 ETH * 10 (the scale is expanded by 10 times)
3. nToken quote verification mechanism
Anyone can become a verifier, verify the price of the quoted miner's quotation, if there is a deviation between a single quotation and the market price, and there is a certain arbitrage space, then the verifier can taker arbitrage.
The specific verification rules are as follows:
1) The minimum number of validator orders is X * 10 ETH, where X must be an integer;
2) The validator needs to submit a new quotation at the same time as the order is received. The size of the new quotation is required to be beta times the size of the order. The current beta=2; (Note: If the new quotation of the verifier is The previous effective quotation has more than 10% of the price deviation, so the new quotation will be x 10 times)
3) New quotes initiated by nToken validators do not participate in nToken mining;
4) The validator needs to pay a transaction fee of 0.1% of the ETH amount for the order while paying the order;
How does nToken miners quote mining?
Suppose the price of HBTC/ETH at this time is: 1 HBTC = 40 ETH;
Step 1: nToken quote miners need to deploy a quote contract of HBTC oracle, and transfer 10 ETH and 0.25 HBTC assets to the quote contract at the same time; (Remarks: 10 ETH is the minimum quote size)
Step 2: When the quotation contract is successfully deployed, it will take effect on the chain immediately. Any third-party verifier can transfer 10 ETH for 0.25 HBTC, or 0.25 HBTC for 10 ETH; if it is traded, it means there is arbitrage space between this single quote and the market price; because it can represent the market The fair price quotation will not be executed under normal circumstances, the transaction needs to pay 0.1% of the transaction fee, and the trader needs to initiate a new quotation and the quotation size x 2 times;
Step 3: If the quotation is not completed within 25 Ethereum block time (about 5 minutes), then the quotation data of this order will be hired by the oracle system to participate in the oracle price formation; Otherwise, if the quotation The single-verified person's complete transaction means that the quotation data cannot represent the fair market price, and will be discarded by the system without participating in the formation of the oracle price. Regardless of whether the transaction is completed or not, after 5 minutes of life cycle, the quoted miner can retrieve the quoted asset from the contract, and also get the nToken mining reward for the next quote.
The above is the quotation process of NEST predictor.
**nToken mining cost: **1% of ETH quoted scale + gas fee
nToken mining release rules:
1) There is no upper limit on the total amount of nToken;
2) The Ethereum block number of the nToken oracle when it is activated is the initial output block, and the initial output of nToken for each block is 4;
3) Decrease every 2.4 million blocks (about 1 year), the nToken output of each block successively decay to 80% of the original, and stop declining when the number of nTokens produced in a single block is 0.4;
4) The nToken mining allocation for each quote is:
nToken miner: 95% Auction winner: 5%
Calculation of mining output per quote:
Firstly, calculate the number of nToken mining rewards M contained in the block of the packaged quote transaction. If the height difference between the block and the previous block containing the quote transaction is K, then:
M = K * 4
This means that if there is no quotation mining order for a period of time, the first new mining will get all nToken rewards that have not been mined before. In this way, miners can be incentivized to conduct continuous quotation mining and maintain the stability and security of the nToken oracle network.
Assuming that the sum of quotation fees in this block is E, and the fee paid for a certain quotation is e, then the number of nToken mining for this quotation is n:
n = (e / E) * M
Let me introduce you to the NEST predictor quote tool:
Mobile: NEST DAPP (NEST quotation must-have APP)
NEST DAPP Android version download address: https://nestdapp.io/download/nest.html (browser opens)
NEST DAPP iOS testflight ：https://testflight.apple.com/join/xjJCIXwN
NEST DAPP website: https://nestdapp.io/
The funds required to participate in NEST oracle quote mining: 10 ETH + Token assets worth 10 ETH.
5. How do nToken validators taker arbitrage?
If a quoted miner reports a quote that deviates from the market price, then the verifier can take arbitrage.
Suppose that the fund size of the quotation is: 10 ETH + 0.5 HBTC, the ETH price is 0.05 HBTC
At this moment, the ETH market price is: 1 ETH = 0.025 HBTC;
Then, the arbitrage opportunity appears, the verifier operates:
Step 1: The verifier can transfer 10 ETH to the quotation contract and exchange it for 0.5 HBTC;
Step 2: The verifier wants to report a new price, assuming 10 ETH + 0.25 HBTC;
Step 3: The validator sells 0.5 HBTC in the market to obtain 20 ETH, and the final profit is 10 ETH.
6. How do DEFI developers transfer nToken predictor price data?
NEST predictor price transfer developer documentation: https://github.com/NEST-Protocol/NEST-oracle-V3/tree/master/NestOffer
7. Charging rules for transfering nToken predictor price data
nToken prediction machine charging rules:
1) Single call price of each block 0.0001 ETH
2) The minimum payment fee for a single transfer is 0.001 ETH
3) The maximum payment fee for a single transfer is 0.01 ETH
nToken oracle transfer ETH income distribution rules:
1) Quote miner: 20% (multiple quotes in the same block price, assigned to the last quote address)
2) nToken revenue pool: 80% (distributed by nToken holders)
1. Introduction of NEST Token
NEST (NEST Token) is a decentralized protocol NEST Protocol based on the ERC20 Token issued by the Ethereum network.
Maximum amount of NEST Token: 10 billion
Issuance mechanism: all release through NEST predictor [quote mining]
**NEST Token contract address: **0x04abeda201850ac0124161f037efd70c74ddc74c
Each quote NEST mining allocation:
Quoted miners: Refers to the miners who participate in the NEST prediction machine quotes;
Developer: Refers to the NEST Protocol Developer Group;
Guardian Node: Refers to NestNode holders, who are early investors and supporters of NEST Protocol.
Assuming that the quoted NEST mining quantity is 100, then the quoted miner will get 80, the developer will get 5 and the guardian node will get 15.
Note: When NEST releases 2 billion, the developer’s 5% NEST revenue distribution will be cancelled. On that time, miners will account for 85%, and guardian nodes will account for 15%.
2. Introduction to NestNode Token
The NestNode is an important part of the NEST Protocol ecosystem. It provides various resources and funds for the early research and development of the NEST Protocol and is the core source of power for the development of NEST. At the same time, in the development of NEST, NestNode also enjoys some benefits and influence brought by NEST ecology, which is mainly reflected in the following two points:
1) **NEST Token Income Right: **In the NEST Token release allocation mechanism, miners account for 80%, developers account for 5% and guardian nodes account for 15%; it can be simply understood as: Quoted miners in the mining process, NEST For every 100 NEST Tokens released by the mining pool contract, 15 are allocated to the guardian node NestNode.
2) **NEST Protocol governance rights: **NestNode holders have the governance rights of the NEST system (initiating voting rights and voting rights).
In order to better reflect the decentralized characteristics of NEST Protocol, the NestNode is also a Token issued based on the Ethereum ERC20 protocol, with a total amount of 1500 (integer). The tokenized guardian node NestNode can freely conduct transactions and circulation, and the holder group is also distributed.
NestNode Token contract address: 0xc028e81e11f374f7c1a3be6b8d2a815fa3e96e6e
Introduction of nToken
nToken is the equity token of the ERC20 Token/ETH price oracle in the NEST system, and is also based on the ERC20 Token issued by the Ethereum network. Every time an ERC20 Token/ETH price oracle is opened, an nToken will be created, which may be nDAI or nHBTC.
nToken Total: No limit
nToken release mechanism:
1) There is no upper limit on the total amount of nToken;
2) The Ethereum block number of the nToken oracle when it is activated is the initial output block, and the initial output of nToken for each block is 4;
3) Decrease every 2.4 million blocks (about 1 year), the nToken output of each block successively decay to 80% of the original, and stop declining when the number of nTokens produced in a single block is 0.4;
4) The nToken mining allocation for each quote is:
nToken miner: 95%
Auction winner: 5%
4. NEST Token holder income distribution mechanism
System revenue source
1) The handling fee paid by the quoted miner during the mining process: 1% of the quoted ETH scale
2) Validator's order handling fee: When the validator takes the order, he needs to pay the system 0.1% fee for the order's ETH amount
3) The revenue generated by the downstream DEFI call of the ETH/USDT price predictor: when a DeFi product calls NEST predictor price data, a certain amount of ETH fee needs to be paid to the NEST system, and 80% of this part of the revenue enters the system revenue pool. (Note: another 20% will be awarded to the quoted miner)
4) The nToken quotation system will contribute a part of the quotation fee to the NEST Token system revenue pool: The initial contribution ratio P = 40% (The ratio increases by 1.2 million blocks, P-5%; For example, the first decay is 35%, The second time is 30%, the third time is 25%... stop decay when P = 20%)
User Income distribution plan:
The NEST system revenue contract calculates the corresponding amount of ETH revenue according to the proportion of NEST Token held by each user and is distributed once a week.
System income savings mechanism:
The system will extract a certain percentage of ETH assets from the system's ETH income in each cycle and deposit them in the system's savings contract, and the remaining ETH will be distributed for income. The ETH in the savings contract will be saved in case the ETH returns are insufficient in a certain period.
The detailed description of the NEST system savings mechanism is as follows:
We assume that the current ETH system income is E, the amount of savings fund ETH is M, the savings trigger threshold is Q, and the extraction coefficient is a The calculation formula of the trigger threshold for savings Q is (n represents the amount that NEST has dug out, rounded up to 100 million):
The calculation formula of a is:
When 1000 ≥ E> 0: a= 10%
5000 ≥ E> 1000: a= 20%
When E> 5000: a= 30%
When the current ETH system income E ≥ Q
Extract E* a% of the income into the savings fund;
If E * (1-a) <Q, then withdraw ETH from the savings fund to supplement the current distribution system income as Q;
If E * (1-a) <Q, then the current distribution system income is E * (1-a)%
When the current ETH system income E <Q: no system income is drawn into the savings fund.
Withdrawing ETH from the savings fund to supplement the current distribution system income is Q. (If the savings fund is insufficient, all will be taken out)
Ways to obtain system revenue: Individual take initiative
NEST access: NEST access contract is mainly used to count NEST positions during the system revenue collection period, and the amount deposited in NEST is used to calculate the proportion of positions held when receiving system revenue and the amount of system revenue ETH that can be received.
Among them, the income that can be received in this period is:
Personal available income = (number of individuals who have deposited NEST / total NEST liquidity) * system distributable income in this period
NEST deposit time: Monday 00:00 to Friday 12:00 (UTC+8)
NEST Removable time: any time
ETH income collection time: Friday 12:00 to Sunday 24:00 (UTC+8)
5.How do NEST Token holders obtain system income distribution
Step 1: On the wallet page, click the [View Earnings] button to enter the [Earnings Details] page;
Step 2: Deposit to NEST (authorize first, then deposit)
Step 3: Receive income in the income distribution cycle;
Note: The whole process of receiving income needs to initiate three transactions, respectively are: authorization transaction, NEST deposit transaction, and income receiving transaction.
All three transactions need to consume gas.
6. Income distribution mechanism for nToken holders
nToken system revenue source
1) The commission paid by the miners during the mining process: 1% of the ETH scale. At the same time, the nToken quotation system will contribute a portion of the quotation commission to the NEST Token system revenue pool: the initial contribution ratio P = 40% (The ratio increases by 1,200,000 Block, P-5%; for example, the first decay is 35%, the second is 30%, and the third is 25%... When P = 20%, the decay stops)
2) The validator takes the order fee: when the validator takes the order, it needs to pay the system a handling fee of 0.1% of the order ETH quantity
3) The revenue generated by the nToken price prediction machine being called by the downstream DEFI: When DeFi calls the nToken prediction machine price data, a certain amount of ETH fee needs to be paid to the nToken system, and 80% of this part of the income enters the nToken system revenue pool. (Note: The other 20% will be rewarded to nToken quotation miners)
User income distribution plan:
The nToken system revenue contract calculates the corresponding amount of ETH revenue based on the proportion of nToken held by each user, and it is distributed once a week.
nToken system income saving mechanism:
The nToken system will draw a certain percentage of ETH assets from the system ETH income in each cycle and deposit them into the nToken system savings contract, and the remaining ETH will be distributed. The ETH in the savings contract will be saved to make up when the ETH income is insufficient in a certain period.
The detailed description of the nToken system savings mechanism is as follows:
We assume that the current ETH system income is E, the amount of savings fund ETH is M, the savings trigger threshold is Q, and the extraction coefficient is a The calculation formula for the savings trigger threshold Q is (n represents the number of nTokens that have been mined, rounded in units of millions):
The calculation formula of a is:
When 1000 ≥ E > 0: a= 10%
5000 ≥ E > 1000: a= 20%
When E > 5000: a= 30%
When the current ETH system income E ≥ Q
Withdraw E* a% of the proceeds into the savings fund;
If E * (1-a) < Q, then withdraw ETH from the savings fund to supplement the current distribution system income as Q;
If E (1-a) < Q, then the current distribution system income is E (1-a)%
When the current ETH system income E < Q: no system income is drawn into the savings fund.
Withdrawing ETH from the savings fund to supplement the current distribution system income is Q. (If the savings fund is insufficient, all will be taken out)
nToken system income acquisition methodindividual take initiative
nToken access:The nToken access contract is mainly used to count the amount of nToken holdings during the nToken system income collection period. The amount of nToken deposited is used to calculate the proportion of holdings when the system income is received and the amount of system income ETH that can be received.
Among them, the income that can be received in this period is:
Individuals can receive ETH income = (The number of nToken deposited by the individual / total nToken circulation) * the current nToken system can distribute income
nToken deposit time: Monday 00:00 to Friday 12:00 (UTC+8)
nToken can be withdrawn time: any time
ETH income collection time: Friday 12:00 to Sunday 24:00 (UTC+8)
7. How do nToken holders obtain system revenue distribution
Step 1: On the wallet page, click the [View Revenue] button to enter the [Revenue Details] page;
Step 2: Deposit nToken (authorize first then deposit)
Step 3: Receive income in the income distribution cycle;
Note: The entire process of receiving revenue requires the initiation of three transactions: Authorization transaction, Depositing nToken transaction and receiving revenue transaction.
All three transactions require gas charges.
1. Conventional governance
Step 1: NestNode holder initiates voting contract
1) Deploy an execution contract and set it to open source state to generate a contract address to execute the contract;
2) Deploy a voting contract through the voting factory contract, pledge at least 10 NestNodes, and set the execution contract address.
Step 2: Enter the NestNode voting session
1) After the voting contract is created, NestNode holders can participate in node voting and the voting period of NestNode holders is 1 day;
2) During the voting period, if the number of NestNodes pledged reaches more than 100, the NestNode vote is passed;
3) If the NestNode vote is not passed, the pledged NestNode can be retrieved after the one-day voting period; if the NestNode vote is passed, the pledged NestNode can be retrieved after the NEST Token voting ends (NEST Token holder voting period 7 days).
4) NestNode's NEST income during the pledge period will be destroyed.
Step 3: Enter the NEST Token voting session
1) The voting period is 7 days, during which NEST holders can use the NEST currently deposited in the NEST access contract to vote.
1 NEST = 1 vote
2) Only one voting contract can be voted at a time, and it can be cancelled before the vote is passed.
3) During the voting state, if you need to retrieve NEST, you need to cancel the voting first.
4) Voting rate = Total votes cast / NEST total circulation when the voting contract is initiated.
5) At the end of the voting period, the vote rate is >= 51%, then the vote is passed, anyone can execute and make the contract effective (executable after the 7-day voting period ends).
2. Emergency management
State of emergency:
1) There must be 1000 or more NestNodes in the voting factory, switch the emergency state and set the emergency time;
2) In an emergency, use 10 NestNodes to create an emergency vote; within 1 day after the emergency voting contract is created, the number of NestNodes in the emergency voting contract is greater than or equal to 100, and you can enter the NEST Token voting process;
3) The total circulation in the emergency voting contract is calculated based on the snapshot data of the first two periods of the system's revenue distribution; the number of individual NEST Token votes in the emergency voting is calculated based on the snapshot data of the individual locked NEST Token in the previous two periods of the system's revenue distribution;
4) In the emergency voting, NEST voted are more than 51%, and the revised content can be executed immediately;
5) After the emergency state duration (3 days), anyone can trigger a switch back to the normal state.
Specific operations after an emergency:
Step 1: NestNode holder initiates voting contract
1) Deploying an execution contract and setting it to open source status will generate a contract address to execute the contract;
2) Deploy a voting contract through the voting factory contract, pledge at least 10 NestNodes, and set the execution contract address.
Step 2: Enter the NestNode voting session
1) After the voting contract is created, NestNode holders can participate in node voting;
2) During the voting period, if the number of NestNodes pledged reaches more than 100, the NestNode vote will pass and take effect immediately and enter the NEST Token voting process;
3) If the NestNode vote does not pass, the pledged NestNode can be retrieved after the one-day voting period; if the NestNode vote is passed, the pledged NestNode can be retrieved after the NEST Token voting ends (voting period 7 days).
4) NestNode's NEST income during the pledge period will be destroyed.
Step 3: Enter the NEST Token voting session
1) The voting period is 7 days, and the source of voting NEST holding data is: snapshot of the contract holding position when the system revenue is received in the n-1 period (n = the starting point of the current latest system revenue receipt);
1 NEST = 1 vote
2) Only one voting contract can be voted at a time, and it can be cancelled before the voting ends.
3) In the voting state, if you need to deposit/withdraw NEST from the NEST access contract, you need to cancel the voting first.
4) Voting rate = total number of votes cast in emergency state / total NEST circulation in emergency state;
5)If the vote rate is >= 51%, the vote is in a pass state, anyone can execute it and make the contract effective without waiting for the 7 days voting period to end.
NEST Protocol：https://nestprotocol.org/
NEST whitepaper：https://nestprotocol.org/doc/ennestwhitepaper.pdf
NEST GitHub：https://github.com/NEST-Protocol
NEST DAPP：https://nestdapp.io/
NEST Diccord: https://discord.gg/7XCCB58
NEST Telegram：https://t.me/nest_chat
NEST Medium：https://medium.com/nest-consensus-labs
Bruce Twitter：https://twitter.com/BruceYang_NEST
William Twitter：https://twitter.com/fan_nest
NEST FANS：https://nestfans.com
NEST YouTube：https://youtu.be/JLrDhsQNYSw
