Masternodes

BET Chain operates on a decentralized network of Masternodes that leverage a Delegated Proof of Stake (DPoS) consensus mechanism. Masternodes are categorized into two types: Validator Masternodes and Standby Masternodes. Each operator must stake a minimum of 10 million BET and adhere to stringent KYC requirements. The staked BET is locked in a smart contract, which can only be released after a 30-day cool-off period following the operator’s resignation.

The network comprises a limited number of Validator Masternodes that are responsible for validating transactions and producing new blocks. These Validators are selected randomly in a round-robin manner during each validation cycle. It’s important to note that the BET Chain team does not control the operation of these Validators, nor do they have visibility into their geographical setup.

To maintain a robust and decentralized governance structure, changes to the network protocol must go through a community-driven proposal process. Any proposed modification to the underlying code is discussed in detail through a designated proposal system, ensuring thorough vetting before reaching consensus. Once a consensus is achieved, the updated code becomes available to all Validators, but individual operators retain the discretion to accept or reject the update. The changes only take effect if two-thirds of the Validators adopt the update.

Standby Masternodes function similarly to Validators but do not participate in the active validation process. These nodes remain idle and are activated only when the number of active Validators falls below the required threshold. Like Validators, Standby Masternodes are owned by independent third parties, further contributing to the network's decentralization.

While Masternode operators play a crucial role in the network, they do not possess voting power in the traditional sense. Their primary responsibility lies in maintaining their Masternodes and deciding whether to implement software updates, thereby ensuring the stability and integrity of the BET Chain ecosystem.