The Myria ecosystem stands on the verge of two major milestones, the launch of the MYRIA token on April 6 and the Myria Node Public Sale on April 10. To shed some more light on the upcoming Myria Node Sale and the node ecosystem, Myria Product Manager Andy Mackay joined the Myria Discord for an exclusive AMA on April 4.
In case you missed the event, you can find the answers to some of the most heated questions regarding Myria nodes in the transcript below.
Join us in showcasing the cryptocurrency revolution, one newsletter at a time. Subscribe now to get daily news and market updates right to your inbox, along with our millions of other subscribers (that’s right, millions love us!) — what are you waiting for?
Myria Nodes Discord AMA Transcript
Hunter
Okay, my fellow Myrians, we’re gonna get started. This specifically, is going to be covering our nodes as we head toward the public sale. So we’ll be going over everything you need to know from A to Z about your nodes, about purchasing your nodes, or why you might want to be a node operator. For all of you who don’t know who I am, I’m Hunter. I’m in charge of the community at Myria. And I want to welcome everyone here. I’d like to also introduce Andy. Andy, maybe you can give us a small introduction as to who you are, and what your role at Myria is.
Andy
I absolutely can Hunter. First off, hello, everyone. It’s great to be here. This AMA session is an opportunity to share a little more about what we’re building here at Myria. I am from New Zealand. So if at any point I’m a little hard to understand with the accent, I apologize, and I’ll do my best to speak slowly. Day to day, I’m a product lead at Myria, which necessitates me helping out with all aspects of our project essentially, from understanding what problems we’re solving and why to then empowering our engineering teams with what to build. And working closely with our marketing and community teams to share what we build for our communities. Outside of trying to build the next big thing in gaming and blockchain with Myria, I play a fair few games myself. Before we really get into some of the questions, I just want to thank everyone for their patience and their support while we’ve been quietly building. We’re hoping to hit some pretty big milestones in the coming days and weeks and we’re excited to share what we’ve been working on. Thanks, Hunter.
Hunter
That’s awesome. Andy. Yeah, you guys will be surprised that most of the team members at Myria are actually gamers themselves. I personally love Elden Ring and Dark Souls as well. For our new listeners, Andy, can you just go into like a little bit about what Myria is? Maybe just provide a high-level description?
Andy
Yeah, absolutely. I think at its simplest, in my opinion, Myria is a platform that wants to empower individuals in digital asset ownership. Whether that be for games or other projects, we really want to make it simple for people to have some form of asset in their hands. And developers provide real solutions for them and experiences that seamlessly bring digital asset ownership to their audience. We want to make it easy for consumers to onboard with digital asset ownership, but also for developers and project creators to be able to do it very easily as well and try to take out some of the jargon and difficulty with engaging with blockchain. And we want to do it in a way that takes our own unique spin on that. Solving the trilemma of scalability, security, and decentralization, and trying to do it inherently with our layer two solution. Personally, what really excites me about simplifying a lot of the blockchain interactions is making them really seamless for users or players. That flows as much as opening up inventory in a game, for example. Actually, those things in your inventory are assets, along with simplifying the developer flows for building games, allowing their currency items, shops, and marketplaces to be reflecting digital assets, as opposed to, you know, just in-game items. I’m really excited about bringing all of these elements together and that’s really what Myria is about, enabling a lot of that.
Hunter
Wow. Yeah, I think that’s extremely important, to make things more simple nowadays, especially if you want to get that traction of Web2, you’re seeing a movement towards this as well with account abstraction. Many games try to, you know, integrate Web3 without it feeling like Web3. So I think it’s very important the work you’re doing specifically, just for today’s discussion, since we’re focused on Myria nodes, maybe you can go into detail as to what Myria nodes are and how they’re kind of powering this movement.
Andy
Yeah, I think the easiest way of putting this is that nodes for us are a way of substituting the computing power to execute many important activities that can be on the platform itself and the marketplace. There are a lot of things that require computing power. Traditionally, you would use a set of servers that execute those functionalities. So things like processing transactions, storage of data, and supporting network gaming or multiplayer gaming, all of these things require computing power, and the node network or node ecosystem is a way of substituting that in a decentralized network instead of centralized servers. That is, you know, effectively our spin on creating this network, we’re intending to build a node network with you all. That is intended to underpin this Myria ecosystem of marketplaces, transactions, game networks, etc. The node network is going to be in direct support of that.
Hunter
Wow, that’s amazing. And why would I personally want to be a part of it, why would I want to be a node operator? Why would someone want to be a part of the node community here at Myria?
Andy
I think that’s a really good question. One that you could probably spend the whole session answering to an extent because there are so many facets to why you might want to be involved. If I was to give a couple of reasons, personally, I like to think of node owners as ecosystem contributors. It’s playing a large role in helping define the direction of the platform in a number of different ways. I think it’s important to start with believing in the vision that the organization has and to be buying in for the long term around developing digital asset ownership and simplifying the path to holding assets and distributing those if you’re a developer, but also looking at being a node owner as being a part of a value exchange that’s intended to help uplift the Myria ecosystem. You’ll be relied upon to help support and direct the very product over time being hugely valuable to us as contributors, to provide the direct computing power necessary to help power the ecosystem we want to run. In return, you’ll receive digital asset rewards in exchange for all that you provide. So in the form of your support, and helping us understand the direction we should take what’s good, what’s bad about our product, but also to provide the computing power necessary as you’re receiving an exchange for that in the form of us, providing digital assets, whether it’ll be in the form of things like tokens or in the form of non-fungible tokens.
Hunter
Got it. So there’s, there’s a lot there to unpack. If I wanted to take the step to become a node operator, how can I do so? Can you talk about some important dates coming up? Especially for someone who isn’t a node operator now and who didn’t participate in a private sale, or whitelist sale? How can they join this community? When can I take that first step forward?
Andy
Yeah, I can probably break down the, I guess, the nuts and bolts of how you get from A to B. What things do you require in order to become involved with the ecosystem? I think the first is, there’s a ton of information on the myria.com website that will help you to understand that ecosystem, what we’re trying to build, and therefore give. I guess, that perspective that I spoke about before wanting to be an ecosystem contributor is what ecosystem I want to contribute to, and the website will provide an insight into that side of things, like what direction does Myria want to head into? What problems does it want to solve? Why might I want to be involved with that? I think that the first step is asking yourself the question “Do I care enough about this to consider being involved with it?”. Then I think about the next step, okay, I got across that hump of deciding barriers, a project that I believe in the direction that they’re headed, the problems that they are trying to solve. I think there are a few key prerequisites that really support onboarding with nodes. That includes holding a MetaMask wallet, we base our web system of interactions with the MetaMask wallet at present. And that would be a key step in having that available. To go through the process of onboarding with us in the sense of connecting your wallet to Myria and creating your Myria account and your Myria wallet, and verifying an email address with that account. Finally, and this is the step that we’re least familiar with, maybe as a community that’s been involved with Myria so far, but the release of the token necessitates the idea of purchasing a token on an exchange and then moving that to your Myria Wallet. So you need to go through the process of depositing MYRIA tokens to the Myria wallet. With those things in place, in the sense of I have a Metamask wallet, I have a Myria account and a Myria wallet, and I have MYRIA tokens in my Myria wallet. You’re now basically able to purchase a Myria node license when it becomes available. The next most pertinent question becomes when it becomes available. Once those steps are all completed, it’s just a matter of waiting for our Public Node Sale to go live, which is expected to be on April 10, at roughly 7 AM UTC. Many of you may be familiar that our token is going live a few days before that on April 6. The delay between the two times is to give enough time for people to actually withdraw and deposit MYRIA tokens. There’s a seamless process essentially, for being able to purchase when it becomes available.
Hunter
Got it. So let me make sure I got this right. The token sale is on April 6, and a few days later, you’ll be able to purchase nodes on April 10, that’s to give people time to withdraw their MYRIA tokens from the exchange and get everything prepared for the node sale. Is that correct, Andy?
Andy
Yep, great summary. Correct.
Hunter
And if I want to participate, the first step I should do is to have MYRIA in my Myria wallet and prepare to go to www.myria.com/nodes. Then I can purchase a node directly. Is it that easy?
Andy
That’s correct, we’ll be hosting the sale on myria.com, you will be able to purchase your license via a landing page that’s on the site. You’ll also be able to view that node license on the website as well. All the key elements of purchasing and being able to view that a transaction was successful for you will exist on the site.
Hunter
Got it. And the MYRIA tokens first start on my Metamask on the Ethereum network, and then I have to bridge it over to Myria.
Andy
That’s correct. Yeah, you’ll bridge it over into your Myria layer two wallet, and it will exist in there as Myria that you’ll be able to use on the site.
Hunter
Okay, that doesn’t sound too complicated. So I wanted to ask you, if I’ve never run a node before, I mean, I’m a complete novice with the sight of technology and Web3. Is this something that even I can do? Do you guys have tutorials? It? Can anyone run a node?
Andy
The short answer is yes. For those that have been following us pretty closely, I think one thing we’re really big on is reducing barriers to entry into the blockchain ecosystem. So whether that be for consumers, players, or developers, and it’s really no different with our nodes product, we want to make it as easy as possible for people to engage with our nodes product and to onboard and begin operating them. We’ve also provided documentation on our Zendesk support site, as well as through email and other things over time, to be able to support our node owners and give them as much information as they need to onboard. Hopefully, they don’t need much information, given the process is intended to be relatively seamless and straightforward, fingers crossed.
Hunter
Got it. And Andy, will you be there providing customer support on the phone call, anyone can call you at any time, if anyone runs into any issues.
Andy
I will definitely be there in some way shape or form on the chain. Whether I’m the one directly responding is still to be seen, but it could very well happen.
Hunter
Okay, I’m seeing some more technical questions. So we’re gonna go into the technical part of this AMA, and I’m gonna be asking you just some real technical questions about running a node Andy, can you run me on how to start? What are the system requirements for running a Myria node? What kind of hardware and software do I need to have in order to get started?
Andy
Yeah, absolutely. As someone that builds PCs and plays PC games, this bit is not as boring and dry as it may be to some others. Hopefully, at least the information that I run through here will be useful for everyone that’s considering operating nodes and are interested in the nodes product with us. So the bare bones are to supply a network device that has the following technical specifications, and you’ll be able to find this information on our support sites and in our documentation as well. Don’t feel like you need to note this down, but I’ll run through it anyway. So four gigabytes of RAM, two physical CPU cores, 60 gigabytes of disk space, 86 or 64 architecture processor, and a stable internet connection. You’ll be able to operate the node software, whether that be the software version where there’s an application UI, like you would run any other application on Windows or Mac, or the headless running of the application viewer, a server, you see, you can run on Windows 10, or higher Mac OS 10.1, or higher, or Linux, Ubuntu 20.04. Assuming you meet all of the requirements above, you would be eligible to run a node successfully with Myria.
Hunter
So right off the bat, you’re supporting Windows, Mac OS, and Linux.
Andy
That’s correct.
Hunter
Oh, that’s awesome. Okay. And if I want to run a Myria node, but I don’t really want to run it on my home computer, is that even an option? Am I able to run a Myria node on a virtual private server?
Andy
Yeah, we definitely want to give people flexibility on how they run their nodes. There’s the option to run a node via a virtual private server, your home computer, or a personal device. Your choice may just depend on, I guess, your level of familiarity with those types of devices and operating them. But the idea is that either way would be simple enough for you know, the majority of folks to engage with, we’ve been testing on services like Vultr as well as virtual machines, VMware, and AWS have performed really well for us. We’re also open to feedback. If there’s any particular device out that we don’t end up supporting, then please feel free to let us know. We’d be happy to consider it and investigate whether it would be a worthwhile venture for us to support such a setup.
Hunter
Got it. So if I wanted to run on a VPS, you would recommend Vultr. I think that’s what I heard.
Andy
Yeah, it was certainly tested successfully with Vultr and, you know, I would recommend that folks take a look at that service as being one that could certainly support the requirements that we have.
Hunter
Okay, so let’s say I’ve purchased my node, how do I set up my Myria node and connect it to the Myria blockchain network? And what kind of technical skills do I need to do this? Because I know you mentioned any beginner can really do this.
Andy
Yeah, and I’d stand by that statement as we move into this question. The good news here is that you can operate a Myria node without any technical skills. Although there are some slightly more complicated options, like operating a VPS, via Vultr, they’re still relatively straightforward. You can follow a set of instructions, and it should be possible for you to set something up. As a node operator, you won’t need to do anything special outside of setting up and running the software. The software is based on retrieving an API key from www.myria.com. The idea is that each node license that you own or hold, is able to generate an API key for you. Using that API key is how you would connect your node license to the device that you wish to operate your node on. There’s going to be a guide with specifics on how you actually get started with that side of things. Something else that you might find more interesting is the date that we will be releasing the operation of nodes. We will provide a guide with the specifics prior to that date. Hopefully, it will be a fairly straightforward paint-by-numbers type of situation for getting on board.
Hunter
Okay, so let’s say my node is up and running. It has no problems, I was able to set it up through the guides that you provided. Now it’s running. So once my node is up and running, how do I monitor its performance? Like how do I ensure it’s functioning properly so I can get my rewards?
Andy
Yeah, really good question. The idea of retrieving something like an API key is a part of that ecosystem. What we’ve been working on building is the first pass of an awesome web dashboard that would allow you upon visiting to get a summary of the status of the performance of your nodes, to identify your node licenses to retrieve the API keys you need from there to run your nodes. Toggle your node status on and off, the lifetime that you have, whether you’ve achieved the goal that’s required for the day, and more. It’s intended to be a one-stop shop for all the information you may require to inform your decision-making as a node owner and operator.
Hunter
Again, just getting into the real technical bits. I know that most master nodes require different VPS and especially something called an IPv4, which is just an IP for Myria nodes. Let’s say I get multiple nodes, right? I’d get maybe three nodes or two nodes. Do I need to get separate IPv4s? Do I need to get separate VPS, from Vultr, or can I just run them all on one machine? Can I run them all on my laptop, or on one VPS?
Andy
This question came up very early in our discovery of, you know, how we actually intend to allow people to run these via VPS. What we ended up landing on is that our nodes will operate on IPv4 only. They are required to be in a one-to-one relationship between the device and node license to intend to operate. That effectively means one VPS instance for one memory node license. Having said this, you can switch the node license that it’s pointing to during a cycle. So you know, if you complete the necessary requirements for operation for one node license, you could update which node license that VPS is pointing to. And again, we’ll include instructions on how this could be achieved through the support documentation.
Hunter
Okay, that’s great. I want to get more into the blockchain side of things, I want to understand what the nodes are doing. Maybe you can talk more about how my node contributes to the overall security and decentralization of the Myria network.
Andy
I think the first place to start here is that there’s an obvious difference between when we’re launching our token, for example, and when our nodes are going live. It’s immediately obvious that our nodes aren’t necessarily supporting instantly the transactions that are occurring in the Myria ecosystem. Nodes will be supporting general off-chain services that support our overall ecosystem, there are a number of back-end support and network systems that we can leverage the system for. Right now, the reason we’re able to launch our token, operate, and have transactions occurring on site. As we’re leveraging, we sequence and proof transactions on Ethereum. What this means is that there’s not necessarily an immediate requirement to run proofing or sequencing via the node network. It gives us an opportunity to potentially bring the community and to help test our network power and discover the type of activity that I know the network will be best suited for. It also lines us up well for future considerations on decentralizing our ecosystem in the form of moving to, I guess, a system with stock or others that requires a node network for sequencing and supportive proofing transactions. To summarize, we have some plans around off-chain services that can be supported by this overall node ecosystem. We have plans to look at how we test out the network power and then understand what level of support this could provide to decentralization activities. Then we can think about what our best transition method would be to move from where we are today to one where we’re actually proofing and sending transactions using our node network.
Hunter
Now, that sounds great. It sounds like utilization for the nodes will just increase over time, as they get more used for different things like you mentioned.
Andy
That’s right, there are a variety of things that we have in mind that we would like to test and use the node network for. Over time, we will be increasing the amount of decentralization of the activity that happens on the node network.
Hunter
Talking about running my nodes, can you just go a little bit into how often Myria nodes receive their block rewards? What are the current payout terms in terms of MYRIA tokens and maybe talk a bit about the threshold of how long I have to run my nodes to be eligible for that?
Andy
Yeah, great question. There’s a lot in this so I’ll try and walk people through it without becoming too lost or muddled where we’re trying to get to with this. The first thing to say is that there’s a lot of information on our support site and Zendesk and we’ll also be communicating in a variety of other methods to help disseminate this information that’s important for making decisions in regards to nodes. The first thing to note is that our rewards in the form of tokens are based on a halving schedule. For the first year, roughly 13 million MYRIA will be distributed daily to node owners. The proportion an individual operator receives is based on a given 24-hour cycle. If you assume 13 million MYRIA every cycle, and every cycle is 24 hours, what we’re looking at is distributing every single cycle 13 million MYRIA tokens. Every cycle, users will be able to claim their tokens. What this means is that we’ll be running a calculation to work out what the payout will be. The payout is 13 million MYRIA divided by the number of points and by node owners, and for that individual multiplied by the number of node licenses, that successfully earned a point. The idea is that we’re looking at your contribution to the node network for that period, and therefore, what proportion of the 13 million MYRIA you’d receive. As far as actually earning points during that period, your node needs to be live for a minimum of six hours during that cycle. If you imagine that this 13 million MYRIA, every cycle, every cycle is 24 hours, your node needs to operate for a minimum of six hours in that 24-hour cycle to earn a point and therefore be eligible to receive tokens. I encourage folks, if you’re a little unsure, please read the documentation. I hope it will help. As it is, it’s a calculation that’s being discussed and shared here.
Hunter
Got a lot of information, guys, I’m gonna share a link real quick to the documentation. If any of you want to check it after this meeting after this AMA, it’s in the chat, so feel free to take a look at it. I’ll pin it. Okay, Andy, and are there any fees associated with running a Myria node?
Andy
There can be indirect fees for running a Myria node on a personal device, there’s something like the idea of if you’re constantly keeping a device on then that device is connected to your power supply and things like that. So you have the indirect cost of just operating a device, maybe for longer periods than you normally would. For operating a virtual private server like Vultr, there’ll be direct fees for running a Myria node on a server in the sense that you have to pay for the ongoing cost of operating and maintaining that server. There might also be a cost depending on your operating system, whether that be Windows, Mac, or Ubuntu Linux. The Myria software itself has no associated costs, access to it is free.
Hunter
That will be a free download for a run, obviously, to begin operating and providing a network for us. So, how can I optimize my memory node to really have the maximum amount of performance and earnings? Like what are some of the best practices that you can share with us for maintaining and upgrading my node over time, and just making sure that I’m meeting that threshold, and I’m able to receive as much MYRIA as I can.
Andy
Yeah, I’ll break this into two parts, I guess the first focus will be making the maximum performance and then focus on the updating side of things. In terms of maximum performance, operating a node for a minimum of six hours per cycle meets all requirements at present. What that means is that if you meet that, then you can turn off your node. So the easiest way to understand whether you’ve met the requirements as far as six hours in the cycle is to access and use the web dashboard that will be available from the activation date onward. Right now, it’s pretty binary, did I operate it for six hours or not? In the future, we may want to look at this in a bit more nuanced way. We’re looking at reviewing the best way to incentivize and reward high-quality power provided to the network from your node or nodes and be able to find ways to appropriately compensate those that are providing said power. That we’re really taking into account, if you’re providing more to us than maybe we need as a minimum, then we’re appreciating that fact, and we’re rewarding individuals based on that. On the upgrading side, or update side, Myria will automatically notify you via email or web dashboard software, when a new update is available. It’s always recommended to update to the latest version as soon as you can, but we intend to back support what we had previously in the market for a period of time. Upgrading is intended to be as simple as reinstalling a new version of the software via your chosen method and reentering the API key that you have for your node license. That pretty much sums it up.
Hunter
And I know we touched base on this, but let’s just say like I’m running into issues on the setup, or you guys, let me know an email that needs to upgrade my node. Or maybe it’s not performing and I’m not meeting the threshold. What kind of technical support and resources are available for operators? How can I get help if I encounter any issues or difficulties while running my node?
Andy
We’re excited to provide pretty comprehensive support documentation to walk you through the process of purchasing, onboarding, and operating your nodes, we’re hoping it’s going to be comprehensive in all aspects. It’s going to be a living document. Whatever we put out there as a first pass isn’t necessarily going to be where it ends, we’ll be adding all the information we can to try and support the needs that individuals have at any given moment in relation to our node product. We’ll have an active community on Discord supporting people through the steps. There’s also the support team for anything that’s a little more nuanced and maybe requires us to step in and take a look at the situation. But again, the hope is that our software’s really breaking down the level of complexity to something that you know, many of us whether it be technically inclined or not can onboard and be confident that their product is operating as expected.
Hunter
Okay, thank you, Andy. I know we got into the technical bits and gone to the blockchain bits, I’m going to go into a community focus section. And guys after this is the Live section, but there’s a lot of important information and questions I’m going to ask to make sure you’re paying attention. I just want to start off by asking you Andy, how much will be the starting price during the public sale?
Andy
Good question Hunter. 4,500 USD and it will be purchasable only in MYRIA tokens. I think it’s really important to call out, this is a change from our previous position on pricing at launch. I know there have been many folks that are unsure where this came from, and what is happening, and we just want to make sure that we address this as best we can. While reviewing our prior position, we realized we need to plan for the early growth of our ecosystem as a whole. We are thinking about how to ensure the stability and growth of our token. To ensure that we’re building a large and sustainable network, we needed to look at and reevaluate our position on pricing. Obviously, a lot has changed in the market from September 2022, which is when we began our whitelist sale, till now. We’ve tried to incorporate a lot of these changes into our pricing. This leaves a really tricky balance, as it’s important for us to bring interest to the project and platform when we reach those big milestones. At the same time recognizing what an incredible level of support our early adopters have provided, the adjustment that we’ve made in pricing creates a new opportunity for us to think through how best to bring value to our early adopters, as the market changes and as our product develops further. I think the simplest way of putting this is that we’ve reviewed many of the changes that exist with not only our platform but with the market and with our community, and tried to adjust to something that we believe will help drive long-term sustainable growth for the Myria ecosystem. But it also brings up a new opportunity for us to really think through the idea of how to reward our early supporters. It’s something we want to look at and address. We’ll certainly be engaging with the community to identify opportunities for us to bring more value to some of the supporters that have been there from the start. The pricing model will see the price of Myria nodes increase as more nodes are purchased. The intention has always been that as the node price rises, the utility and value of being a node owner do as well. The node price increase is dictated by three key factors. How much the price will rise in the given tier, how often the price will rise in the given tier and the number of tiers. These key factors determine the price of a Myria node at a given moment. It’s probably important to note that node prices escalate in the latter half of the node sale. The intention is to see valuable growth in our node network and ecosystem from the start. At the same time, we have the opportunity to grow the utility and value of what it means to be a part of this ecosystem.
Hunter
Got it, I appreciate you kind of touching point as to why the price changed because I know this is a question that I’m seeing a lot in chat. Thank you for taking a minute to do that. And then there will also be a live session after this. For people who have more questions, I will touch base. Just kind of bring the center back around the public sale that’s happening. Let’s say I do purchase a node, how long before I can actually run it?
Andy
Yeah, the short answer is it depends. It’s probably somewhat dependent on us, but potentially somewhat dependent on the user as well. If you’re taking the software route, it’s fairly straightforward with fewer elements to set up and less that could go wrong could be certainly done in less than 10 minutes. And with the overall process being downloading the software, installing the software, grabbing the API key to your Myria node license, plugging that in, and then switching it on, which as I said could certainly be done in less than 10 minutes. The headless VPS version may take a little bit longer but that’s really just to make sure that you’re getting the steps correctly and following the process. If you have a lot of familiarity with the process then you could probably do it just as quickly.
Hunter
Doesn’t seem too hard. So you’re telling me that I can buy a node and in a perfect scenario run it in less than 10 minutes?
Andy
Yes, that’s correct.
Hunter
What’s the first thing I should do when I buy a node?
Andy
The absolute most important thing to do after completing that purchase is to check that you’ve received your node license. Here’s one way. I’ll just drop it in the chat, which would allow you to just review that you have node licenses that you expect to have. The first thing would just be to check that that’s the case, you’ve obviously invested a fair amount of money with us and we want to make sure that you’ve received what you paid for. The second thing is to really consider the set up. The best place to start is really in the Get Started section of our dashboard as well as the support documentation. While it is hopefully a very simple and seamless process, I think it’s also important to understand what your node is, what role it plays, and what you know. It’s important to familiarize yourself with the node ecosystem as a whole, whilst everyone’s going to be excited to get started.
Hunter
And what happens? Can you just go over what happens? Let’s say I do buy a node, and I can’t find my license anywhere. What should I do?
Andy
Yeah, the first point is it may take a little while to appear. The simple answer is that once purchased, some interactions happen on various back ends. The expectation is that those should show up for you. If there’s any sort of delay, which can happen on rare occurrences, then simply just wait a few minutes and refresh. If that doesn’t help, then the most likely next step is to reach out to us and just let us know. The best way to do that is through our Zendesk support. You’ll then have to give us the transaction ID and things like that, that are reported via your Myria wallet.
Hunter
And how are the rewards distributed? I’m running my node, and everything’s fine. You taught me how to buy it and run it. It’s running. Its maximum performance. I’m starting to receive rewards. Can you talk about how those rewards are distributed? And can I withdraw right away?
Andy
Yeah, sure. Rewards are distributed on a point system. Earning a point for successful node operation will make you eligible for claiming some portion of MYRIA tokens, it’s possible to withdraw right away, but there are some caveats. Let’s take an example to explain this. Let’s say I successfully operated a node today and earned one point within seven days from now, sorry, and seven days from now I’ll automatically be distributed the full amount of MYRIA earned for that cycle. I do not have to take any action in order to receive that token, other than successfully running my node. In the simplest version of receiving rewards, if you successfully operate and earn a point, seven days later, you’ll be distributed the full volume of tokens that you’ve earned. If instead of waiting the seven days you decided to claim earlier, let’s say on day three, then you’re required to pay an early claim fee to the Myria ecosystem bonus pool. The reason for this fee is to incentivize keeping MYRIA in the ecosystem for a period and using the auto distribution functionality after seven days, versus immediately withdrawing if you could claim or immediately after operating. As far as taking the claim action itself, there will be a rewards history on the node dashboard that allows you to claim the token that you’re entitled to and it will give you a summary of the performance of your node, along with available claims and what has been claimed in the past.
Hunter
So where does the early claim fee go?
Andy
The early claim fee goes to a centralized Myria wallet that is only used for receiving early claim fees and for distributing unique rewards back to the community. We’re still working through what these incentives might be. We’ll be reaching out for help and ideas on how we could use this bonus pool to incentivize valuable behavior from the node network and the community
Hunter
Got it, I’m gonna be interested to see what was decided to do with this specifically, whether it’s incentives or even just hearing the community feedback on some ideas that they may have for this. I wanted to ask because I have seen this question a lot. Let’s say I’ve lost access to my wallet, how can I secure my nodes?
Andy
The short answer is, we have to be really careful with how we handle requests to move nodes, or I guess secure them into a different wallet. There’s a variety of things that could occur and the sense of false claims of losing a wallet, illegitimate sales could be occurring, all of which are things we ideally want to confirm, are not the case, before investigating anything further. We’re hesitant to engage on a topic we’re trying to be the determinant of essentially, was this wallet, in fact, lost or not. It’s quite a gray area to operate in. But having said this, we will handle these things on a case-by-case basis.
Hunter
Got it. So it’s mostly on a case-by-case basis. Okay. Let’s say I no longer want to run my node, and I would like to sell it. Does Myria provide a marketplace for transferring and selling nodes? What’s my next step here? Or is there a disclaimer when purchasing a node that I should know about?
Andy
It’s not possible to sell your node. However, this is a request we’ve heard a bunch and we’re pretty keen to ensure nodes are being upheld by quality ecosystem contributors who really want to contribute to maintaining the network. We realize it’s important to be able to shift nodes at some point. We’re working through what this might look like. There’s a variety of different suggestions like turning nodes into NFT assets and things like that, that would be able to be sold on a secondary marketplace. We’re just working through what the best solution might be, to really make something that would work for everyone.
Hunter
Okay, Andy, I appreciate you answering all the questions that we prepared. I want to move into a live section from the community. So guys, please take a minute to just swarm the chat with questions you may have. And he’s gonna answer for as long as he can. I know that this time has been going off for a bit. Andy, feel free to just answer as many as you can. Guys just post questions in the chat. And we’ll pick some questions and answer them here.
When will the nodes be activated? Just wanted to say, we did answer this. Andy, what was the official date for the nodes to be activated?
Andy
We’re still applying some finishing touches to make sure everything will run smooth. One thing I can say for certain is that the date will be shortly after the public sale but since it might shift, just wait for an official announcement. Once we switch on node license owners will have the ability to download the software and set up a VPS to access the dashboard. All of the elements that would be required to interact with us in order to get your nodes up and running.
Hunter
Andy, feel free to pick some questions and answer them from the chat. If you want, I can get them and I can also answer them.
Andy
Yeah, I think just to touch on the situation where there are a lot of folks that have obviously referred to the fact that the market has changed. We’ve made moves to try and make sure we’re setting up from a pricing escalation standpoint. We’re aiming to drive sustainable growth and many people are mentioning the price of the nodes during the public sale. I think the primary thing to really touch on here is this is not something that we necessarily have to look at as an issue. That’s one and done. The price is set. The price is different. We’re open to investigating opportunities that might help us best support our early adopter community and find ways to effectively not get us into a situation where we’re supporting everyone and everyone feels like they’re growing with us as opposed to in different ways. If I have nodes across multiple wallets, can I run them from one VPS? Computer? Yes and no, you couldn’t run them simultaneously on one VPS or computer device. However, you would be able to run them, one after the other basically. If you ran a node license for six hours and then wanted to switch over in the seventh hour to another license, that’s possible. Obviously, there’s a limit to how much you can do in a 24-hour cycle because you’d only get three switches basically.
Hunter
Do you want to answer a couple more Andy? Maybe just pick one or two more?
Andy
Yeah, I’m just trying to try to read through them at the same time.
Yeah, questions just around the operation and trying to run them early really up planning on the 13th. We’re in sort of final testing of the operation and things now. We want to make sure that when everything kicks off on the 13th, it’s that we’re well-prepared to allow everyone to get started.
Andy
Is there anything else Hunter that you noticed or saw?
Hunter
I believe we talked about the price change, we talked about if they can run multiple nodes. Let me just take one more. Look, Andy, before we close out guys, do you have any questions that we didn’t answer that you would like to see answered? Specifically about nodes. You still have to wait for a little more, before downloading the software.
Andy
Maybe I can just touch on it. Before we wrapped up hunting the key dates, I think that’s probably something just to leave everyone with. So on the sixth of April, as everyone’s aware, the MYRIA token will be going live. A few days after that, on the tenth of April, the public node sale will be going live on www.myria.com/nodes. Then at a later date, the dashboard operation download of software and running your node will go live. So those are the dates to keep in mind in relation to everything.
Hunter
Awesome, thank you for that, I believe you recommended Vultr for which VPS service to use.
Andy
Yeah. We’ve tested it, and it has worked effectively for us. That’s not to say that people with the right technical skills couldn’t run other VPS services and be successful. We, unfortunately, can’t test all of them. But I imagine someone with the capabilities and understanding would certainly be able to run via other services as well. Vultr is one that’s worked for us.
Hunter
And just to reiterate, can I set up nodes today? Or do I need to wait till the 13th?
Andy
There’s nothing stopping you from reviewing the support documentation and taking a look at what’s expected of you on that date. So you’re well familiar with when things come around.
Hunter
And is node sustainability, something that you’re constantly thinking about and reiterating as time goes on? Especially when you’re thinking about just distribution? Are you guys thinking about how we make nodes more sustainable and taking a look at the market as things change?
Andy
Yeah, absolutely. Nodes are one part of the ecosystem that we’re trying to build. The sustainability and growth of a platform are determined by a number of factors, one of which is nodes. When looking at and reviewing the node network and the sustainability and growth of that, we are looking at that and we’re also looking at that in relation to the rest of the Myria product and network. The idea is that the sum of all these parts is obviously providing a really solid foundation for growth in a long and successful period from barriers that project into the future.
Hunter
And Andy I know we’re short on time. But I’d love to just ask you a couple more questions. I know you’ve touched on this briefly in the past, but how do you see nodes evolve in terms of what they provide as services? Maybe you can touch on governance a little bit as well, and how that’s going to play in the Myria ecosystem.
Andy
Yeah, it’s actually a part that I’m really excited to spend a little bit more time on now that this idea of one core functionality of the node ecosystem is as close to up and running with everyone. I would love to see us find the right mechanisms for engaging our huge ecosystem contributors and finding the right ways to bring everyone to help develop and grow our product and feel like the community is helping drive that archway.
Hunter
Okay, I think we have time for one more question. All I see are potato chips. That’s a good one. So what happens if there are no more tokens to distribute? I believe you said something about five years in terms of the node distribution. Is there a plan to keep those rewards going? Or is that something you guys are figuring out as we get closer to that time?
Andy
Cool, I’ll just maybe clarify that. There are a lot. Sorry, the token halving schedule is a lot longer than five years. I think it’s something more like 20 years, that is when the halving schedule effectively becomes irrelevant eventually. The idea is that every couple of years we’re halving the MYRIA tokens that are distributed to the market. Now, the idea with that is that the MYRIA token becomes more valuable, and its utility becomes more valuable over time. And therefore the value that the amount of tokens that each node owner or operator is getting access to through their operation is increasing in value. So you have two things happen, you are reducing the number of tokens that you’re receiving over time due to the halving schedule and the number of nodes that are growing, but the utility and value of the token are rising. The expectation is that the value that you receive overall is growing.
Hunter
Got it. Okay, Andy, I want to thank you for coming to the space. I appreciate you talking to us about nodes. Do you want to go over just important dates one more time? I know we talked about it just about five minutes ago, but I think going over it one more time just for everyone who’s here.
Andy
Yeah, all good. No worries. On April 6, we’ll be launching the token. On April 10, we’ll be launching the public nodes sale. After the sale goes live, we’ll be launching node software and node operation, and node dashboard. The activation date will be announced officially, so wait for an update.
Hunter
Okay, well, Andy, thank you for taking the time. I know you’re very busy as things are going to launch soon. I appreciate everyone who showed up today. Thank you to the 342 of you. We did have a chance to speak about nodes. If you guys have questions after the AMA or there are things you want to discuss, we’re always here on Discord. Andy, thank you.
Andy
Thank you for your time. Appreciate it, folks. Catch you later.
Hunter
Okay, guys, thank you. Bye bye.
Sign up for our newsletter on myria.com and follow our social channels to stay up to date on everything Myria!