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How to use the REM tokens?
The REM token powers all operations within the REMChain public network and serves as a digital key for gaining access to DApps on top of it. Token holders will be able to use the REM token in a variety of ways:
- Spend — pay for generating certificates for your employees, partners, and clients; enhance your security level by benefiting from Remme Access management applications.
- Earn — stake minimum 250k REM tokens, vote for Block Producers on REMChain and participate in the stake reward distribution process.
- Build your App — develop REM powered application on top of the open-source Public Key Infrastructure Remme protocol and provide services for REM token holders.
Which wallets support the REM token?
Wallets need to support adding ERC-20 standard tokens. The private key of your wallet should be under your control. If you are not sure if your wallet is suitable, please contact a support team of your wallet provider.
Wallets which definitely support REM token:
- MyEthereumWallet (MEW)
Guardians play a crucial role in REMChain operation. They are in charge of electing the most credible and professional candidates to produce blocks. If you choose to take up this responsibility and become a REMChain Guardian.
Consensus algorithm & rewards
According to the Delegated Proof of Stake (DPOS) consensus model, those who hold the status of a Guardian are actively involved in REMChain governance. They delegate their will to trusted Block Producers (BPs) through a continuous voting mechanism. Guardians earn full and liquid rewards from the very start. We’ve recently updated the reward sources and introduced a dual system to stimulate network growth during the first year of operation. Below is a brief description.
60% of the paid services delivered by the network to its users is shared among all Guardians proportionally to their own stake.
Around 0.3% on staked REM per month stimulated by the Remme Incentive Fund during the first year.
In Protocol, there are specific criteria that need to be met by an account to attain Guardian status:
- An account needs to stake a minimum 250K REM. The power of the vote is proportional to the number of tokens that the account has staked (the more tokens you stake, the more influential your vote).
- The power of the vote is built up gradually to 100% over six months on a weekly basis.
- Tokens are locked for the first six months (you cannot change your mind once you stake).
What’s required to maintain Guardian status
To participate in stake reward distribution, a Guardian needs to keep their status by:
- Monitoring performance and voting for a selected Block Producer at least once a month;
- Keeping a minimum required 250K REM balance staked;
Should a Guardian fail to vote for over a month:
- Account stops getting rewards
- The influence of last recorded vote decays by half annually
An account may decide to unstake tokens (not permitted during the lock period over the first six months of staking). After this, staked tokens will gradually (1/26) start to release over a period of six months on a weekly basis. This is done to secure the network from speculative behavior among Guardians and BPs.
How to Unstake REM tokens
- Undelegate bandwidth with undelegatebw action.
- Go to Remme's Blocks.io page
- In Select Action section choose the "refund" button (selected by default):
- Scroll down and enter your Guardian name in the Enter Data section:
- Press the Submit Transaction button
- Select Scatter wallet and confirm the action in your Scatter app
P.S: You need to make these manipulations every week or more rarely (e.g. every month)
Restaking unreleased tokens
For example, you start unstaking 300M REM. After two months you decide to stake tokens again. 200M tokens left pending release get unlocked and staked again. If you decide to additionally stake the tokens that were previously released, the entire stake would get locked again for six months as described in the staking procedure.
REMME builds the distributed Public Key Infrastructure (PKI) protocol with a set of DApps to enable passwordless authentication