1.What is SherpaX Custodian？
In the process of implementing the Bitcoin cross-chain transaction, users’ assets are kept by a multi-signature address jointly created by the custodians of the SherpaX network. When a user initiates a withdrawal request, these custodians are required to perform a threshold signature, verify the request, and then return the user’s assets.
2. Introduction to SherpaX Custodian Mechanism
Anyone who wants to become a SherpaX custodian can choose to spend 10 KSX to be a candidate. After becoming a candidate, community members can spend KSX to vote for candidates. Selecting the top 18 according to the result of votes. Among them, 1 to 11 will be directly elected as SherpaX councilors, and 12 to 18 become runners-up.
During the first election of the trustee, the top 10 of the 11 councillors will serve as the custodians. Starting from the second term, SherpaX will cancel the qualifications for re-election of custodians who were negative in the previous term (for example, a certain custodian is very lazy and rarely or never participates in multi-signature), and then a corresponding number of runners-up will take over as custodians.
3 Rewards for the custodian
Users use the SherpaX network to conduct bitcoin cross-chain transactions, and all the handling fees in the process go to the custodians.
4. Requirements for Custodian
（1）Must be a member of the SherpaX community and love SherpaX.
（2）Have a certain knowledge of blockchain and understand the general process of asset cross-chain transactions.
（3）Have enough time to participate in multi-signature work.
（4）Since the work of the custodians will be carried out in ComingChat, you need to be familiar with the operation of the ComingChat threshold wallet.
Threshold wallet usage tutorial: https://comingchat.medium.com/how-to-get-started-with-btc-threshold-wallet-8b4dd2dee543
Note:To facilitate the understanding of the process, this article uses 2–3 as an example.
5. How to participate in the election
If you meet the above conditions and want to become a SherpaX custodian, please join our ComingChat encryption group.
We can discuss the detailed process of using ComingChat threshold wallet. We will maintain communication in the group and any questions can also be asked.
On January 1, 2022, SherpaX’s testnet custodians will start to perform the multi-signature process to help users complete Bitcoin cross-chain transactions.
On January 15, 2022, the SherpaX mainnet will be launched, and the mainnet custodians will start their work.
Note:Qualified testnet custodians will be eligible to serve as custodians of the mainnet.