Jan 15, 2022
SherpaX Mainnet Custodian Election
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
5% of the KSX income of the Treasury’s during your tenure.
4. Requirements for Custodian
（1）You need to have a certain number of KSX to be a candidate and vote for yourself, and the outcome of the election depends on how much KSX you spend to vote for yourself.
（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
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 will give a detailed process of participating in the election.
Excellent SherpaX custodians have more opportunities to become the custodians of ChainX.
