Accelerator is a block validation service provider that supports green sustainable energy efficient Ethereum transaction verification.
In this article, you’ll learn how to start using the Accelerator Token to stake and then use that stake at the Accelerator Network to create an Ethereum blockchain compute order. We recommend printing this entire document so that you can reference it as you use Accelerator.
Here is a diagram explaining exactly how Accelerator works.
Before You Start
Before you jump into the tasks ahead, here are a few helpful things to know.
- Accelerator Token is a dapp (decentralized application) and runs within Ethereum. You must use an Ethereum wallet and Ethereum wallet software to interact with the Accelerator Token.
- It’s important to note that when you create a Accelerator Network account, you agree to comply with our Terms of Service.
Here’s an overview of the tasks we’ll cover in this article.
- Receive your Accelerator Tokens
- Stake Accelerator Tokens
- Setup an Accelerator Network account
- Placing an order on the Accelerator Network
The Accelerator Token
The Accelerator Token is a ERC20 based smart contract that runs on Ethereum. Accelerator Tokens can be sent, received, and traded on the Ethereum network. The Accelerator Token is the only method of payment accepted by the Accelerator Network.
Receive your Accelerator Tokens
We recommend you use MyEtherWallet at http://myetherwallet.com.
First generate a secure password on the site (save your password):
Save your wallet file, you will need this to login with your password on MyEtherWallet.
Create a backup of your private key either by manually writing the code down or save it in an encrypted database or password manager. You may also want to print a paper wallet and store it in a safe place.
Now login to your wallet. Select the saved JSON file and enter your password.
Now click “unlock” and your wallet will be displayed. You will also see the address for your wallet.
Step 6 – Load tokens in your wallet.
After you have been sent Accelerator Tokens from an exchange or friend, you must load them in MyEtherWallet.
Click the orange “Show all Tokens” button.
Then scroll down and “Click to Load” the “ACC” token.
After you click the orange “Only Show Balances” your screen should then look like this:
Stake Accelerator Tokens (3 days later)
The most important part of the Accelerator Token is its ability to stake. You will be rewarded based on how long you hold Accelerator Tokens and how many Accelerator Tokens you have. This methodology is called proof-of-stake because you are staking Accelerator Tokens by just holding on to them and then getting rewarded for that.
There are a couple of important rules you must follow before staking Accelerator Tokens.
- Accelerator Tokens do not stake on their own. You must follow the procedure stated in step 2.
- You must hold Accelerator Tokens a minimum of 3 days before you can stake them.
- To save GAS you can wait to stake Accelerator Tokens for up to 90 days. Anything after 90 days will produce the same results as if you staked on the 90th day of holding Accelerator Tokens.
- You can continue to stake every 3 to 90 days until the Accelerator Token has reached its maximum total supply of 10 million ACC Tokens.
- You will receive credit for every day you wait to stake, however the more often you choose to stake the more compounding will occur.
- You will need to spend a small amount of Ether on GAS every time you want to Stake Accelerator Tokens. This will be approximately 20 – 80 cents USD in Ether.
If you transfer ACC Tokens from your staking account without first staking you will lose the potential staking reward.
Again – Please stake your ACC tokens before doing any outbound ACC Token transfers.
Step 1. – Top-up your account with Ether.
Make sure that your account holding the Accelerator Tokens has some Ether in it. Grab your address (the same one you sent ACC tokens to) and send a small amount of Ether to it. You can get this from an exchange or a friend.
Step 2. – Stake Accelerator Tokens.
Now that your account has some Ether in it and it has been at least 3 days of holding the Accelerator Tokens, you are ready to start staking. To make sure the wallet is ready to be staked, please check with the staking calculator here: https://accelerator.network/#staking
When stake time says “0 Hours” you are ready to stake.
To stake, send any amount of Accelerator Tokens to yourself (The amount does not matter or factor into the staking, it just calls the staking function). Sending tokens is accomplished by copying your address and pasting in the “To Address” field. You must send your ACC tokens from the same wallet address to the same wallet address.
Select ACC from the dropdown
Put any amount (less than your ACC token balance) in the “Amount to Send”
[ex: 0.001] and click “Generate Transaction” and then click “Send Transaction”.
Next time you open your Ethereum wallet you will see your Accelerator Token balance has grown.
Congratulations! You have successfully staked some new Accelerator Tokens. Here are the returns you should expect to receive.
Proof-of-stake Annual Inflation
|Year||ACC Inflation||Max Total Supply After|
|Starting October 6th 2017||300%||1 Million|
|Starting October 6th 2018||100%||2 Million|
|Starting October 6th 2019||50%||3 Million|
|Starting October 6th 2020||10%||10 million|
Max total supply
The max total supply of the Accelerator Token is set to 10 million. The max total supply will be reached sometime in the next 25 years. Once 10 million is reached no more Accelerator Tokens will be generated.
Setup an Accelerator Network account
Now that you have created some new Accelerator Tokens through staking, you should spend them.
You can spend your Accelerator Tokens on Ethereum mining and minting services offered by the Accelerator Network.
You can sign up by going to https://app.accelerator.network/sign_up
When you sign up for an Accelerator Network account, you will enter your name and email address. An activation email will be sent to your inbox. When you receive the activation email click the link to activate your account.
Placing an order on the Accelerator Network
Step 1. – Place Order
After you have logged into your account, click the “#Place Order” button.
Select either Ethereum mining or minting.
Input the size in teraflops and length in hours of the order. (We will choose 20 teraflops an hour for 24 hours in this example.)
Enter the Address where you will receive the compute order’s earnings.
Agree to the terms and conditions by clicking the checkbox and then press the “Get Quote” button.
Step 2. – Pay for your order
A quote will be generated. To start the order, send exactly the amount it asks to the address listed within 10 minutes. Notice: If you do not send the EXACT amount of ACC within the time frame allotted, the order will expire.
To send ACC to the payment address and start the order, log in to your Ethereum wallet.
Select ACC from the dropdown
Copy the payment address “0x5ac4e0fc989a9b883d77f851f7ba8fb1fb2a46aa” or “startorder.eth” into the “To Address” field and enter the amount in the “Amount to Send” field.
Click “Generate Transaction” and then click “Send Transaction”.
The payment will be received by the Accelerator Network instantly.
You can track the status of your order by refreshing the order page.
The order will now be provisioned. This process takes 2 – 5 minutes.
Once the order is running, you can check its status under the info column by clicking the pool link.
Ethermine.org is used to process the order’s output for mining orders. You can visit their support portal for more information.
Mint.Accelerator.Network is used to process the order’s ouput for minting orders.
Minting rewards are paid out every Monday at 3pm PST. Mining rewards are paid out randomly from Ethermine.org once a week. You must have accumulated at least 0.01 ETH while mining or minting to get a payout.
You might have additional questions about Accelerator. We did our best to compile some frequently asked questions here: https://support.accelerator.network/?post_type=st_faq
The Accelerator community comes to life in our telegram group. The Accelerator Dev participates daily with group discussion and will answer any questions you have. Please join by going here: https://telegram.accelerator.network