Updated: 9/17/2018

Accelerator is a block validation service provider that supports 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 a blockchain compute order.  We recommend printing this entire document so that you can reference it as you use Accelerator.

Before You Start

Before you jump into the tasks ahead, here are a few helpful things to know.

  • Accelerator Network is a web-based application that works in most web browsers, which means you don’t need to download or install any software on your computer. To be sure Accelerator Network works properly in your browser, you should enable cookies, pop-ups, and JavaScript.
  • 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.

Task Roadmap

Here’s an overview of the tasks we’ll cover in this article.

  • Buying  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 for compute orders.

Buy your Accelerator Tokens

Step 1.
We recommend you using Metamask at https://metamask.io/

Image result for metamask

First install Metamask into your browser by going to https://metamask.io/ and clicking “Get Extension” for your browser, we recommend using Google Chrome.

Next fund your new MetaMask wallet address by clicking the orange buy button.

Step 2.

After you have funded your MetaMask wallet with ETH from Coinbase.
You can now purchase Accelerator Tokens on the Accelerator Network website.  https://accelerator.network/#exchange

Fill out the amount you wish to buy, then click confirm.

Click the Green “Submit” button on the Metamask extension popup window.

Step 3.

Next you must use MyEtherWallet to access your Accelerator Tokens on your account.

Go to MyEtherWallet.com and click “Send Ether & Tokens”, then click “MetaMask / Mist”, then click “Connect to MetaMask”.

 

Step 4 – Load tokens in your wallet.

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 main feature 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.

  1. Accelerator Tokens do not stake on their own.  You must follow the procedure stated in step 2.
  2. You must hold Accelerator Tokens a minimum of 3 days before you can stake them.
  3. 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.
  4. 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.
  5. You will receive credit for every day you wait to stake, however the more often you choose to stake the more compounding will occur.
  6. 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.
  7. 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 left in it to cover gas charges.

Step 2. – Stake Accelerator Tokens.

Now that your account has some Ether for GAS 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.  The Accelerator Network gives the ACC token value and liquidity.

You can spend your Accelerator Tokens on GPU Mining 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 a compute order job type.

Input the size in teraflops and length in hours of the order or choose a reserved teraflop pricing tier to save ACC.

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.

Go to MyEtherWallet.com and click “Send Ether & Tokens”, then click “MetaMask / Mist”, then click “Connect to MetaMask”.

Select ACC from the dropdown

Copy the payment address “0xe353ed8008fcd7b03497cc54abf1c98c9a0def58”  into the “To Address” field and copy the EXACT amount given from the quote to the “Amount to Send” field.

Click “Generate Transaction” and then click “Send Transaction”, then click “Confirm” when the MetaMask popup appears.

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 Ethereum mining orders.   You can visit their support portal for more information.

https://ethpool.freshdesk.com/support/home

Mining rewards are paid out randomly from Ethermine.org once a week. You must have accumulated at least 0.01 ETH while mining to get a payout.

A different pool will be used if you choose a different coin to mine on the Accelerator Network.  Each pool has its own specific payout requirements.

Next Steps

Accelerator FAQ

You might have additional questions about Accelerator.  We compiled some frequently asked questions here:  https://support.accelerator.network/?post_type=st_faq

Telegram Group

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