Accelerator is a computing platform that helps you perform blockchain specific tasks. Our approach allows you to become a blockchain pro – without having to invest in hardware. Our goal is to accelerate block chain technology in business by providing easy to use value added blockchain services.
In this article, you’ll learn how to start using the Accelerator Token and 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 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
- Mine 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 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, you must load them in MyEtherWallet.
Click the orange “Load Tokens” button.
Your screen should now look like this:
If you have any issues, please submit email to [email protected]
Mine Accelerator Tokens (3 days later)
The most important part of the Accelerator Token is its ability to mine itself. 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 mining Accelerator Tokens.
- Accelerator Tokens do not mine 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 mine them.
- To save GAS you can wait to mine Accelerator Tokens for up to 90 days. Anything after 90 days will produce the same results as if you mined on the 90th day of holding Accelerator Tokens.
- You can continue to mine every 3 to 90 days until the Accelerator Token has reached its maximum total supply of 10 million.
- You will need to spend a small amount of Ether on GAS every time you want to Mine Accelerator Tokens. This will be approximately 20 – 80 cents in Ether.
- If you transfer ACC Tokens from your staking account without first mining you will lose those potential mining profits.
Please mine your ACC tokens before doing any outbound ACC Token transfers.
Step 1. – Top-up your account with Ether.
Make sure that your account which holds 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.
Step 2. – Mine 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 mining. To mine, send any amount of Accelerator Tokens to yourself. Sending tokens is accomplished by copying your address and pasting in the “To Address” field.
Click the orange “Load Tokens” button.
Select ACC from the dropdown
Put any amount (less than your ACC token balance) in the “Amount to Send”
[ex: 0.0000001] 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 mined some new Accelerator Tokens. Here are the returns you should expect to receive.
Proof-of-stake Annual Interest (From October 2017)
|Year||ACC Increase||Total Supply After|
|1st Year||300%||1 Million|
|2nd Year||100%||2 Million|
|3rd Year||50%||3.5 Million|
|4th – 16th||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 by 2033. 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 mining, you might want to spend them.
Accelerator Tokens are backed by a physical asset called the Accelerator Network. The Accelerator Network is a cloud based super computer. Token holders can spend their Accelerator Tokens for 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 the order type. (More jobs will be available in Q1 of 2018)
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 your 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 correct amount 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. If you are using MyEtherWallet, follow the steps below from the “Send Ether & Tokens” screen. Click the “Load Token Balances” to display your Accelerator ACC Tokens.
Select ACC from the dropdown
Copy the payment address 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 in about a minute.
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. You can visit their support portal for more information.
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