TimeNode FAQ
What is a TimeNode?
TimeNode is a program that allows you to execute transactions and earn ETH bounties. It plays crucial role in Ethereum Alarm Clock architecture.
At this moment, there are two versions of TimeNode:
Who can run the TimeNode?
Anyone with Internet connection and Ethereum wallet with at least 0.1 ETH can run a TimeNode. However to run a TimeNode using DAPP (in the browser) you also need 333 DAY tokens.
Click here to see a tutorial on how to run a TimeNode.
Which platforms are supported?
You can run TimeNode on Windows, OSX, Linux and as well anything that is able to run a fully fledged browser environment. This includes Android and Apple devices.
What are requirements for running TimeNode?
There are few requirements for running TimeNode. They depend on whether you’d like to run it in a browser or in console. Here’s list of them:
- Internet connection
- Ethereum wallet with at least 0.1 ETH
- For DAPP: 333 DAY or a TimeMint
- For DAPP: Browser
- For CLI: Terminal, Git, NodeJS 8 or higher (you can also use Docker image)
This question has also been answered in a more comprehensive way during “Why be a TimeNode?” LiveStream.
How to setup the TimeNode?
There are two ways to setup a TimeNode.
First, easier way is to setup a TimeNode by going to app.chronologic.network/timenode and following instructions. This is going to include importing your wallet as keystore and confirming you have 333 DAY tokens.
Complete tutorial, including video: How to Run a TimeNode article.
Second way, which requires more technical knowledge includes cloning CLI repository, installing and it and running. Alternatively you can also use Docker image.
If you would like to see how to setup CLI TimeNode, be sure to watch this LiveStream with CLI TimeNode Demo.
Why CLAIMING / EXECUTION fails for me?
Both claiming and execution in the first version of protocol are subject to race conditions. It basically means that the first TimeNode to claim/execute wins. This means that only the first TimeNode is going to claim transaction. That’s why there’s a chance when your TimeNode wants to send one of these actions it might fail. However, when transaction has been claimed by your TimeNode, then there won’t be race condition while executing. This is because TimeNode which claimed transaction has reserved execution window.
This question has also been answered on this Community Question LiveStream.
Why should I run a TimeNode?
You should run TimeNode to earn ETH bounties. Similar to mining process, executing scheduled transactions might also prove to be a great way to stack more Ethereum. By running a TimeNode you also help other people by executing their transactions and gain experience with DAPPs. Additionally, you get to understand scheduling demand first hand and make use of your DAY token holdings.
Learn more by watching LiveStream: Why be a TimeNode?.
How does it work?
You start a TimeNode and it will run in the background. It will automatically claim and execute transactions. After some time if there’s enough transactions you should see some profit from running a TimeNode.
If you would like to see a TimeNode in action, watch TimeNode Demo LiveStream.
What is the ROI/factors of ROI?
The return of investment is based on at least four variables:
- Amount of active TimeNodes
- Amount of transactions scheduled in the system
- Value of bounties set for executing scheduled transactions
- Speed of claiming transactions
This basically means that if there are too many active TimeNodes, and not enough scheduled transactions to execute, it might not be profitable to run a TimeNode. However, if the bounties for execution are going to be higher, then it’s possible they will compensate for it. Speed of claiming transactions (network latency, node synchronization) is important, because the first person who claims transaction, gets to execute it.
A more advanced and accurate representation of TimeNode economic model has been presented on TimeNode Economics LiveStream.
What is DAY actually used for now/tomorrow?
Currently we have first version of protocol deployed on mainnet and at least 333 DAY is required to run a TimeNode using browser.
In the next version of protocol — Chronos — DAY will be used for staking before executing transactions. Basically the more DAY you stake, the higher priority you will have for execution.
Learn more about Chronos: The Future of Conditional Scheduling.
Is it possible to configure TimeNode economic strategy?
Yes, TimeNode economic strategy can be customized. You can choose to fine-tune things like: claiming, profitability of transactions you wish to claim, maximum required deposit and balance on the TimeNode to start acting in the network.
Learn more by watching LiveStream on this topic: TimeNode Economic Strategy.
