Builders Phase
Hire your Builders Squad
Last updated
Hire your Builders Squad
Last updated
At the start of Legacy early adopters will have the chance to participate in the Builders Phase. During this Builders Phase every adopter who can sign a transaction with a wallet will be able to hire builders 👷♂️. Builder are minting Legacy. Just like on Bitcoin blockchain, where you mint new Bitcoins by donating computational power to solve cryptographically sealed riddle, you mint Legacy by delaying gratification and donating ETH (Ethereum's native currency). Since the builders you create are assigned to your wallet, you are ultimately rewarding yourself by creating your own Legacy tokens. Each builder has its own properties such as duration and strength. When you go to page you can specify builder duration (1-280 days) and builder strength (1-100). Those statistics will determine how much Legacy this hired builder is going to be able to create for you.
One max builder (100 str. /280 days) on the first day will be able to mint ≈21,000 Legacy.
Hire Single Builder - this will create one builder 👷♂️.
Hire Builders Squad - this will allow you to hire up to 100 builders 👷♂️👷♂️👷♂️ in one transaction saving gas. There are no extra bonuses coming from starting more miners in one transaction. The function to hire builders squad takes the calculation from single builder costs and multiplies it by the # of builders you choose.
legacyRewardAtTheEndOfBuilder = (builderDuration * (dailyMintableLegacy * (builderStrength / 100)))where dailyMintableLegacy is a number of Legacy tokens that one hired builder is able to create. This number goes down every day and it is similar to difficulty mechanism built in Bitcoin where every 4 years a halving event is happening which cuts the production of new Bitcoins in half. In Legacy this event is happening daily.
builderCost = (currentBuilderCost * builderStrength)
where currentBuilderCost is going up everyday. So with every day the amount of Legacy tokens a builder can mint goes down and the cost goes up. That means that a user who decides to start a builder today will be better off than if they decided to wait another week before they commit.
The lower the strength of builder, the smaller the base amount of Legacy created in one day by the builder. Selecting builder with strength 1 would mean that we take dailyMintableLegacy and divide it by 100. This way we get 1% of dailyMintableLegacy. So if the dailyMintableLegacy is 200 then builder with 1 strength will be able to create 2 Legacy tokens per day. From here, you can decide how many days you want the builder to produce 2 Legacy tokens per day. The higher the builder strength, the more expensive the builder gets.
Having above in mind, it makes more sense to max out the builder strength and play with the duration instead. This way you can time the market and receive your reward when you need it but make sure you get the best value possible per day out of your builder.
🧱 Early Builder Bonus This bonus rewards early Legacy protocol adopters with additional Legacy from builders. The bonus on the first day is 10% and will be reduced daily until it reaches 0 at the day 350.
🎖️ L-Rank Bonus
This bonus is assigned to all builders when they are hired. This bonus acts as a global reward for all Legacy protocol users who help bring adoption to Legacy.
As new builders start after yours, they give your builder extra bonus Legacy. This is calculated based on the builder strength and globalMintingPower and the formula looks like this:
LegacyRankBonus = ((currentLegacyRankMintingBonus * builderStrength * (globalMintingPower - builderStartGlobalMintingPower)) / 100
where
currentLegacyRankMintingBonus is the global L-Rank bonus that goes down every day based on the Daily Difficulty Clock. When you start a builder a snapshot is taken of that L-Rank and saved on the blockchain along with other builder properties.
builderStrength is the strength of the builder you selected at the start.
globalMintingPower is the sum of strength of all the builders in the Legacy protocol. This is dynamic and will change depending on how many builders are currently working.
builderStartGlobalMintingPower is the globalMintingPower that was assigned to your builder when you created it.
To give you a quantifiable example of what you might expect: If you start a builder in the first day and after you starts 1 builder with 100 strength, you are going to receive 14 Legacy more per each point of strength of that new builder. If you start a builder in the first day and after you starts 10 builders with 100 strength, you are going to receive already 42 more Legacy per each point of strength of those new builders. It is a decentralized referral program for early adopters that rewards spreading the word. In the Legacy dApp you will have tools that make it easier to share data and stats about Legacy with your community.
Claiming Builder later than specified duration at the start of a builder will result in penalties.
You will have a 7-day grace period in which you can claim the builder without any penalties.
After that 7-day grace period, you enter penalty zone, which looks like this:
If you are...
1 day late you will lose 1% of your claimable LEGACY
2 days late you will lose 3%
3 days late you will lose 8%
4 days late you will lose 17%
5 days late you will lose 35%
6 days late you will lose 72%
7 days late you will lose 99%
Put the date in your calendar and try to claim in time. ⌛