ULTIMA Chain is a versatile, flexible and scalable blockchain with a throughput of over 2,000 transactions per second.
Not only does ULTIMA Chain stand out for its transaction processing speed, but it also offers one of the most sought-after features in the crypto community—staking. Staking enables passive earning of ULTIMA coins while supporting the network operation. While staking itself is straightforward, it’s important to first understand how new ULTIMA coins are generated, who distributes the rewards, and how they are allocated.
Super Representatives (SRs), SR Partners, and SR Candidates
The ULTIMA network consists of 127 nodes that get rewards for participating in voting and block generation. These nodes include Super Representatives (positions 1–27) and SR Partners (positions 28–127). Beyond these, there are candidates for SRs, ranked 128th and beyond. Super Representatives and SR Partners are elected through a voting process by all users of the ULTIMA Chain blockchain. Voting occurs every six hours. Voting uses ULTIMA Power, which is generated by staking ULTIMA coins (1 staked ULTIMA = 1 vote). The more votes a candidate receives, the higher their chances of becoming a Super Representative. They are accrued every 6 hours but can only be claimed once a day.
Any account in the network can apply to become an SR Partner (SRP) and, subsequently, a Super Representative (SR).
To prevent malicious attacks, a fee of 0.01 ULTIMA is burned when applying to become a Super Representative. After that, the account is added to the list of candidates for Super Representatives.
SR partners ranked between 28th and 127th in the voting process do not participate in block creation but do receive rewards for the votes cast for them. Users who vote for SR partners also get rewards.
Among the 127 SR partners, the 27 with the highest number of votes become Super Representatives with the right and responsibility to generate blocks. Votes are recalculated every six hours, meaning the composition of Super Representatives can change based on the votes received.
Candidates ranked below 128th do not participate in block creation and do not receive rewards for votes. However, they contribute to decision-making processes for updates and new features, enhancing the network's decentralization and resilience.
Each block in the ULTIMA network rewards the Super Representative and SR partners with a specific amount of ULTIMA coins. Transactions are included in the block, and after the creation of the next 19 blocks, the transaction is considered confirmed. One of the 27 Super Representatives produces a block approximately every three seconds, during which time the network generates a new reward in ULTIMA.
The reward is divided into two parts:
- Block Reward: The reward for block creation, amounting to 0.000017 ULTIMA. The Super Representative keeps part of this amount and distributes the rest to those who voted for them.
- Voting Reward: The reward for voting, amounting to 0.125 ULTIMA, which is distributed among the Super Representatives and partners in proportion to the number of votes received from voters.
Voting for Super Representatives in the SMART Wallet
Let’s take a closer look at the voting process. Voting takes place in the SMART Wallet. Before you begin voting, you need to obtain votes. To do this, you must stake ULTIMA.
Go to the ULTIMA coin screen. You’ll see two widgets: "Stake" and "Vote."
To obtain ULTIMA Power votes, you need to stake ULTIMA coins. Tap on the "Stake" widget.
On the screen that opens, tap the "Stake" button. Remember, you can stake coins for either Energy or Bandwidth.
Bandwidth in the Ultima Chain blockchain is a resource required for all transactions on the network. When using Bandwidth to pay for transactions, no ULTIMA fee is needed.
Energy in the Ultima Chain blockchain is a resource used for all actions involving smart contracts, such as splitting, split transactions, and transactions with the ULTIMA token. Energy functions like fuel for operating smart contracts.
Next, enter the amount of ULTIMA you wish to stake, choose the network resource you want to obtain by staking, and tap the "Continue" button.
Then, confirm the staking transaction. If everything is done correctly, you’ll see a confirmation that the coins were successfully staked:
The staked coins and accrued ULTIMA Power will be displayed on the ULTIMA screen:
To vote, tap on the "Vote" widget.
On the screen, you’ll see:
- Available ULTIMA Power — the total balance and number of votes available for voting.
- Available ULTIMA for staking (tapping this widget will take you directly to the staking section).
- Available reward size.
- List of candidates for voting.
Tap the "Vote" button.
A screen with a list of SR candidates will open.
You can vote for one candidate or all candidates. To select a candidate, tap the checkbox to the right of their name. By tapping on a candidate, you can view additional information about them, such as their name, website, number of votes received, your projected profit for voting for them, and the number of blocks produced by the candidate.
Please note that with repeated voting, your new votes do not add up to the previous ones. For example, if you gave 2 votes to a candidate yesterday and 3 today, the current number of votes for that candidate will be 3, not 5.
Tap the back arrow in the upper left corner to return to the list of candidates. Select one or more candidates and tap "Next."
A screen will open where you need to enter the number of votes you want to allocate to the candidate:
On this screen, you’ll see your ULTIMA Power balance and information about the selected candidates:
- The number of votes allocated to them.
- APR (Annual Percentage Rate) — a dynamic metric that indicates the percentage of potential annual yield from voting. APR is calculated using the following formula:
APR = (Daily Reward * 365) / Total Staked Amount * 100%
Enter the number of votes you want to allocate and tap the "Next" button.
On the next screen, you’ll need to confirm your action. The wallet will also notify you of the network fee:
Confirm the action. If everything is done correctly, you’ll see a message that the voting was successful.
Within seconds, the voting transaction will appear in the ULTIMA transaction history:
By tapping on the transaction, you can view more detailed information about it, including the hash, network fee, and the voter’s address.
You can also find the history of all voting transactions in the "Voting" — "Voting History" section.
In the "Voting History" section, you can cancel your vote by tapping the "Cancel Votes" button at the bottom of the screen. Tapping this button will cancel all your previous votes.
The votes will return to your balance. Note that a fee will be charged for canceling votes.
Reward Accrual
Voting rewards are accrued every six hours, but you can only claim them once a day. To claim your reward, follow these steps:
Go to the “Voting” section. Click the "Get Reward" button.
A screen will open displaying the reward amount and a notice about the network fee for the reward transaction. Click the "Confirm" button:
Confirm the operation. If everything is done correctly, a message will appear confirming that the reward has been successfully credited.
You can view the transaction in the ULTIMA transaction history.
Summary
- You can vote at any time.
- You can vote for one or multiple Super Representatives.
- The higher the candidate's APR, the more profitable it is to cast votes for them.
- Rewards are accrued every six hours at the end of the voting round.
- If you vote for an SR once, your votes will remain with them, and rewards will be accrued every six hours.
- You can claim rewards every 24 hours.
- With repeated voting, your new votes do not accumulate with the previous ones. For instance, if you cast 2 votes for a candidate yesterday and 3 today, the current vote count for that candidate will be 3, not 5.