In this guide, we will explain the voting process on the ULTIMA Chain blockchain in detail. Voting takes place in the SMART Wallet. Before starting the voting process, you need to obtain votes, which requires staking ULTIMA.
Go to the ULTIMA coin screen. You’ll see two widgets: "Stake" and "Vote."
To obtain votes, you need to stake ULTIMA coins. Tap on the "Stake" button.
To stake ULTIMA, tap the "Stake" button, enter the number of coins to lock, and confirm the staking process. You will see detailed information about your staking, including available resources and power indicators.
Reminder: You can stake coins for Energy or Bandwidth.
Bandwidth in the Ultima Chain blockchain is a resource required for all transactions on the network.
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.
How Is APR Calculated?
APR (Annual Percentage Rate) is calculated as follows:
First, the total daily reward of a single voter (TotalDailyVoterReward) is determined. This value consists of two components:
- DailyVoterBlockReward — the daily reward for participating in block validation.
- DailyVoterVoteReward — the daily reward for participating in voting.
The calculation formula is:
- TotalDailyVoterReward = DailyVoterBlockReward + DailyVoterVoteReward
Next, the total annual reward of a single voter (TotalVoterYearReward) is calculated. Since there are 365 days in a year, the daily reward is multiplied by 365:
- TotalVoterYearReward = TotalDailyVoterReward × 365
To determine the APR, the total annual reward of a single voter is divided by the number of votes (assuming one account has one vote, meaning one staked ULTIMA coin) and then multiplied by 100% to express the result as a percentage:
- APR = (TotalVoterYearReward ÷ 1) × 100%
Thus, APR indicates the percentage of staked coins a user can earn over a year by regularly participating in voting and block validation.
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.