TE-FOOD Set to Launch Iridium Nodes, A Virtual Licensing Node
TE-FOOD has announced that interested participants can start submitting their applications to operate Iridium nodes on its network. In its first round of onboarding, the blockchain company will be accepting only 300 nodes, selected based on the number of TFD tokens in an applicant’s wallet.
An Iridium node is a virtual node that can resell or rent out TFD tokens. It is a “repository of TFD licenses, each of them available for rent.” Moving forward, customers will need to hold or rent a minimum of 20 TFD tokens for every operation sent to the FoodChain. Iridium nodes are responsible for renting out these tokens if a customer does not have TFD.
TFD is a tokenized software license. Users need to hold TFD tokens to be able to access the TE-FOOD ecosystem and perform the desired activities.
Operating an Iridium node requires at least 20,000 TFD which must be stored in a publicly available, non-exchange and ERC20 compatible wallet. An automatic script initiates and executes the process of renting out TFD (as a software license) to customers. Node operators get a part of the transaction cost as payment for renting out their license. Rewards are calculated in USD, settled in CAL (TE-FOOD’s stable coin), and settled in ETH, quarterly.
Operations are distributed based on a round-robin scheduling mechanism for each day. This will ensure that no one Iridium node gets all the rental fees for transactions.
TE-FOOD has been careful to state that this is new terrain for them and they will keep monitoring the conditions, fees and distributions (and iterate if necessary) to ensure a solid structure.