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RE: Getting Smart with Consensus Mechanisms: Proof of Work Mining
The process for converting the ERC-20 tokens to the native VIT will be provided once you're able to do so, which will be after the platform launches on June 28th.
As for the testnet, it is for internal testing, so you won't be able to start an account on it as of yet. Very soon though! :)
Thanks for getting back to me. Also I'm wondering if the witness and seed nodes are just going to be operated internally from the start? I'm interesting in becoming a witness on the VIT blockchain when it launches.
Also I'm wondering if VIT is going to have the same inflation rate that STEEM currently has? Around 8% or so and reducing by 1% each year?
We're actually on-boarding witnesses now to secure the network. There's a discord channel for that if you'd like to contribute!
The inflation rate for VIT will start at 10%, and decrease by 1% each year, until it reaches 1%, and then will remain constant. Very similar STEEM, it just starts out a bit higher.
Ok, thank you!