Dear community users,
According to The Community Committee Passed the Proposal on the Algorithm Upgrade of OTC Pending Order Mining, FCoin will upgrade the OTC pending order mining algorithm from 0:00 (GMT+8) on July 3, 2019 as follows:
Effect of this upgrade:
1. Calculate FT mining returns based on the pending time and amount of the best price order (top-1-buy & top-1-sell). The longer the pending order, the higher the amount, and the more mining output he can obtain.
2. An OTC Quality Supervision Group will be established for awarding or reclaiming the title of “Star-rated Merchants”. Merchants who have won the title of “Star-rated Merchants” will enjoy higher mining output than ordinary merchants.
The specific algorithm:
Daily FT mining return for each OTC merchant (from different trading pairs) = Total daily return from OTC mining * Valid OTC pending order amount of a merchant on the day / Total OTC pending order amount of all merchants on the same day
In which, the algorithm for a valid OTC pending order amount of a merchant on a day is:
Under the condition that the merchant's latest 30-day OTC order completion rate is greater than 98%, the maximum value in the pending order limit range is not less than twice of the minimum value, and the maximum value is not less than 10,000 CNY (equivalent value)，
Every 10 minutes is a cycle. Take a random time during a cycle and find the top-1-buy / top-1-sell pending order, if an order survives completely for 10 minutes within this cycle, the valid OTC pending order amount should be calculated, which is:
The later one between order creating time and each term starting time + cycle duration (10 minutes) <= Order end time
Orders that satisfy the above formula is considered as a valid pending order amount, specifically,
One valid pending order amount = (the smaller one between the maximum limit and the current remaining amount）* the service quality coefficient
Among them, the service quality coefficient of the ordinary merchants is 1, while the service quality coefficient of star-rated merchants is 3.
July 2, 2019