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WAX Solving Voter Apathy Problem Plaguing DPoS-Based Blockchains by Incentivizing Voting

Vlad Poptamas

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Photo source: BlockchainGamer.biz
Reading Time: 3 minutes

 

Worldwide Asset eXchange (WAX), the world’s first protocol blockchain purpose-built for e-commerce, today announced its WAX Block Rewards and Genesis Block Member programs. These programs reward WAX Token holders daily with additional tokens by incentivizing them to:

  • Vote on block producers (called WAX Guilds) and blockchain improvement proposals. These rewards are called Staking Baseline Rewards.
  • Remain long-term participants of the WAX ecosystem. These rewards are called Genesis Block Member rewards.

For blockchains that use Delegated Proof of Stake (DPoS) as its consensus mechanism like WAX, voting is crucial for healthy development. Token holders are incentivized by self-interest to vote in the protocol’s best interest. For example, if token holders were to vote in favor of a proposal that positively affects the protocol it would enhance usability and overall usage. Self-interest will drive the best decisions. The WAX team understood the dire need to incentivize voting after seeing how detrimental voter apathy has been to other DPoS blockchains.

By voting regularly, WAX Token holders contribute to the selection of quality guilds and proposals – supporting the overall health of the WAX Blockchain. WAX is ushering in a new era of blockchain communities that are active and engaged in a chain’s development because they are incentivized with rewards in the form of more tokens, called Staking Baseline Rewards.

Additionally, WAX is incentivizing WAX Token holders to become long-term-oriented community members who take part in the WAX blockchain’s healthy development by offering Genesis Block Member rewards which provide a way to double their token holdings over three years.

Earning more WAX Tokens through rewards:

When the WAX Blockchain mainnet and protocol token are released on June 30, 2019, WAX Token holders will have three ways to earn more WAX Tokens:

Staking Baseline Rewards: WAX Token holders can earn additional WAX Tokens every day with Staking Baseline Rewards, simply by voting for WAX Guild candidates. A set number of WAX Tokens will be allocated each day for Staking Baseline Rewards. The number of tokens that each individual WAX Token holder receives daily depends on their stake weight, relative to other stakers. For example, if a voter’s stake weight amounts to 0.5% of the aggregate stake weight on any given day, the holder will receive 0.5% of the daily Staking Baseline Rewards amount. More information on Staking Baseline Rewards can be found here.

Genesis Block Member (GBM) rewards: Participants of the GBM program will receive daily token rewards for three years, up to double their starting amount. For eligibility, members must participate in the WAX Token Swap that begins on June 30, 2019, where they will receive Genesis WAX Protocol Tokens. Genesis WAX Protocol Tokens will continue to produce GBM rewards every day as long as they remain staked and by leaving them uninterruptedly staked for three years, holders can double their token amount. More information on the GBM program can be found here.

WAX Guild Rewards: The WAX Blockchain is designed with 21 WAX Guilds who earn rewards for producing blocks. These WAX Guild Rewards are granted based on the number of blocks produced by each WAX Guild. 36 standby guilds can also earn a share of WAX Guild Rewards.

“The WAX protocol uses a delegated proof of stake mechanism to validate transactions rapidly and cheaply,” said William Quigley, CEO of WAX. “DPoS is well-suited for high volume industries like e-commerce and virtual item trading, where fast processing time is expected. But DPoS does have a drawback. It depends on a continuous process of voting. Voter apathy is the kryptonite of DPoS. So we’ve designed WAX with multiple incentives to boost voter participation.”

Even more ways to earn WAX Tokens are coming in the future including additional types of WAX Block Rewards, becoming a dApp developer, becoming a Transfer Agent, and the WAX Marketplace program.

WAX Token holders can convert their ERC-20 WAX Tokens to Genesis WAX Protocol Tokens from June 30, 2019 to August 30, 2019. More information about the token swap can be found here.

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Blockchain

Bithumb to Participate in the EOS Election to “Contribute to the Development of the Ecosystem”

Vlad Poptamas

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The cryptocurrency exchange Bithumb is to participate in the EOS election. Bithumb intends to take a lead in developing the blockchain ecosystem by supporting outstanding platforms such as EOS.
Reading Time: 2 minutes

 

The cryptocurrency exchange Bithumb is to participate in the EOS election. Bithumb intends to take the lead in developing the blockchain ecosystem by supporting outstanding platforms such as EOS.

On June 25, Bithumb plans to participate in the Block Producer (BP) election using the EOS it owns. The top BP team of EOS contains 21 people and is in charge of operative directions and block production. This team is elected by votes of EOS holders.

BP, as the representative of EOS, makes various pledges. Bithumb plans to support the BP who is able to contribute to the development of the EOS ecosystem by carefully considering their pledges. Particularly, it is examining the delegation of votes using proxies based in Korea in order to increase the influence of Korean BPs.

Korea has approximately 10% share of total published EOS and Bithumb, with the greatest volume of EOS, and is expected to have a significant influence on the ecosystem if it participates in the election. Currently, Bithumb plans to participate in the election using the EOS it owns, and is examining the way in which it will be able to offer such opportunity to Bithumb members that want to participate in the election.

Bithumb recently has also been expanding its business into the blockchain domain, aside from exchanges. Since the end of last year, it has continued to cooperate with US fintech firms to establish security token exchange platforms and has recently been taking a lead in developing the blockchain industry with various firms such as Codebox, Xangle, China’s SNC, etc.

A Bithumb representative stated, “EOS has a lot of DApps due to its exceptional expandability and has high potentials to develop into a practical platform,” and added, “Bithumb will take the lead in developing the blockchain industry both locally and abroad, and in creating a healthy ecosystem by supporting outstanding platforms such as EOS.”

SOURCE Bithumb

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Blockchain

Waves Breaks into dApps Market, Launching Smart Contracts Functionality

Vlad Poptamas

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Waves Platform, a decentralised blockchain ecosystem for building Web 3.0 solutions, is releasing its purpose-designed programming language RIDE on mainnet – enabling global developers to create fully-fledged decentralised applications on the Waves blockchain.

Innovative solution

Waves claims that its solution has advantages over existing alternatives, including the most popular platforms: Ethereum, EOS and TRON. These advantages include the developer-friendly RIDE programming language, which helps users avoid mistakes in the coding process: lazy evaluation, formal verification, no gas requirements, flat fees for transactions and better scalability properties.

Alexander Ivanov, Waves founder and CEO, believes that the RIDE rFelease will attract a large number of developers to the platform, both from competing blockchains and from outside the blockchain space.

“DApps are considered to be the future of the decentralised world and a platform that stays ahead in this battle will rise at the top,” he comments. “We aspire to be at the top because we build original solutions that have never been released before, and take into account the problems of implementations that are already available in the market.”

“For blockchain developers, this means a cheaper and more convenient coding process than ever before, while those from outside the blockchain segment will see the entry threshold substantially lowered and new opportunities arrive,”he adds.

According to Waves, in recent weeks around 500 active users have tested RIDE and dApps on the network’s testnet, generating 40,000 to 50,000 transactions daily. Currently, the average daily load is around 90,000 transactions. Shortly after mainnet release, Waves expects a 30% to 50% increase in network load and a further increase in the longer term, as well as an increase in miners’ revenues.

Impact on the segment

Currently, the dApps segment is valued at $3.2 billion, with the total number of users on the top four platforms close to 800,000 – a 25% increase for the first quarter of 2019. Analysts predict a boom in the dApps segment over the next two to three years.

DApps have the potential to democratise not only storage, trading and betting, but also elections, legislation and other public services and events.

Those dApps will be written and launched on existing platforms, whose number runs into a few dozens. However, even the largest and best-known platforms are not yet fully in line with developers’ requirements.

The launch of Waves’ smart contracts is set to step up competition between platforms and foster the segment’s expansion.

Waves Platform was founded in 2016 with a team of 10 developers after raising $16 million in investment. The company has 180 employees in MoscowAmsterdam and Zug currently. There are 664,074 active users (+30% year-on-year for 2019/2018) that provide 100,861 transactions on average daily (according to blocktivity.info). The total amount of transactions processed by mainnet is over 65 million.

Waves is the technological basis of the Vostok project, which attracted $120 million in investment in December 2018 to develop a private blockchain for the corporate and public sectors.

 

SOURCE Waves Platform

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Blockchain

Meter: Changing the Way the World Uses Money

Vlad Poptamas

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Meter, Decentralized Finance Stable Coin and Crypto Wallet
Reading Time: 2 minutes

 

Meter enables decentralized finance through its stable cryptocurrency, wallet and platform, is launching a truly decentralized, censorship-resistant, high-speed consensus design. By dividing power for blockchain currency creators and record keepers, Meter has created a revolutionary “proof-of-value” blockchain validation system. This advancement fulfills the original decentralized vision started by Bitcoin, while adding needed stability and security. Meter’s testnet is active, and their cryptocurrency wallet is easy to use, allowing for quick on-boarding with no crypto knowledge needed.

Meter was co-founded by Xiaohan ZhuYoung Yu, and Jun Xu. They all believed in the original vision of a decentralized, blockchain-focused system of currency; all envisioned a revolution in the stablecoin ecosystems that consistently fall prey to attacks. As part of the DeFi movement, Meter’s platform offers a badly needed application interface for the crypto world.

Meter has created a unique hybrid consenus model, called “proof-of-value”. All consensus protocols create an irrefutable system of agreement between various devices across a distributed, decentralized network. Meter has taken inspiration from previous proof-of-work and proof-of-stake systems to create a powerful hybrid that functions better than the originals.

“The pure proof-of-stake, it cannot exist because it’s too fragile, so we developed hybrid proof-of-stake,” said Young Yu, a former Cisco tech leader and Brocade principal engineer. “Pretty much my whole life, i’ve been working on routing protocols… the problem [with other decentralized projects] is the scalability, and wider availability. This is what we’re here to solve.”

“The approach we take in Meter is very different from the existing cryptocurrency projects, which are typically either by developers, academics, or cryptographers,” said Xiaohan Zhu, a Wharton Finance MBA, co-founder and CEO of Decentralized Finance Labs. “For Meter, we’re making a basic infrastructure, and we want to build on top of it, because this is just the base layer of unit of account settlement. There are a lot of financial system related things we can build on top.”

Meter has created the start of a financial ecosystem where we need not answer to central authorities to be approved for loans, manage our money, establish savings accounts or provide merchant services. Instead, a network of our peers will act to enforce and verify a decentralized, safe, efficient network of financial agreements that allow anyone with an internet connection to bank with confidence.

 

SOURCE Meter

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