Ready, Set, Earn! Unlock the benefits of Staking.
Delegates and members support, build, and earn! This is a brief overview of two major roles you can play to earn better crypto rewards with Upthinity.
There are countless blockchain projects that are built around proof of work protocols that require miners to purchase expensive amounts of computing equipment, just to mine their projects token to operate the blockchain network.
In fact, some major founders of blockchain projects have realized this upfront equipment hurdle for miner engagement and have stated that they would need to look into changing their protocol so that it would be easier for users to participate in mining activities.
Unlike many others projects, Upthinity’s robust crypto apps hub is a platform people will actually use.
For Upthinity, we sought to eradicate this hurdle and demand for special computing power by making it easier for the average individual to participate to earn rewards from the network validation activity. Knowing how the Upthinity Delegated Proof of Stake protocol works can benefit you as an Upthinity member or Delegate for earning better crypto rewards.
With many blockchain projects hitting dead ends with traction and engagement, Upthinity is rallying behind the advantages of bringing the crypto community together with valuable tools and resources and a protocol that keeps users interested and earning.
So exactly what is Delegated Proof of Stake?
Delegate proof of stake uses select everyday individuals who run Upthinity nodes a chance to vote on the validity of transactions running through the network as a group. When the group of nodes achieve consensus, transactions are approved on the network within seconds. This type of digital democracy helps secure the network and participation. The best part is Upthinity shares a percentage of the network fees earned that are passed down from the Delegate to members.
Delegated Proof of Stake was developed by Daniel Larimer — American software developer, cryptocurrency entrepreneur and a founder of BitShares, Steemit and EOS. Daniel invented DPoS as an alternative to energy-inefficient consensus of Proof-of-Work blockchains and Proof-of-Stake consensus, that was poorly protected from malicious intentions of stakeholders.
Understanding the Key Advantages of DPoS
Delegate Proof of Stake is nothing new so why keep talking about it? For a few good reasons:
At first glance, Delegated Proof of Stake has some noticeable advantages. To get the best results for users and to ensure wholesome engagement of the Upthinity platform, Upthinity made the call to upgrade it’s protocol from general Proof of Stake where everyone would have to run a node to participate to a less complicated Delegated Proof of Stake where a few selected people up to 121 voted in by the global community would run nodes to secure the network.
Here Is The Key Advantages
- Scalability and speed: It provides faster processing of transactions than PoW and PoS. This is probably the most meaningful advantage: DPoS makes sense for many applications that require a high level of scalability.
- Better distribution of rewards: Theoretically, people will elect only those delegates who give them the most rewards, so everyone, including a casual user, benefits. (This democratization is another aspect supporters cite when noting that DPoS is more decentralized than either PoS or PoW.)
- Real-time voting security: Voters can immediately detect malicious actions, and the malicious delegate can be voted out of the system.
- Energy efficiency: DPoS consumes significantly less energy than PoW.
- Less hardware: Participants don’t need costly, specialized equipment. A regular computer is powerful enough.
- An incentive to “behave”: Block producers — delegates — can be voted out at any time, so the potential for loss of income and reputation provides a hedge against bad behavior.
- Flexibility: Because DPoS unlinks the election of block producers from the block production itself, it allows for a more creative and flexible approach to solving problems with either, in isolation, a recent Coinmonks piece explains. It provides a foundation for implementing “interesting governance models in blockchain applications.” As stated by VeryPossible.
Two Core Roles to Benefit From
There are two ways you can participate in staking with Upthinity and they are as a Delegate or a Staking Member. Let’s briefly take a look below at each role’s key points to find out which role is the best one for you.
Delegate: (Chosen to Run the Upthinity Node)
· Voted in by the Upthinity community
· Proposes on community profile ways they will support the Upthinity project and Development (Content Creation, Video’s etc…)
· Sets the Community Reward Sharing % they share with their voters (Between 1%-100%)
· Responsible for keeping node online for validations
· Receives Monthly Distribution
Staking Member: (General Upthinity Member)
· Cast their vote for Delegates that promote Upthinity monthly (1 vote per stake instance)
· Stakes Tokens to earn rewards the Delegate shares
· Receives Monthly Reward Distribution
Signup to Join the Delegates List by Pre-Registering
Upthinity will shortly announce the release of it’s TestNet (web client or download) and will then allow the community to vote for the top 121 Delegates they feel would add value to the Upthinity project and community.
As a Delegate candidate, if you secure the communities vote then you will be begin validating live when the official MainNet is launched, earning actual rewards. If you have interest in becoming a Delegate and running a node please Pre-Register through the link below.
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