BluzelleNet Staking Program: All you need to know
The second half of the year has been off to a good start for Bluzelle, as the project has consistently recorded huge progress in recent weeks. Prior to the launch of the March to Mainnet campaign, Bluzelle was able to secure huge partnership deals with two of the most prominent projects in the blockchain industry; Matic & Elrond.
As the day passes, the world is beginning to witness how the huge plans set in motion by Pavel Bains and his team several months ago, are gradually falling into place. Evidently, in a matter of weeks, Bluzelle would become one of the most sought-after technology in the blockchain sphere. As the blockchain community anticipates the launch of live staking on the network, the Bluzelle team in collaboration with Cosmos, is currently working round-the-clock to ensure that this feature is launched as soon as possible.
Bluzelle Staking Program
The Bluzelle staking program is set to kick off soon and obviously, a large number of the community members would be looking to take advantage of this opportunity to earn BNT. However, it is important for everyone who intends to take part in the staking process to fully understand the BluzelleNet staking economics, and also get familiar with some practices which would not only help to preserve the integrity of the network, but also provide you with the opportunity to earn maximum rewards through this program.
Bluzelle Staking Economics
The staking program is one unique way through which Bluzelle intends to reward loyal customers on the network. This program has a properly structured reward system which has been designed to reward participants up to 25% per year, depending on the time such participant enters into the program, and the amount of token staked.
To ensure the complete success of this program, Bluzelle has allocated 10% of its total token supply (50M) to the BLZ reward pool, which is expected to stretch over a four year timeframe. The reward pool has been set to grow as the overall staking pool grows, which means that as the number of participant on the network increases, the rewards received by each participants is also expected to increase significantly.
Staking with Bluzelle: Do’s and Don’ts
In order to maintain a healthy and sustainable network, every validator is expected to adhere to the rules set by the team, and also refrain from inappropriate practices that could be detrimental to the integrity of the Bluzelle network.
Below, are some Do’s and Don’ts that should serve as a guide to every validator on the Bluzelle network:
- Do vote on and propose blocks, participate in consensus, and commit transactions.
- Do vote on at least 25% (125) of the blocks in any 500 block window.
- Do unbound your token if you intend to withdraw and leave the network completely or re-delegate to a different validator. (This process is subject to a 21-day waiting period).
- Don’t double sign a block ( i.e sign two different blocks at the same height), as it could cause you to lose the right to propose blocks.
- Don’t turn off your validator, as it could lead to you getting slashed and jailed for downtime.
- Don’t forge fake transactions on the network.
Fortunately, I have been able to create a detailed infographic which provides a full description on the standard practices that is expected of every validator on the network.
It is important to note that some of the values represented on these guidelines above, are based on the testnet and could be subjected to changes after the launch of the mainnet.
For more information and resources, visit: Bluzelle Official Blog