ThunderCore Launches Staking Pool Service
We are pleased to announce that the ThunderCore Staking Pool Service is live and open for those who desire to participate.
Follow the tutorial to enroll.
ThunderCore’s blockchain is secured through the use of a Proof-of-Stake consensus mechanism. Through this mechanism the appropriate incentives are balanced to reward good behavior and punish bad behavior. As we move to a more decentralized model, the ThunderCore Staking Pool Service is designed to reward our community members for helping us secure our chain.
We place a high value on ensuring that our chain is secure and, as a result, we are willing to provide substantial rewards for those members of our community who are willing to help us perform this task especially in these early days of bootstrapping the network.
As we have previously discussed here, there is a robust and straightforward rewards structure that would allow any token holder to receive rewards for helping secure the network.
As an example, say a token holder were to send 10,000 TT to the Staking Pool Service and choose the lock-up period of three months. At the end of those three months, the 10,000 tokens would be unlocked and an additional 250 tokens would be provided by the governing smart contract as a reward for staking. The token holder would then have the option to stake his tokens again for an additional lock-up period.
The individual token holder is able to select the lock-up period that they are most comfortable with — anywhere between one-day and one-year — and their rewards will operate on a sliding scale matching their commitment to securing the network. For example, if the token holder wanted to maximize their rewards, they could select a lock-up period of one-year. In this scenario, a 10,000 TT lock-up would yield 13,000 TT at the end of the year.
Stake now by following this tutorial
The Staking Pool Service is fundamentally a program to help bootstrap our Proof-of-Stake network and, as a result, it is a service that will not be permanently available. Given the current market conditions, ThunderCore is pre-populating the Staking Service smart contract with 100 million tokens to be used for rewards. In either 6 months or when the tokens in the smart contract have all been assigned as rewards, ThunderCore will evaluate the market conditions again to determine whether or not we will be keeping enrollment in the Service open. It should be noted that none of the rewards are the result of new tokens being minted. All ThunderTokens are pre-mined.
During the next several months, more methods to participate in staking on the ThunderCore blockchain will be coming on-line, including options run by 3rd parties Services. Proof-of-Stake technology, and blockchain in general, is still a relatively nascent space and, as such, there are still some areas of the world where participation and involvement in this program is not permitted. We have compiled a list of such countries in a footnote below*.
For those token holders who are interested and permitted to participate, we have prepared a tutorial to walk them through the process of depositing to the Staking Pool here.
*FOOTNOTE: Unfortunately, people who live in the following countries are currently prohibited from participating in the Staking Pool: Zimbabwe, Yemen, Venezuela, United States of America, Syria, South Sudan, Sudan, Somalia, Serbia, Moldova, Macedonia, Libya, Liberia, Lebanon, Kosovo, Iraq, Iran, Herzegovina, Cuba, Croatia, the Crimea region of Ukraine, Cote D’Ivoire, Democratic People’s Republic of Korea, Democratic Republic of Congo, Central African Republic, Berma, Bosnia, Belarus, Albania.