Zilliqa: This is Major
Hello, my fellow Zilliquans, there has been major progress that is currently occurring at the moment within the Zilliqa ecosystem. On twitter, the Zilliqa team has made a massive reveal regarding the state of their proof of stake transition and implementation, the day may arrive much sooner than expected possibly within the coming days to a couple of weeks. This will allow non-custodial staking rewards for its users, basically meaning a 3rd party does not have to hold or lock up your tokens in order for you to receive rewards.
Overview:
The Zilliqa network currently utilizes the proof of work mechanism for its blockchain, however, there was much talk over the past several months to switch over to the newer, more accessible, and energy-efficient proof of stake mechanism. The switch would allow the Zilliqa network to implement staking nodes to run the system while those who stake would receive a reward (cryptocurrency) as an incentive. The Zilliqa team has said that users would get two rewards; the first being ZIL tokens which is to be expected, the second is Zilliqa's own, and new governance token called "GZIL". GZIL can be used for voting and allow stakers to have an influence over the governance, updates, and future functionality of the Zilliqa blockchain. For instance, if you have GZIL you may vote to have certain liquidity added to the DeFi pool, or vote to increase/decrease staking rewards for users. GZIL does not have a current monetary value, but once it is released with the first staking rewards users will determine its value as it can be traded on exchanges, thus a user can swap/sell their GZIL tokens for ZIL or another cryptocurrency.
The Announcement:
A couple of days agoZilliqa announced that the status of implementing proof of stake has been updated.
- Implementation - DONE
- Code review and Audit - DONE
- Contract Test: DONE
- End to End Testing: DONE
Furthermore, the current staking rewards are set to be an astonishing 49% APY and will utilize the ZilPay browser extension wallet. You can test the current Beta Staking Portal called "Zillion" and by leaving a review can earn anywhere from $5-$200 in Zilliqa. My Zilliquans this is massive news and should not be underestimated. Tired of Reading, learn more directly from the source.
- Check out Zilliqa's Twitter page: here
- Check out and test/review Zillion Staking: here
- Checkout Zilliqa Website: here
- Download ZilPay for chrome: here
Thank you for taking the time and commitment to read and remember: "KEEPING STACKING THOSE SATS!" and "See you at the top".
