Dusk Network Guest Blog: Staking

Dusk Network Guest Blog: Staking

Dusk Network Guest Blog: Staking

Let me start off by sharing some basic information on what a consensus protocol is and what staking actually entails:

Consensus; Achieving agreement on the state of a decentralized network

The essence of Blockchain is its function as a decentralized digital database, meaning no one entity has the ability to edit the information stored within it. Information is stored as blocks on a chain and the information is verified by all participants to ensure no tampering of information can occur. This phase is where the concept of Consensus Algorithms (CAs) becomes vital.

Information on the blocks in the blockchain need to constantly be verified by all participants to prevent the possibility of information tampering. The mechanisms that power the verification process are called Consensus Algorithms.

At Dusk Network we use the Segregated Byzantine Agreement (SBA). It delivers instant settlement finality. This means there is no wait time for block confirmations and thus a great fit for the digitization of securities. The SBA is also in-forkable, as a network fork often causes confusion and damages the network’s trust and reliability.

Due to its unique characteristics, the in-house created Segregated Byzantine Agreement is the perfect Consensus Algorithm for Dusk Network’s mission statement.

If you’d like to know more about Block Generators, please read our introductory article on Dusk Network’s Consensus Algorithm.

Dusk Network Staking
Staking is the process of actively participating in transaction validation in a blockchain protocol. By holding funds in a cryptocurrency wallet you are supporting the security and operations of a blockchain network. 

‘Staking’ means you are fulfilling a vital role within Dusk Network by acting as a ‘Block Generator’. Staking as a ‘Block Generator’ prevents collusion within the network by competing to produce a candidate block through a novel mechanism called Proof-of-Blind Bid. This PoBB powers Dusk Network and is an energy conscious consensus algorithm that generates unprecedented network security.

While this may sound complicated, acting as a Generator is actually a very simple process that has participants sharing in a sizable DUSK token reward pool. All it takes is ‘locking-in’ your DUSK tokens.

So, don’t wait any longer and become a block generator and earn $Dusk while bolstering our network. The website to register for parties that are interested to stake DUSK is released today: https://staking.dusk.network/

Rewards table

Here’s what participants stand to gain in Annual Percentage Rate, based on the amount of Generators staking:

Dusk Network rewards table for pre-staking

*Note: there is no limited to the amount of Block Generators that can participate.

We’ve collected a list of pre-emptive questions people might have regarding the act, the reward, and the requirements of Block Generator staking on a dedicated FAQ page.

More information

Read all about it in our latest blogpost on Block Generator Staking that we posted on our news page.

Other posts regarding this news can be found on: Twitter, our Telegram Announcement Channel and our dedicated page on Blockfolio.

Author: Jeske Eenink, Dusk Network

Read the original article on here

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