Open-source public trust blockchain network, GXChain has announced the launch of its staking voting which it said is an integral part of its on-chain governance.
According to the announcement last week, the public letter chain wallet would conduct the voting operations for the blockchain network. Further, users would need to recharge GXC into their public chain wallets before voting.
Through voting, GXChainers will your own returns. Advance this memorable step!!https://t.co/ZMhhnbqf3g
— GXChain (@GXChainGlobal) March 27, 2020
GXChain said, “It also will be an excellent opportunity for normal investors and users, for the considerable token return and participating in GXChain’s on-chain governance.”
“Trust nodes will get more rewards. Through voting, participants will also get higher returns. Offer 500,000 GXC a year,” it added.
The statement further noted that in the staking mode, users’ connections to the blockchain network would become stronger. Moreover, even the fiat currency users would get the opportunity to increase their income through staking.
New staking model
Staking is undisputedly a new aspect in the blockchain. And the GXChain infrastructure intends to address key concerns in data ownership, security, and integrity. The blockchain network pointed out the benefits of this process. It felt staking could invariably contribute to its security, stability, and also assist in ecological governance.
GXChain has thus aimed to design its staking model to be more in line with its ecology. According to its, the model would enable higher returns and lower thresholds. Overall, this could be a considerable investment method for the long-term with good and safe returns.
Under the staking mechanism, the GXChain Foundation would also provide an additional part each year. For now, the first stage was tentatively set at 500,000 pieces. Future adjustments were, however, possible if the community wished so.
Point to note, GXC has its use as voting rewards distributed between public trust nodes and alternative nodes. Besides, the nodes determine the ratio between the voters and the distribution.
The amount of dividends that a voter is eligible to receive depends on the proportion of his weighted votes to the total weighted votes. So, the voter stands to earn higher dividends with a greater number of weighted votes.
Notably, GXChain had earlier mentioned that their network would build a trusted internet of value, which is a challenge today with the blurred privacy lines.