SHIFTZONE BLOCKCHAIN WHITEPAPER
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    • STAKING FACILITIES
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  1. SERVICES

STAKING FACILITIES

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Last updated 1 year ago

ShfitZone will have staking facilities to allow users ways to earn additional rewards from their held Zonium coins. Staking in blockchain refers to the process of holding and locking up a certain amount of cryptocurrency in order to participate in the validation and governance of a blockchain network. This is typically done by running a validating node, which helps to secure the network by participating in the consensus process. In return for staking their cryptocurrency, validators are often rewarded with a portion of the block rewards and transaction fees generated by the network. The specific mechanisms and requirements are still being finalized and will be announced once it's ready.

Staking is a way for individuals and organizations to support the security and operation of a blockchain network by holding and "staking" their own cryptocurrency as collateral. By staking their coins, these participants (called "stakers") are able to validate transactions and earn rewards for their participation in maintaining the network. Staking is used as a consensus mechanism as well for our blockchain.

Shiftzone Staking has the following features:

  1. Collateral requirement: Stakers are required to hold a certain amount of cryptocurrency as collateral in order to participate in the staking process.

  2. Rewards: Stakers are typically rewarded for their participation in maintaining the network, usually in the form of additional cryptocurrency. The amount of reward received is often proportional to the amount of collateral staked.

  3. Validating transactions: Stakers are responsible for validating transactions on the network, which helps to ensure the integrity and security of the blockchain.

  4. Potential for higher returns: Staking can offer higher returns than traditional investment methods, as stakers earn rewards for participating in maintaining the network.

  5. Lower energy consumption: Staking consumes less energy than proof-of-work mechanism, as it doesn't require computational power.

  6. Better decentralization: Staking allows for a more decentralized network, as it allows more individuals and organizations to participate in maintaining the network.

  7. Implementing a reward structure that incentivize stakers: Implementing a reward structure that incentivizes stakers to participate in the program and to hold the stake for a longer period, can help increase the security and stability of the network.

  8. Having a Staking pool: Having a staking pool allows smaller participants to pool their stake together, and participate in the staking program, regardless of the minimum staking requirement.

  9. Implementing a governance mechanism: Implementing a governance mechanism allows stakers to vote on the direction and direction of the network, making them feel invested in the network and more likely to participate in the staking program.

  10. Implementing a referral program: Implementing a referral program allows existing stakers to earn rewards for referring new stakers to the program, which can help to increase participation.

  11. Offering flexible staking options: Offering flexible staking options, such as the ability to stake for a specific period of time or the ability to delegate staking to a third party, makes the program more accessible to a wider range of participants.

  12. Setting a lock-up period: Setting a lock-up period ensures that stakers are committed to the network for a certain period of time, which helps to ensure the security and stability of the network.

It's worth noting that the rewards and percentages I mentioned are subject to change, as it depends on the network's conditions, such as token supply, token inflation, and demand of the token. Also, most of the rewards are paid in the same token that is staked.

ShiftZone's staking program offers an annual reward of around 8-10% for stakers. The rewards are distributed based on the amount of ZNM staked and the length of time staked.

It's important to note that these rewards and percentages are subject to change depending on the network conditions and the token inflation rate. Additionally, the rewards for staking can also vary depending on the network's governance model, and the amount of stakers participating in the network.