IOST Project Unveils New Staking System To Leverage Blockchain Technology!
According to a blog post on March 25, IOST, a leading DLT (distributed ledger technology) project that claims to be concentrated on unleashing the potential of blockchain by its ultra-fast, decentralized network, has declared the launch of its novel staking mechanism.
IOST Reveals New Staking Model
Following a prosperous launch of the IOST Node Program v2.0., which is part of a broader plan to draw more members to its ecosystem, the IOST team has mounted a new staking mechanism to satisfy the needs of its users better.
As said in its blog post, unlike its early staking system, the new staking model makes it feasible for IOST on-chain voters to “unstake” their tokens in just three days, instead of the typical seven days, thereby providing voters more extensibility while also enabling them to gain more significant rewards.
Each IOST token staked by a member of the IOST ecosystem allows them to one vote. In principle, the more IOST tokens a user stakes, the more votes the user will be capable of casting on the platform.
Additionally, the team states the “freeze period” for all IOST voting channels has been drastically cut to just three days. Nevertheless, other voting channels, including the OKEx pool, Huobi pool, OB pool, Liebi pool, and others, will declare their particular freeze periods soon.
How to Vote in the IOST Ecosystem
IOST states since it launched its mainnet in 2019, more than 400 associate nodes from about 20 countries across the world have joined its ecosystem. And these ally nodes hold media platforms, crypto exchanges, top tech teams, etc.
Entities or individuals interested in becoming an IOST node can apply, and once they get about 2.1 million votes on the platform, they will become an “officially elected partner node.”
Nonetheless, to become an IOST block producer or Servi node, an enthusiastic entity must get up to 10 million votes on the platform.
The team maintains all IOST nodes with over 2.1 million votes will share 840 million IOST every year.
IOST said, “As a decentralized network, IOST is owned by you –you determine its users– and the decisions made on its operation, how it develops and its future. By voting with your tokens, you are deciding who represents you to govern the IOST network and who contributes to the future development of the ecosystem.”
IOST holders can vote for themselves or other members of the IOST ecosystem with only one account. Though, voters must remain for three days to recover their pledged tokens before utilizing them to cast fresh votes.
IOST holders can cast their votes through various third-party channels, including TokenPocket mobile wallet, the IOSTABC browser, and IOST voter dApp.