ZUG, SWITZERLAND / ACCESSWIRE / November 15, 2019 / Velas AG is pleased to announce the launch of its masternode staking program. Masternodes will stake native VLX coins to build a trusted network of validators that will act as block producers for the Velas blockchain. The launch is a significant milestone in the development of Velas, the world's first Artificial Intuition-enabled, delegated proof-of-stake smart contract platform.
Within the Velas environment, transactions are verified by staking VLX coins. Holders of VLX can stake their coins as a masternode themselves, or as part of a masternode election. Overall, staking VLX builds the Velas node network, and brings consensus to the current state of the blockchain.
Unlike Bitcoin and Ethereum, which now require specialist hardware to mine, there are no hardware barriers to becoming a masternode on the Velas network. The only requirement is to be holding a minimum of one million VLX coins, plus a small amount extra for the staking fees, currently set at 0.1 VLX.
Staking is a simple process that can be easily done using one of the Velas wallets. Launched earlier this year, the wallets are available within a web browser, or as a desktop application compatible with Windows, MacOS, or Linux operating systems.
Once the node is up and running, it takes around four hours for the staking rewards to start allocating. Ultimately, rewards will be assigned based on the determination of the Velas artificial intuition algorithm. However, while the company is still developing the platform, staking rewards will be fixed to around 8% of the stake VLX, representing an opportunity for earning passive income.
VLX holders that don't meet the minimum threshold of one million VLX tokens to become a masternode operator still have the opportunity to participate in staking. Velas is providing the opportunity for users to pool staking resources via a partnership with CoinPayments.
To participate in pool staking, holders of VLX need to create an account at CoinPayments. From there, they can deposit their VLX in a staking pool for the opportunity of earning a share of the staking rewards.
Holders of VLX participating in the election process are also eligible to receive staking rewards. Nodes that are successfully elected will distribute 80% of their block rewards to the VLX holders who voted for them.
Speaking of the masternodes staking launch, Velas CEO Alex Alexandrov stated:
"The master nodes staking program launch is an important step in our alpha launch that brings us closer to beta in 2020, and the achievement of our vision overall. We've worked hard to create a staking process in which anyone can participate. Ultimately, Velas will solve the cost and scalability problems faced by users of existing blockchains, enabling revolutionary levels of productivity and security."
About Velas
Founded by CoinPayments CEO Alex Alexandrov, Velas has developed a platform that delivers instant, interoperable transactions, and uninterrupted block formation. Velas stands for Virtual Expanding Learning Autonomous System and is a delegated proof-of-stake blockchain enabled by artificial intuition. Unparalleled durability and increased tolerance mean that the Velas blockchain is unique within the field of distributed ledger technology, opening up a new era in e-commerce and the global economy.
SOURCE: Velas