Zilliqa’s Staked Seed Nodes: A Game Changer for Network Accessibility and Rewards

The Zilliqa network, known for its secure and high-throughput blockchain platform, is taking a significant step forward with the introduction of Staked Seed Nodes (SSNs). These SSNs are set to reshape how users engage with the Zilliqa blockchain.

At their core, SSNs are a specialized type of seed node within the Zilliqa network. They serve crucial roles, including handling API requests, forwarding transactions to lookup nodes, and maintaining a decentralized record of all network transactions.

What sets SSNs apart is their ability to provide direct access to the Zilliqa network through a public and open API. This simplifies interaction with the blockchain, eliminating the need for users and developers to run their own seed nodes.

Intriguingly, SSNs come with an incentive system. To become eligible for block rewards, SSN operators must stake a minimum of 10 million ZIL in the required smart contract. This ensures a commitment to supporting and servicing the network. A Verifier continuously monitors compliance with staking requirements and service quality. Operators meeting these criteria receive a share of the total block rewards. Operators can withdraw their stake, but this results in being deregistered from the SSN list and a loss of reward eligibility.

However, SSNs aren’t just for operators; they offer opportunities to ZIL holders as well. ZIL holders can delegate their tokens to a preferred SSN, allowing them to share in the rewards generated by the SSN. The more tokens delegated, the larger the portion of rewards received.

Getting started with staking is user-friendly, with platforms like Zillion providing a seamless experience. By connecting their Zilliqa wallet, users can select their preferred SSN, specify their stake amount, and begin earning rewards. It’s worth noting that SSN operators may charge a small commission fee for this delegation service. Users can also switch SSNs or withdraw their stake, but a minimum lock-up period incentivizes long-term participation.

While SSNs currently do not actively participate in the Zilliqa network’s consensus mechanism, there are exciting changes on the horizon. The network’s roadmap includes a shift to a Proof-of-Stake (PoS) consensus system, in which SSNs will play a pivotal role in enhancing network security.

A recent proposal suggests integrating SSNs into a hybrid consensus model alongside existing Proof-of-Work (PoW) mining nodes. Initially voluntary, this integration is set to become mandatory as the hybrid consensus mechanism gains strength and widespread adoption.

These developments are part of the Zilliqa 2.0 vision, promising a more sustainable future for the network. This vision includes reduced CO2 emissions, enhanced security, zero inflation for ZIL, and lower operational costs for network nodes. The introduction of SSNs marks a significant step forward in achieving these goals, making the Zilliqa network more accessible and rewarding for all stakeholders.

Subscribe

Related articles

Runes Tokens: The New Frontier on Bitcoin

Bitcoin's new Runes fungible token standard debuted alongside the...

Alpaca Fi: The New Digital Shepherd for ICP Assets

The world of Internet Computer Protocol (ICP) tokens has...

Bitcoin’s Bold Future: Unveiling the Numbers Behind the Hype

Michael R. Sullivan, an  author who is writing a...

Crypto Takes on Apple Pay: Can Digital Wallets Go Mainstream?

Cryptocurrency has long promised a revolution in how we...

Shiba Inu Makes Waves with $12M Boost for Privacy Innovation

Innovation drives value, and the developers behind the Shiba...
Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

LEAVE A REPLY

Please enter your comment!
Please enter your name here