I've been getting lots of questions about how staking works for $EWT holders on @energywebx. In a sentence: our staking model is analogous to Parachain staking on $DOT / $KSM but instead of Parachains you stake against “Service Providers”. Thread (1/9) 👇
The most unique thing about @energywebx staking = entire model is tied to real world business activity. Staking on other blockchains is inflationary, lock up tokens, more are released from chain as incentive for you to hold. No connection to real world business value (2/9)
On @energywebx, actors called "Service Providers" sell IT services to enterprises in the Energy Web ecosystem (primarily energy companies). Those services are subscribed to by enterprises and payment is via $EWT and soon $EWT-backed stablecoins (3/9)
Service Providers are curated and vetted to be trusted. That's where #Patrons come in. Any $EWT holder can become a Patron and stake against a Service Provider of their choosing based on the Provider’s quality of service history and earn rewards (4/9)
Staking crypto to companies & communities bidding for Parachain auctions on $DOT or $KSM is a great analogy. But instead of Parachain slots, $EWT holders stake against specific Service Providers (5/9)
Service Providers sell services, Patrons earn rewards based on how successful those Service Providers are (6/9)
Initially, the Energy Web community fund will subsidize the whole model to get it off the ground with a specific reward APR until a critical mass of enterprise adoption takes hold. This is very similar to how on-chain treasuries function in other crypto ecosystems (7/9)
To get started, all an $EWT holder will need to do is go to staking.energyweb.org, connect your wallet, and stake your $EWT. Right now this is the testnet version, in December it will go live on main-net EWC (8/9)
More details soon on APR, Service Providers, and decentralized service level agreements! (9/9)
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