Gitshock Chain and Neware Chain Dual PoS Validators’ Offering
Join Gitshock Finance 1st Initial Validators Offering!
What are Gitshock Chain and Neware Chain?
Gitshock Chain and Neware Chain is Gitshock Finance’s Dual Chains Mainnets built wih Ethereum Virtual Machine and Cosmos SDK. According to the roadmap Gitshock Finance will launch Gitshock Chain Mainnet first, then Neware Chain after it. Both are connected one another. Gitshock Chain is crafted from modified ETH 2.0 Beacon Chain, while Neware Chain is crafted with Cosmos SDK.
Validators are tech and security contributors who have a significant role in a Proof of Stake blockchain. Validators in Gitshock Finance must be qualified from its technical and fundamental base requirement. The Qualification will be conducted by Gitshock Labs as the Steward of Gitshock Networks.
How the PoS Consensus on Gitshock Will Work?
The Proof of Stake consensus on Gitshock Chain and Neware Chain is a program aimed at securing the networks in decentralized way by validating each transaction on blocks generated from Gitshock Chain and Neware Chain.
Validators are able to choose the chain they will validate, whether in Gitshock Chain in Neware Chain. The initial maximum number of validators on Gitshock Finance protocol is 100 limited validators.
Validators will be allowed to take some portions of GTFX tokens from seed offering rate ($0.019) and use that portions for self-staking on their validator businesses.
Validators Self-Stake Offerings
As we already closed the seeds offering by end of 2022. We will consider a public coin offering on certain exchange. Before doing this, we are offering GTFX investment for validators for their own self stake on their validation. Because we saw Validators have big roles in Proof of Stake consensus on many chains by providing new nodes and other supports as their contribution of the network they are validating. Thus we’re offering this special package for them, which they can take. Validator can take this allocation or not to take it. The Evaluations of selected validators will be using several criterias.
What are the requirements validators need to fulfil?
As a democratic protocol that will hear the voice of every contributors/ holders, there are some fundamental requirements, benefits and duties that each validator need to do.
A. Fundamental Requirements
*Eligible contributions are activities that are described in the Evaluation Categories below. Solely running a validator node does not count as an eligible contribution. Additionally, you can not submit an activity for consideration, if the Gitshock Labs is already funding that particular activity.
ELIGIBLE CONTRIBUTION LIST
All eligible validator applicants will be divided into four cohorts, based on existing delegations. Council members will independently rank validators in each cohort using three categories:
- Engineering contributions, such as wallet, explorer, and dapps contributions, Gitshock EVM contributors.
- Social goods contributions, such as, community toolings, cosmos IBC relayers, Gitshock EVM adopters.
- Community contributions, such as providing tutorial for our native dapps, tutorial for delegation, community AMA.
The independent rankings of all five council members will be averaged out. Finally, the top validators from each cohort will be chosen for Gitshock’s GTFX Dual PoS validator set, which will be submitted for a governance vote. Gitshock Lab Council has 5 representatives to judge the eligibility of validators by submitting points. Once all five council members have made their evaluation, their rankings will be averaged out. The average rankings will be used to determine the validator set.
Validating Season
Each Validating Season will run for roughly 6 months (24 weeks)— during this period, Validators won’t be able to change their delegations, except for exceptional circumstances. For each season, validators should apply approximately 8 weeks before the start of the Validating Cycle. This delegation program is intended to use the Gitshock Labs’ GTFXs to support, empower and reward the numerous and valuable contributions from Gitshock Finance Validators.
Due to the different mainnet launching date of Gitshock Chain and Neware Chain, we’ve decided to make a timeline for both that will involve waiting time in Gitshock Chain for Neware Chain.
The process of welcoming new validators and evaluating existing validators for the Gitshock Labs program will involve several stages: the application period, the evaluation period, the deployment period, and the start of the validating season. During the application period, interested validators must fill out a validator application form and provide supporting evidence. The evaluation period involves the Gitshock Labs team and the Delegations team reviewing the validator applications and making a final decision based on objective and subjective criteria.
The deployment period involves the distribution of rewards to validators and the Gitshock Treasury, and validators will have the opportunity to unstake their tokens during this time. Finally, the start of the validating season will involve undelegating all currently staked Gitshock Labs GTFX tokens and beginning a new cycle. If validators do not make a decision about their tokens during the given time, there will be an automatic staking/compounding of their tokens.
Each Validation Cycle/Season will take 6 months to be passed and registration for new validators can be started since 2 months before the 1st day of new validating season/cycle.
How to apply to become upcoming validators candidates?
If you’re a validator company and want to apply to become one of our validators, whether on upcoming Gitshock EVM or on Neware Chain, you can read the further documents for our validators Terms and Conditions here. Then apply through this link.
See the complete form here
About Gitshock Finance
Gitshock Finance is a blockchain project developed to assist people in building new smart contracts, tokens and private blockchains w/o codes. Gitshock finance builds on Cosmos and several top EVM Chains (Binance Smart Chain, Ethereum, Polygon, Solana, Avalance, Aurora, Metis and Fantom).
