Bitkub Chain Announces Node Partner of PoS Consensus, Preparing for Expanding Ecosystem Growth in the Future
Bitkub Blockchain Technology Co., Ltd., the company that operates and develops the Bitkub Chain network in Thailand, has recently revealed its latest updates. They have introduced Proof of Stake (PoS) consensus node partners, marking a significant stride towards establishing a comprehensive ecosystem for the network. This strategic move aims to broaden the scope of participation in the Bitkub Chain, enabling users to actively engage in its network. With this development, Bitkub Chain positions itself as a promising technological infrastructure, to realize the future’s ambitious goals.
During the session, there has been a sharing of perspectives and visions regarding the development of Bitkub Chain from its initial steps to the future. Led by Mr. Jirayut Srupsrisopa, the founder and group CEO of Bitkub Capital Group Holdings Co., Ltd., it was revealed that Bitkub has been developing blockchain for over 2 years to establish it as a fundamental infrastructure for the digital economy, which will play an important role in driving the future growth of the country’s GDP.
Bitkub Blockchain Technology Co., Ltd., under the leadership of CEO Passakorn Pannok, has recently introduced a significant transformation of Bitkub Chain. This transformation involves transitioning to a Proof of Stake (PoS) consensus mechanism and launching the Node Partner, which plays an important role in stabilizing the blockchain. This transition marks a substantial milestone for the Bitkub Chain, and it aims to empower the public to participate in transaction validation through staking the KUB coin. By staking KUB coins, users are entitled to become Validators or Delegators. This approach enhances the network’s growth potential and fortifies its security measures, ultimately creating an open and accessible blockchain network for users across various industries.
Proof of Stake (PoS) consensus mechanism on Bitkub Chain involves Validator that is responsible for verifying transactions on the blockchain. This method benefits to Bitkub Chain that enhance the efficiency and growth of the network while ensuring transaction security and decentralization. Additionally, Delegators of Bitkub Chain’s Proof of Stake (PoS) consensus mechanism are groups of individuals who stake their KUB coin with Validator to contribute to block validation. They earn rewards based on their stake without the need for technical knowledge or infrastructure. Delegators benefit from the Validator’s expertise while enjoying rewards through staking.
Pool Type of Validator
Official Pool
- Initial KUB Required for Official Validator: 1 KUB
- Minimum KUB Staking for Delegator: 1 KUB
- Infrastructure Provider: On-premises
- Reward Percentage: Subject to amount of KUB Staking and pursuant to Deduction of Staking Fee
- Staking Fee: ~5%
- Node Owner: Official Validator
Unofficial Pool
- Initial KUB Required for Validator: 100,000 KUB
- Minimum KUB Staking for Delegator: 100 KUB
- Infrastructure Provider: On-Cloud or On-premises
- Reward Percentage: Subject to amount of KUB Staking and pursuant to Deduction of Staking Fee
- Staking Fee: Set out by the Unofficial Validator
- Node Owner: Unofficial Validator
Solo Pool
- Initial KUB Required: 10 KUB with No Delegator
- Infrastructure Provider: On-Cloud or On-premises
- Staking Fee: No Staking Fee since Delegator is not allowed to participate in Staking
- Node Owner: Solo Validator
During this event, a panel discussion was conducted where Bitkub Chain executives and Node Partners gathered to share their perspectives and visions regarding the development of the Bitkub Chain network and forthcoming projects. The lineup of companies and business partners that participate as transaction validators (Node Partner) on the Bitkub Chain PoS consensus mechanism includes TPX Co., Ltd., ABX Co., Ltd., Proen Corp. Pub Co., Ltd., 2C2P (Thailand) Co., Ltd., Siam Rajathanee Pub Co., Ltd., Inspec Co., Ltd., Getlinks (Thailand) Co., Ltd., Smart Contract (Thailand) Co., Ltd., and SIX Network (Thailand) Co., Ltd.
“Our goal in the first year of Bitkub Chain was to propel the Thai industry to new heights through the adoption of blockchain technology. We anticipate that this transition of consensus mechanism will help improve Bitkub Chain’s efficiency. Furthermore, we believe Bitkub Chain is on the verge of becoming a more efficient blockchain network, with its decentralization, security, and transparency. Additionally, it will be capable of widespread adoption across a variety of sectors, including the industrial and corporate sectors, as well as end users.” said Mr. Passakorn Pannok, CEO of Bitkub Blockchain Technology Co., Ltd.
The transition to the Proof of Stake (PoS) consensus on the Bitkub Chain will commence with the first block, scheduled for August 17, 2023. For more information and specific details, please visit Bitkub Chain Facebook Page
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