Loom PlasmaChain Staking is Officially Live — How to Stake Your LOOM and Help Secure PlasmaChain
We’re happy to announce that PlasmaChain staking for delegators is officially live. That means any LOOM token holder can now become a delegator and support validators in securing PlasmaChain.
What is PlasmaChain?
PlasmaChain is a high-performance DPoS sidechain that acts as a bridge between multiple chains and Ethereum. It supports EVM smart contracts, offers sub-second confirmation times and high-throughput, and Plasma Cash for securing on-chain assets.
How Do I Become a Delegator?
To get started, just head on over to the PlasmaChain Dashboard and complete the following steps:
- Create an account
- Generate a private key
- Log in to your MetaMask wallet
- Deposit LOOM tokens onto PlasmaChain
- Choose validators to stake with
That’s it! You are now a PlasmaChain delegator.
Note: You retain full ownership of your tokens while staking, and validators cannot move your tokens under any circumstances. Your tokens remain secure in a smart contract that allows you to specify who you want to stake.
What’s in it for Me?
Just like how Bitcoin and Ethereum have block rewards and don’t rely solely on transaction fees, PlasmaChain will also have a pool of guaranteed block rewards that are released over time to the network validators. Up to 20% of Loom Network’s remaining token pool will be paid out to validators each year.
Validators can choose to share a portion of their rewards back to their delegators each reward cycle — but this is entirely up to the validator.
The percentage each validator shares will be published on the PlasmaChain Dashboard to ensure full transparency, so that users can make informed decisions prior to staking.
For additional info on validator rewards, see this post on validator and staking economics.
PlasmaChain validators need to run and maintain the server hardware that processes all the transactions on PlasmaChain. They ensure the health, performance, and security of the network — a huge responsibility.
And through a careful application process, we’ve chosen the best of the best to do just that. Here is the current list:
Mythos is a crypto investment company, investing directly in cryptoassets as well as running infrastructure services to operate the underlying crypto networks themselves.
Bitfish is quickly emerging as one of the leading staking projects in the space. They are creating a platform that will let anyone stake their crypto, contribute to network security, and share in the value being created.
Chorus One is building core infrastructure for blockchain protocols, supporting open access and permissionless innovation. They operate validating nodes and staking services for Proof-of-Stake blockchain networks.
ShipChain is using the blockchain to disrupt the transport and logistics industry and become the underlying platform for every logistics transaction — maritime, air, truck, and rail.
Block Matrix is developing quality applications and infrastructure that interact with blockchain technologies, while delivering the right mix of performance, scale, stability and security.
And we’re still in the process of onboarding more validators each month in order to further decentralize the network.
For further reading on validators, staking, lock-up periods, and other details, check out the PlasmaChain Delegators FAQ section.
We’re very excited to be opening PlasmaChain up to the world, and happy you are a part of this venture. We’re always moving forward to greater things!
Loom Network is a platform for building highly scalable DPoS sidechains to Ethereum, with a focus on large-scale games and social apps.
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