Phala Network
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Phala Network

Meet The-first-of-its-kind KSM StakeDrop by Phala

Phala Network, a confidential smart contract blockchain aiming to be the confidential layer of Polkadot ecosystem, will launch KSM StakeDrop as its wave I airdrop event on May 15! Also, in the near future, Phala will be a parachain of Kusama Network.

What is KSM?

KSM is the native token of Kusama Network — an early, unaudited, and unrefined release of Polkadot. It can be used for validating, nominating, or voting, etc. on Kusama Network though, one can only claim KSM if they already have a DOT allocation.

Kusama will serve as a proving ground, allowing teams and developers to build and deploy a parachain or try out Polkadot’s governance, staking, nomination, and validation functionality in a real environment. — kusama.network

What is StakeDrop?

It’s a BRAND-NEW type of airdrop invented by Phala team in which all you need to do is stake KSM for whitelisted validators while claiming points related to the amount and the period you stake. 27,000,000 PHA 🎁 will be shared and delivered to each qualified participant according to his or her point ratio.

Highlights:

  • KSM & PHA AT THE SAME TIME: receive KSM returns while participating in the StakeDrop.
  • EASIER THAN EVER: few efforts required but to stake KSM for whitelisted validators for more than 30 days.

How to Participate?

  1. Claim KSM or hold KSM;
  2. Learn about our whitelisted validators.
  3. Follow the guidebook. Stake at least 10 KSM for at least 30 days.

On how the reward is computed in different situations, please refer to the KSM StakeDrop Plan.

Video Instruction

Participating in the Phala Stake Drop with Kusama

via Crypto Hustler 101

What Is A Whitelisted Node?

A node that is verified and invited to the whitelisted by Phala team. Before starting, please be aware that only by staking for a whitelisted node can you obtain PHA rewards. To better support Phala, you may nominate Phala’s validators listed on the page.

Can I Change My Validators In The Middle?

Yes. The reason why Stakedrop is better is that a participant can change the nominated validators as he or she wishes. He or she can change the validators or stop nominating at any time. The effective stake amount will be automatically calculated by the monitor script.

To be fairer, Polkadot hopes the votes of all validators to be as equal as possible in the NPoS mechanism. Learn more at Polkadot Wiki.

About Phala

An early Substrate-based confidential smart contract blockchain on which you can develop confidential-preserving and privacy-first blockchain apps. Member of Parity Builders Program starting lineup. Recipient of Web3 Foundation Grant.

🌐Official Website | Twitter | Github | Telegram | Forum

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Phala Network

Phala Network

Infrastructure of Web3.0 privacy protection