Proof of Steak: Raven Staking Program
Raven launches an experimental staking program on Binance Chain using the “freeze” feature 🥩🥩🥩
The Hot Pot trading contest was a success and we saw it bring volumes in the 70,000 to 90,000 BNB range. That’s $2–3M daily volume during the competition period. If you were one of the Top 5 Daily Winners, please reach out on Twitter, Telegram, or email. We owe you a nice hotpot meal!
So many of you in the community were excited about earning RAVEN in our first ever trading contest. It was an experiment and it proved that the community is eager to see what Raven has to bring in the future.
All of you have been asking for ways to get more engaged with the team. We want to make sure that people are rewarded for being on the journey with us as we solve this deep technical problem. Trading contests are great for short periods. But how do we reward people who are with us for the long-haul?
🥩🥩 Steak! We’re excited to announce that we will experiment with the Proof of Steak of Program. We’ll test this out for an initial period of 3 months.🥩🥩
This is a pre-mainnet staking program. As we’ve always been clear, we are an early stage project that has a longer roadmap. See the “roadmap” section in the Crypto Calibur review of Raven. They made a fair assessment on the difficulty of our roadmap :)
We want to make sure the community is strong every step of the way. The Proof of Steak Program will allow you to show your commitment to the Raven community and be rewarded for it. Have sneak peak at all the love and creativity from the Raven community so far!
How the RAVEN token works
Raven is creating a network of compute nodes that utilize idle compute power for the purposes of AI training where speed is the key. A native token is the key to bootstrapping a nascent network.
We want to incentivize and reward people all over the world to contribute their compute power to our network. Additionally, we will reward token holders for running masternodes which will be responsible for orchestrating the training of various deep neural networks.
Our consensus mechanism is something we call Proof-of-Calculation. Proof-of-Calculation will be the primary guideline for the regulation and distribution of incentives to the compute nodes in the network. Following are the two prime deciders for the incentive distribution:
Speed: Depending upon how fast a node can perform gradient calculations (in a neural network) and return it back to the Gradient Collector.
Redundancy: The 3 fastest redundant calculation will only qualify for receiving the incentive. This will make sure that the gradients that are getting returned are genuine and of the highest quality.
How Staking Works 🥩🥩🥩
Use the Binance Chain “freeze” command to stake your tokens. Leave them frozen for the specified period of time and you will be awarded RAVEN directly in your wallet. Frozen tokens don’t leave your wallet. This means you will have full custody of your RAVEN tokens.
One of the easiest ways to interact with Binance Chain and freeze RAVEN is using the Command Line Interface. Here’s the command for freezing 2,500,000,000 RAVEN-F66 tokens. The amount is boosted by 1e8 for decimal part (add 8 extra zeroes to the amount of tokens you wanna freeze).
> ./bnbcli token freeze --amount 250000000000000000 --symbol RAVEN-F66 --from alice --chain-id Binance-Chain-Tigris --node https://dataseed5.defibit.io:443 --trust-node
A successful execution of that command will freeze the tokens and will appear in your wallet as so:
Staking Awards 🥩🥩🥩
Freeze your tokens by July 20th, 2019 at 0:00AM UTC to be eligible for the staking awards of up to 40,000,000 RAVEN.
Then apply here with your Proof of Steak (frozen RAVEN tokens).
1 month staking: 2.5% award on staked RAVEN (e.g. 1,000,000 RAVEN staked will award you 25,000 RAVEN)
2 month staking: 5% award on staked RAVEN (e.g. 1,000,000 RAVEN staked will award you 50,000 RAVEN)
3 month staking: 10% award on staked RAVEN (e.g. 1,000,000 RAVEN staked will award you 100,000 RAVEN)
SURPRISE BONUS: 🥩🥩🥩
If we are selected for the BEP2 Community Listing on Binance.com, we will double the amount of awards for each staking period to 5%, 10%, and 20% respectively. We will take our loudest supporters to a nice steak dinner too!
There is a cap on amount of tokens that can be frozen in the Proof of Steak Program of 200,000,000 RAVEN. This means we will award up to 40,000,000 RAVEN for the community to show their support.
RAVEN tokens that are accumulated between now and the time you stake will be given priority in the staking program first. You must prove it with screenshots or links of your transactions.
Existing RAVEN holders you will be eligible for awards too, but please let us welcome people who are accumulating more as this drives towards our goal in the BEP2 Community Listing.
The Proof of Steak Program terms & conditions:
- Raven Protocol reserves the right to cancel or amend the Proof of Steak Program or the Proof of Steak Program Rules at our sole discretion.
- Awards will be automatically be airdropped to eligible addresses at the end of the staking period after all results have been tallied.
- Freeze your tokens by July 20th, 2019 at 0:00AM UTC to be eligible for the staking awards.
- You must apply here with your Proof of Steak (frozen RAVEN tokens) to be eligible for the staking awards.