👶 ZVC Genesis Staking Reward Program | Dummy Guide to Staking ZVC 👶
“ Genesis Staking Reward Program” was announced to reward user with 2.8x increase leverage in staking power. Genesis Staking Program is to achieve a more secure and decentralised ZVC network, with lower staking requirements, risk and higher block reward for participation. This current phase of borrowing will end on October 10, 2019. (GMT+8). Currently, we have HooPower, MXC and more communities taking part in the “Genesis Staking Program”. Scroll below to view commonly asked questions too.
How can I participate in the Genesis Staking Program?
- Generate ZVChain address, via ZV Wallet from https://www.zvchain.io/Download.html or from ZVC miner program.
Alternatively, visit here to download the miner program to generate your wallet address.
2. Next, visit https://antblock.one/activity/?#/applyFormining on your computer browser, you will be required to install a Dapp Browser (Like MetaMask or imToken to get started). Register an account on MetaMask or imToken to connect to the genesis staking program.
3. Indicate the number of staking rights to borrow and your ZVChain address to receive it.
If error message shown as “user has no balance”, means insufficient ZVC in your MetaMask/imToken. For example, to borrow 500 staking rights, you will have to exchange 180 ZVC as borrowing fees.
4. To exchange ZVC as borrowing fees, you will need to withdraw them from MXC Exchange, IDEX, Hoopower and more exchanges to be announced. Deposit to your address in MetaMask/imToken. For now, only MetaMask / imToken are able to accept deposit of ZVC (ERC-20) from exchanges. This is the official ERC-20 token address.
5. Upon successful borrowing of staking rights, ZVC will be deducted as the borrowing fee. Note that 1 ZVC will be deducted as smart contract activation fee, ensure that you have slightly more than the required ZVC as borrowing fee.
What is Staking right? Is it different from ZVC that are currently trading on exchanges like MXC Exchange, IDEX & Hoopower ?
Staking right represent as ZVC in the staking program, for 9 months. Staking rights cannot be transferred to another wallet. Along with staking right, user will also receive TZVC. For example, a borrowing fee of 180 ZVC will be rewarded with 180 TZVC.
After 9 months, if the market performance of ZVC is below 0.21 USDT, ZVC team will buyback the following at 1 TZVC + 1 ZVC = 0.21 USDT (exercise price). Maximum amount of buyback will be determined by number of TZVC that the user have. Simply, TZVC is like a buyback exercise right. If the market performance of ZVC is above 0.21 USDT, there will no need for buyback exercise. TZVC will also be tradable on exchanges.
When will i receive the Staking right to my registered ZVChain address?
Staking right will be distributed to the registered ZVChain address, on the launch of ZVC Mainnet, for staking purposes. The process is facilitated by the smart contract and will be ready for staking at launch.
Okay.. I brought some ZVC to borrow Staking right from the genesis staking program, what’s next?
1 Staking right represent as 1 ZVC in the staking program. To make use of the staking right, you have to download and run the staking program (also known as miner program).
1. Visit here to download the lastest miner program “gzv**0.9.21.zip”
2. Follow the steps here , to start staking with your ZVChain address.
Can I still participate in this program if I don’t want to setup the PoS miner program ?
The answer is Yes, you can! We have MXC and Hoo Exchange staking on behalf of their users and distributing the block reward to them daily.
I have previously participated in the test network staking program, where can i redeem my reward of staking rights?
The test reward campaign will issue the allocated staking rights reward-to your address, for test network reward campaign participants.
Our main-net is scheduled to launch in End of September 2019. Our technical development can be followed here.
