ZVChain Genesis Staking Program —New PoS Staking Highlights

Hi all ZVChain community supporters,

We will be introducing the feature of “Genesis Staking Program” at 11th September 2019 (GMT+8), on official antblock.one. Following will be program highlights, user scenario and the instructions to take part in it.

Overview

ZVChain Genesis Staking Program will introduce a new Proof of Stake Mechanism to incentivise staking participation to achieve a higher decentralised node network. To lower the requirement for staking participation in terms of risk and costs for staking node operators.

ZVChain’s Genesis Staking Program Highlights

1. In order to prevent the centralisation power of nodes, early guardian nodes have been subjected to a “6+5” distribution schedule. The allocated ZVC will be locked under staking pools. A portion of the lock amount will be represented as “Staking Rights”. Up to 250 million staking rights can be borrowed by new node operators for a period of 9 months, at the launch of Mainnet.
2. 1 Staking rights represent 1 ZVC in the staking program, to generate block reward in ZVC. Staking rights cannot be transferred away from the initial borrower address.
3. The borrowing period of staking rights will be 9 months. The total borrowing fee will be 36% based on requested staking rights (9 months x 4% monthly borrowing interest). That is borrowing 500 staking right at a borrowing fee of 185 ZVC.
4. The lending ratio will therefore be 2.78 staking Rights : 1 ZVC (500 : 185). The borrowing process will be conducted as of first-come-first serve basis.
5. In addition, borrowers will receive TZVC as option rights, corresponding to their borrowing fee of 1 ZVC : 1 TZVC. For a borrowing fee of 185 ZVC, he will receive 185 TZVC as option rights with an expiration period of 9 months.
6. TZVC as option rights can exercise the corresponding amount of ZVC at 0.21 USDT. Depending on the market performance, the user can choose to exercise the price of 1 ZVC + 1 TZVC = 0.21 USDT to AntBlock Foundation for a buyback (TZVC+ZVC) scheme.

User Scenario

A participant borrow 2.5 million staking rights for a period of 9 months. The total borrowing fee will be 0.9 million ZVC ( as 36% borrowing fee) to be made at the start. Based on 2.5 million staking rights, an estimated monthly block reward will be 7%-10%. Over the period of 9 month, block reward will be a total of 1.575 million to 2.25 million ZVC. From the block reward perspective, this is a rate of 175% to 250% increase from the borrowing fee of 0.9 million ZVC. In addition, he will receive 0.9 million TZVC as option rights corresponding to the borrowing fee of 1 ZVC : 1 TZVC. After the period of 9 months, if the market price of ZVC is lower than the exercise price of 0.21 usdt. Antblock Foundation will buy back the corresponding TZVC to make up the difference between the market price of ZVC and exercise price. That is 1 ZVC + 1 TZVC = 0.21 usdt (exercise price). TZVC will have an independent secondary market prices as TZVC can be transferred between wallets. Within the borrowing period of 9 months, the user can buy or sell TZVC in secondary market at any time.

If the user would like to exercise for all his block reward, ZVC at 0.21 USDT, estimated to be a total of 0.975 million to 2.25 million ZVC. He can purchase an additional 0.075 million to 1.35 million of TZVC in the secondary market. If the market performance of ZVC is higher than the exercise price, TZVC will be treated as an additional reward issued.

How can I participate in the Genesis Staking Program

The activity registration will start from 11th September onwards (GMT+8). Up to 250 million staking rights will be available for borrowing based on 90 million ZVC subscription amount, issued on a first-come, first-served basis. Progress bar will display the remaining available staking rights. The actual Genesis Staking Program will start on the launch of main-net and expire at the end of 9 months.

Application to apply for staking rights will be open here as of 11th September 2019 (GMT+8).

Instructions to participate will be as follows:

Step 1 : Before the launch of Mainnet, transfer ZVC (ERC-20) from exchange to your MetaMask or imToken. Withdrawal and deposit on exchanges will be made available.

Step 2 : On here, a form will be available to fill in your ZVChain mining address. ZVChain mining address can be generated from the miner program or ZV Wallet, that is available for download at https://www.zvchain.io/

Step 3 : A conversion feature will be available to convert ZVC to staking rights to send to your ZVChain mining address. For ZVC (ERC-20), you can confirm the transaction using your private keys signature on MetaMask or imToken.

Step 4 : At the launch of mainnet, you can check the balance of staking rights at the ZVChain explorer page : https://explorer.zvchain.io/#/

In summary,

Genesis Staking Node Operators have to :

1. Apply to borrow staking rights on the official and only website : https://www.antblock.one/

2. Register the correct ZVChain mining address generated in miner program or ZV Wallet.

3. Require to have ZVC as one-time borrowing fee for staking rights

4. Confirm the payment swap

5. Note that ZVChain address has to be valid and starts with “zv…..” If the address is invalid, ZVC will not be recovered and staking rights will be shared to the invalid address that you have provided.