Chapter 7: Introduction to Blockchain Wallet Function 4: Participation in Ecological Construction

Chapter 7: Introduction to Blockchain Wallet Function 4: Participation in Ecological Construction

Some of the current public chains are designed to motivate users in the ecology to actively participate in the construction of the public chain ecology. The main forms are node voting, referendum, staking, etc.

Node Voting

Take EOS as an example, there are 21 super nodes in EOS, and users can vote for up to 30 nodes by pledging their EOS. The purpose of voting is to let users elect nodes that can contribute to the ecological development and promote the stable development of the ecology.

Referendum

Referendum refers to the blockchain ecology, participants can initiate proposals that they think are beneficial to the community, and the entire blockchain holders will vote on them, and the proposals will automatically take effect when the number of votes exceeds a certain standard. The referendum method is conducive to the active participation of community users in blockchain governance.

Staking

Staking is the Chinese name for equity pledge. Currently, some public chains adopt the form of staking to encourage coin holders to pledge tokens and generate stable nodes in this way. For example, COSMOS pledge allows the pledger to receive a certain annualized return (settled in pledged coins), similar to when you invest in a bank with a current account.