Safestake Incentivized Galileo Testnet Launches (Stage 1)
On this week’s launch of our SafeStake Incentivized Testnet, we will provide an overview of the SafeStake Network and how the different users who will make life in this ecosystem can harness the power of its infrastructure for ETH 2.0 Staking.
SafeStake, is a trust minimized middle-layer that fosters the decentralization of ETH2.0 staking with a low barrier to entry so that different network users can obtain competitive advantages and rewards without maintaining a complex infrastructure to execute the ETH 2.0 Staking.
The SafeStake goal is to contribute to the decentralization of Ethereum 2.0 by providing an ETH staking approach and incentivizing the expansion of the validator base while strengthening the security of the new PoS network.
There is widespread enthusiasm for ETH holders to take part in Eth2 staking and contribute to further strengthening the security of the Ethereum 2.0 network. Before ‘The Merge’ is planned for September 19th, 2022, the last successful test will be executed, marking the end of proof-of-work for Ethereum and the complete transition to proof-of-stake.
SafeStake expects that after the ETH 2.0 merge, the staking industry will exponentially grow, with around 80 Million ETH staked.
Key Features SafeStake
As a next-generation ETH staking pioneer, SafeStake offers a superior experience for participants, node operators, and the broader ETH ecosystem.
SafeStake has the philosophy of providing the staking industry with state-of-the-art technology and meeting the Ethereum community’s demand for a better staking 2.0 experience through a permissionless and non-custodial infrastructure that provides robust security to the stakeholders.
Some of the most outstanding aspects of SafeStake are:
- The first DVT (distributed validator technology) infrastructure written in Rust.
- The first DVT infrastructure implemented HotStuff consensus amongst the operator network that helps mitigate the risk for slashing and penalties.
- Empowering the professional staking service providers, particularly node operators, to rely on the SafeStake middle-layer to participate in Ethereum 2.0 staking
Incentivized Testnet Rewards
The upcoming SafeStake incentivized Galileo testnet will have two stages and run on Ethereum Ropsten testnet. The first stage is to run the testnet with 32 ETH default validator threshold setting of Beacon chain. The registration flow of a validator is the same as a typical validator who holds 32 ETH to register on Beacon chain directly. After stage 1 is stabilized, the second stage is to run the testnet with a lower validator threshold — 8 ETH.
ParaState DAO will allocate a total of 5,000,000 State tokens for the Galileo testnet stage 1. This stage targets to run for two to three months. All rewards will be distributed when stage 1 ends.
1,250,000 State tokens for verified operators;
1,250,000 State tokens for all operators;
2,500,000 State tokens for all validators.
The verified operator is a party who has been screened by ParaState DAO before the testnet launches and joined the operator telegram group; all operators should run the SafeStake node (see the guidelines on our Github) and achieve a weekly attestation rate above 90% with 99,95% uptime guarantee.
A validator is a party who holds 32 Ropsten testnet ETH, staked on the Beacon chain testnet and selects 4 different operator nodes on SafeStake, and delegates the professional validation tasks to these operators.
Now, it’s time to explore your brand new experience on our Galileo testnet!
ParaState takes Ethereum chain support to the next level through WasmEdge. Develop and execute high-speed smart contracts with built-in Ethereum compatibility (EVM and EWASM) and interoperability in next-level programming languages like Rust, C ++, and Golang.
ParaState is participating in ETH2.0 PoS Staking with a new tech stack called SafeStake, a trust-minimized, middle-layer fostering the decentralization of ETH2.0 staking. SafeStake is a non-custodial infrastructure for distributed validator technology written in Rust, implementing HotStuff consensus and Threshold signing architecture to provide more robust security for ETH 2.0 PoS.
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