Bluzelle (BLZ) decentralized data network is launching the initial Phase 1 of its mainnet. Users of BLZ tokens can participate in the delegation and validation processes to earn staking rewards.
After a successful incentivized testnet, the Bluzelle multi-purpose decentralized data network launches Phase 1 of its mainnet operations. The staking process will be accompanied by migration to the newest version of the Tendermint engine.
In a press release shared with CryptoComes, Bluzelle CEO Pavel Bains stressed the role of community-driven efforts in the progress of the platform:
Given the tremendous support from our community and validator network, we wanted them to begin earning rewards sooner than later. Phase 1 is the soft mainnet so we can make that happen.
It has been disclosed by the Bluzelle team that, during the incentivized stress test facilitated by a $30,000 distribution between developers and community members, a critical bug in Tendermint was disclosed. The Bluzelle team patched this bug and provided the Tendemint team with logs of the incident.
Once Phase 1 of the mainnet goes live on August 8, 2020, validators and delegators may stake their BLZ tokens to receive periodic staking rewards. To participate in the delegation and validation processes, crypto holders should create a BluzelleNet account through the Bluzelle staking environment.
The rewards for participation in network operations will be distributed every 24 hours to the addresses of the stakers. It is expected that annual rewards for stakers will be up to 25%. Users who join the staking process during Phase 1 may enjoy greater rewards.
Live environment for all sorts of dApps
The full mainnet of the Bluzelle decentralized platform will be activated with Phase 2 on September 8, 2020. Once the full mainnet is live, Bluzelle will be able to onboard different types of decentralized applications (dApps).
All dApps that will be onboarded by Bluzelle will enjoy the fully decentralized data storage that mitigates all risks of reliance on a centralized entity. Thus, data processing inside the dApps will be executed without a single point of failure.
As covered by CryptoComes previously, Bluzelle inked a partnership with HedgeTrade social trading platform. HedgeTrade will use Bluzelle instruments to verify and store on-chain data.