The Basic Idea of Validators vs. Miners

The Basic Idea of Validators vs. Miners

pos-vs-pow

Table of Contents

The verifiers of blockchain transactions are generally scoped down to two main groups of the consensus algorithm. This “verifiers” position are commonly known as validator and miner, they have the same legitimacy to help blockchains validate information, synchronize data, and process transactions. Though, both have similar task to accomplish but it’s the procedure that make the difference.

Distinguish between Validators vs. Miners

The validators are amended to Proof-of-Stake (PoS) which validators are the ones building the block of the chain enabling tasks for checking transactions, verifying activity, voting on outcomes, and maintaining records.

 

To become a validator is to “buy into” the position means that token owners will have to offer their tokens as collateral for the chance to validate blocks. Token owners who staked their coins will become validators and receive transaction fees as rewards. 

 

Miners are found in Proof-of-Work (PoW) blockchain network, their task is to solve complex mathematical equations to complete the requirement of becoming nodes for a chain. 

 

Miners usually need to invest in highly advanced equipment, powerful computer RIG, and energy power to run the work. As the name suggests, as proof of work, miners rely on the amount of work they input to receive block rewards.

Behind The Scene of Verification Mechanism

Proof-of-work and mining need to solve a mathematical puzzle known as the proof-of-work problem to create a new group of trustless transactions or blocks on a distributed ledger called the blockchain.

 

Transactions are bundled into a block, miners jump in to verify the block legitimacy then rewards will be given to the first miner who solves each block problem; this process is called inverse hashing.

 

Proof of stake and validators is the consensus mechanism introduced by Peercoin and then secondly by the Ethereum chain. It is virtually portrayed by locking up the ecosystem token in the chain which is known as staking.

 

The overall purpose stays the same on both blocks proving the only difference is in the procedure that the validators to creating the next block are based on how much they have staked and then rewarded with proportion to the staking amount.

Conclusion

In conclusion PoW or PoS is crucial to a blockchain ecosystem to help in the validation of blocks and synchronizing data to create a whole new chain, stabilizing the security within the network through the work performed by miners and validators. 

 

In recent days many blockchain networks are turning to Proof-of-Stake as their consensus process which allows validators to stake tokens in the system and strengthen the security of the blockchain.

SIX Protocol will soon launch and is thrilled to invite everyone to become our validators of the network the procedure is based on Proof-of-Stake Authority (PoSA).

 

The Individual Node Validator is specified for people who are looking for the opportunity to become a part of consensus verifiers of a network. We are looking forward to you staying tuned for the big announcement and learning more about how to join Individual Node Validator by following this link. 

>> https://sixprotocol.com/six-validator-nodes

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Khanathat Chowpradith
Khanathat Chowpradith

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Business Guide to Understanding NFTs for Access and Utility

Business Guide to Understanding NFTs for Access and Utility

NFTs for access and utility

Table of Contents

You may have been wondering what kind of “utility” NFTs can really bring to the table since there are many projects in the space, yet everyone seems to focus on delivering their utilities to their NFT holders.

 

In this article, we will explore the use of NFTs and other possibilities for businesses to understand this ever-changing landscape of Web 3.0.

NFTs Access Passes: What is it?

 

As these non-fungible tokens exist on the blockchain, they also come with the ability to verify proof of ownership through wallet addresses / Name Services across networks. 

 

An obvious example of an NFT access pass would be a special kind of ticket to an event. Traditionally, tickets are issued according to the differences in seating and tier based on the time purchased. With NFTs as tickets, an event such as a concert, webinar, or networking event will be able to issue verifiably unique tickets that have proof of ownership with history or transactions stored in the blockchain.


You can see Coachella’s NFT access passes as examples here

What is ‘special’ about these NFTs, especially from a business’s perspective?

 

Using NFTs as tickets for an event can create many streams of value, whether for the event itself, ticket holders, or partners involved. Here’s why:

 

#1 Proof of attendance 

 

In significant events like Glastonbury Festival, ticket holders must verify their ID with a system to get a physical (with image) ticket to prevent fraud and invalid passes and control the audience’s overall safety.

 

If the said event used NFTs, their ticketing system might be improved since ticket holders can verify themselves with a simple swipe on their phones, making the experience smooth while remaining efficient regarding the event’s safety policies.



#2 Utilities for holders & Marketing values for partners

 

The sponsors/ partners are the hearts that pump the event’s energy and the organizers. They play a massive part in shaping what kind of experience a specific event will provide. What the event can do to increase the utilities for the NFT collection and deliver valuable results for partners is to integrate exclusive perks, privileges, or access for the partners and NFT holders. 

 

For example, the event’s NFT holder can access the partner’s special VIP area or get an exclusive discount on a certain line of products. This way, holders can enjoy their privileges to the fullest while partners can get in-event traffic with awareness in the Web3 space.

NFT Access Passes in the online world

 

You may wonder, “Can NFT Access Passes be used in other forms?” The answer is crystal clear, YES!

 

Apart from IRL (in-real-life) events, NFT access passes can also be used in the online world, introducing the concept of “NFT token-gated content.”

What do you mean by “Token-gated”?

 

Allow us to explain.

 

Today, we are familiar with exclusive content through subscription services like Patreon and OnlyFans. How it works is the creator creates content and locks it behind a ‘paywall,’ and then supporters who subscribe get access to the content. 

 

As per Token-gating, the content will only be accessible to supporters who own a specific token (like NFTs). We already see this happening in discord communities, where the members need to ‘verify’ a certain token/ NFT to access a certain server section.

 

At SIX Network, we adopted a similar concept with our holder club, where community members with 5,000 SIX tokens in their wallets can verify themselves and join the club.

 

You can learn more about it here.

Summary

 

While NFT ticketing is an obvious real-world use case everyone can imagine, we can all agree that one of the ways to create utility and value for NFTs is for businesses, creators, and projects to consider token-gating the content!

 

Is this all NFT access passes can do/be? 

 

One of the things our team likes to do at SIX Protocol is to explore as we try to unleash the true power of digital assets, a world with unlimited possibilities. What we covered today in this article is just the first layer of many more. 

 

NFT access passes can be used in many other forms, such as newsletters and virtual experiences in the Metaverse. So if you’re interested to learn more about all things NFTs, whether for yourself or your business, why not stick around and join our community space on discord?

 

Join now here: https://discord.gg/kypKmUJv9J

Connect with the SIX Protocol team for business opportunities

 

At SIX Protocol, we aim to help businesses and enterprises across industries access this ever-changing era of digital assets and Web 3.0. If you’re planning to build something on the blockchain for your business, SIX Protocol might be perfect for you.

 

Learn more about what we do and stay connected with us at sixprotocol.com

 

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Khanathat Chowpradith
Khanathat Chowpradith

Web3 Marketer | Passionate Writer | NFTs enthusiast

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SIX Network Q3 Summary

SIX Network Q3 Summary

six-q3-summary

Table of Contents

Thank you for your attention and interest in SIX Network and we know you are looking forward to our summary updates in the third quarter of 2022. SIX Network team have been delivering services, collaboration projects, and partnering announcement during this semester. 

 

In this article you’ll get to see the overview of the workframe and what was going on along under SIX Protocol and SIX Network.

SIX Protocol’s Official Website Launching

The SIX Protocol’s official website was launched earlier in June  2022. Hereby is the link to explore sixprotocol.com, providing general information about the protocol, such as the core structures demonstrating the primary services and toolkits SIX Protocol offers. Moreover, this page will link to our Gitbook Vol. 1 for developers or anyone to learn more about how we’re building our blockchain infrastructure.

 

SIX Validator Node and Partnership program, you will be able to learn more about the role of a validator node in the SIX Protocol ecosystem, along with some brief details on how enterprises can become validator nodes. 

(https://sixnetwork.medium.com/six-protocols-website-launch-en-a4ac9938db09)

Unleash the true power of the digital assets

 2nd FINIX Token Halving

SIX Network team set FINIX halving event on 21 June 2022, which determined the daily emission rate of FINIX production per day down to 43,200 FINIX tokens on Definix platform. The reduction of emission rate are enabled on both chains, Binance Smart Chain and Klaytn Mainnet.

 

And with that an updated farms on Definix platform comes from the voting power of vFINIX Holders community on the direction of the Definix’s ecosystem, we have come to an accord to close the following farms:

Definix Klaytn Chain

 

– WKLAY-oETH

– WKLAY-oWBTC

– WKLAY-oXRP

– oBNB-oUSDT

– oBNB-FINIX

 

Definix BSC Chain

– USDT-BUSD

– BNB-BUSD

– BTCB-BNB

– ETH-BNB

– XRP-BNB

– ADA-BNB

– ETH-BTC

– VELO-BNB

– VELO-FINIX

Z7DAO Airdrop Campaign

SIX Network and Z7DAO, a subsidiary of OTO, which we have announced our partnership with. We aim to create an e-sports community by using utility NFT tokens for the gaming community. This will be the central path to bringing e-sport players, fans, and investors to get together.

 

SIX Network and Z7DAO have prepared giveaway airdrop events for the community in honor to celebrate the official launch of the new all-in-one platform welcoming new users to experience.

Xclusive, The first Multi-chain based NFT Marketplace

 

SIX Network, Handstudio, and Xeno Xclusive(ly) launch our first NFT marketplace to support multiple chains of Klaytn and Ethereum to pack in with the wave of NFT trends in South Korea. 

 

Many outstanding NFT collections have been launched on Klaytn, the blockchain network that is focusing on creating the infrastructure for metaverse and creative works. As a result, the total volume of the NFT trading on Klaytn is quite tremendous, and SIX Network sees it as a great opportunity to expand the business activity as an official partner of Klaytn.

 

The Xclusive marketplace has many cool features, such as Launchpad, a special page for ‘Exclusive NFTs,’ Related Tab to view related NFT projects, and other services to facilitate NFT creators to enter and grow the NFT market.

Don’t miss out follow us at:

Napathsorn Unchit
Napathsorn Unchit

Prepare to fly higher with new technology and innovation that SIX Network will provide!

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How to join SIX Network’s ‘Holder Club’ on Discord

How to join SIX Network’s ‘Holder Club’ on Discord

Guide to join SIX Network Holder Club on Discord

Table of Contents

Guide to join SIX Network Holder Club on Discord, which will be open on September 1, 2022, for SIX and FINIX holders. Prepare to join our Holder Club to get exclusive information and insight news before anyone else.

 

 

In these few months, we have been introducing different activities to our Discord, whether a big activity such as Airdrop or small sessions where we invited members to play games with us. To celebrate this milestone of having over 5,000 members, we’re excited to share that our Discord will launch a new section called ‘Holder Club’ with exclusive rooms specifically for SIX & FINIX holders.

 

Follow the steps below to join the club!

Who can join the Holder Club?

SIX Holder (5,000 SIX in BNB Chain)

or 

FINIX Holder (5,000 FINIX in BNB Chain)

* Metamask wallet only

#1 On SIX Network Discord, go to ✅⎪six zone-join. After that, press the Verify Assets button!

* Currently, SIXZone is Desktop supported only. Please stay tuned for the mobile version.

#2 After pressing Verify Asset! You will then see the message that popups; then click on the Connect Wallet (this button requires you to take action within 10 minutes).

#3 You will see a link like in the image below, press Yep!

#4 Afterward, you will go to the SIX Zone website and click on Metamask.

#5 Click on Sign Message, and after you press it, you will see the Signature Request page. First, check if it is Chain BNB or not; if yes, please go ahead and Sign.

#6 After going through all the steps, you will see that your Wallet has been connected, click Open Discord, and you will now be in the Holder Club of SIX Network Discord.

Don’t miss out follow us at:

Napathsorn Unchit
Napathsorn Unchit

Passionate about financial world and is an inverstor too! Giving out news update and blog post every month.
Visit us at SIX Network for more.

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SIX Protocol Individual Node Validator: The Big Opportunity For Small Group

SIX Protocol Individual Node Validator: The Big Opportunity For Small Group

individual-node-validator

Table of Contents

What if you are a single particular person who yearns for the opportunity to be a node validator for a blockchain? What if you have no essential to pass the basic requirement to register to become a node for other networks?

 

SIX Protocol Partnership Program is nearly to commence another opportunity to enrich our ecosystem with the Individual Node Validator program after Business Node has been settled to the public enterprise for a period of time. 

The Business Node Validator was made specifically, hence the name, for businesses and organizations which can exploit SIX Protocol Toolkits that will help elevate the business operation into a blockchain full course. 

 

The criteria required to set up Business Node Validator respectively using a big amount of 1 million SIX tokens to stake in the system, but in contrary with the possibilities and functionalities to scale up the business to Web 3.0 is a reasonable investment price.

Jumping Start with SIX Node Validator

Just a quick recap of the main point leading to how interesting Node Validator could be, receiving fruitful benefits, and contributing to a blockchain ecosystem. Though you may see the potential to grow under SIX Protocol to become one of the validators, you have no business service here is your chance to enroll for an important role in the blockchain industry.

SIX Protocol Individual Node Validator is offering this initiative for people who are interested to join whether you are from any job field no matter who you are, a self-employed, professional, or office worker; you are all welcome to set up an Individual Node on SIX Protocol chain.

The eligibility and requirements to set up a node validator basis require

20,000 SIX tokens to stake in the individual node variation.

Once your validator starts, you will receive the passive rewards you may earn shared from the protocol’s gas fee according to the percentage of its validation period that has passed.

Role Title and Benefits of Individual Node Validator

☑️ Let us discuss the role node staker will contribute to the system

– Distributed consensus protocol.

– Execute transaction.

– Maintain and execute the performance of blockchain infrastructure.

 

☑️ Benefit

– Be a part of block validation in the chain.

– Receive passive reward shared from the gas fee.

– Inclusive opportunity with the network.

 

Everyone can have the opportunity to become a node validator for a blockchain network no matter what are the objectives or role you are in. Generally, it requires a large amount of funds, but SIX Protocol Partnership Program is granting a big opportunity for a particular group of people and individual blockchain enthusiasts to join with ease.

 

If you are interested to buy a node you can fill in the form here 👉 https://forms.gle/wAQzLcXijneVuC3i6

 

✅ Individual Node Validator program is around the corner and we encourage you to get in touch and don’t miss out on the advantages you have. SIX Protocol

Don’t miss out follow us at:

Napathsorn Unchit
Napathsorn Unchit

Passionate about financial world and is an inverstor too! Giving out news update and blog post every month.
Visit us at SIX Network for more.

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The Case Study of NFTs and Logical Endorsement of Real World Company

The Case Study of NFTs and Logical Endorsement of Real World Company

nft-case-study

 

Long story short Bitcoin mind is not supported for NFT creation until 2015, which is the birth of Ethereum where development teams from Ethereum have some time to study the concept and came up with smart contracts to mint and distribute NFT with the first ever NFTs of the world known as CryptoPunks.

A Successful Story of NFT

Knowing the history of NFTs probably didn’t convince everyone that NFTs are useful. Many projects try to replicate their success story, but only a few have even come close such as Bored Apes Yacht Club.

Honestly speaking NFTs are perceived as the art collection, but digital art is just one use case for NFTs and is mostly a familiar use case. Other several use cases such as proof of ownership of anything and one great example is real estate.

Case scenario:

If you based NFT on a deed for house selling, you could essentially create a record of the home’s occupancy and ownership on the blockchain. And when you are ready to sell the house, you could make a summary of the entire history of the house from the day it was built. Moreover, smart contracts can eliminate much of the paperwork too.

 

Propy is a real estate company implementing NFT for property selling.

https://propy.com/browse/propy-nft/

 

This same principle applies to anything with substantial value along with car purchases, stock investments, and so on. The legitimate use cases merging between NFT and real-world uses are still a debate to date.

NFT Integrated Company Example 

Let’s take a look at giant companies that have already implemented NFTs for their product in proving the legitimacy of ownership.

Nike’s CryptoKicks: In this project, they involved the patented shoes as NFTs to mitigate counterfeit shoes and when a customer buys a genuine pair of shoes it is accompanied by a cryptographic ownership detail.

✓  Gucci Vault: Take a whole new route with Vault – an online store that launched several sets of Gucci’s NFT collections.

Long-term Viability of NFT

Another aspect of NFT use case has been adapted from the forefront concept of blockchain decentralization. Keeping track of the supply chain does not necessarily mean you know the ownership of the milk in your fridge. However, if the milk came with an NFT, people could track down what farm it came from or the date of pasteurizing. Well, this is a cool idea but people will get over it within a week. 

 

Where this concept really makes sense is in companies that need multiple better solutions of visibility over goods from their starting to endpoints. One well-known luxury brands such as LVMH and Prada are leading the way in this area.

 

Consumers who buy high-end products, handbags, jewelry, or other items can prove their origin through NFT which displays the product’s history from manufacturer to store as well as proving counterfeit products.

How Does Creating NFT on SIX Protocol Beneficial?

Answer: We won’t boast that SIX Protocol chain is anything in between, but we are offering a worthy space to run a buzzling project. Skilled developers, outstanding oracle system from our partner Chainlink, and expert consultant in blockchain technology will facilitate you to achieve. 

 

Trusted names that have collaborated with us in NFT projects are T-ARA, Sunmiya, and Buakaw.

 

The primary purpose of NFTs is not to buy overpriced jpegs which you can already screenshot off Google. Rather, NFTs have legitimate use cases from real-life case studies.

Summary

There are more sides to NFT that will be useful. New identity experiences, marketing tools, access control, and more to mention. It’s likely that many of the companies looking forward to the opportunity to flourish over the long run will integrate both digital and physical aspects into the product they’re holding.

Don’t miss out follow us at:

Napathsorn Unchit
Napathsorn Unchit

Passionate about financial world and is an inverstor too! Giving out news update and blog post every month.
Visit us at SIX Network for more.

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Definix Q3 Summary

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