Friends! We are pleased to announce that staking 2.0 is now available in our ecosystem. The implementation of staking 2.0 will allow you to expand your capabilities and make working with SMART Blockchain even more profitable. Today, we will tell you about what staking is, how it is implemented in SMART Blockchain, and what key benefits you will get. You can also find detailed instructions on how to work with staking on our resources.
How does staking work in SMART Blockchain?
Staking in SMART Blockchain is a process in which users freeze their SMART coins to support the network's operation and get key network resources in return: Bandwidth and Energy. These are necessary for executing smart contract transactions and other transactions.
Staking management occurs in the SMART Wallet. Like all Ultima products, the staking interface is straightforward and intuitive.
To start staking, you need to perform a few actions: choose whether you want to get Bandwidth or Energy and then freeze your SMART coins. Let's understand what both types of resources are used for in our blockchain:
Bandwidth
In the SMART blockchain, Bandwidth is a resource necessary for all network transactions. When paying transactions with Bandwidth, there is no need to pay a fee in SMART coins. For example, each user on the SMART blockchain has 1,500 bandwidth per day, which allows for a certain number of free transactions per day. When you send or receive a transaction, some of your Bandwidth is used. Once your available Bandwidth is exhausted, you need to either freeze more SMART or pay a fee in SMART for subsequent transactions.
Energy
Energy in the SMART blockchain is a resource used for all actions involving smart contracts: splitting, transactions with splits, with the ULTIMA token, etc. Energy is like the fuel for operating smart contracts. If you run out of Energy, you will need to pay a fee in SMART coins for executing transactions with smart contracts. Depending on the size of the transaction, you could be charged up to 10,000 SMART.
Resource allocation rules for staking:
You can use the resources (Bandwidth and Energy) only while your SMART is staked. However, you can unfreeze your coins at any time. As soon as you unfreeze your SMART, your resources are reset, and you will need to pay SMART for transactions. After unfreezing, the staked SMART coins remain unavailable for withdrawal for two weeks. After this period, they can be withdrawn to your SMART wallet.
The amount of resources in your wallet is updated daily based on the network's parameters. The daily calculation occurs according to the following formula:
The number of your SMART coins staked for a specific resource is divided by the total number of coins staked for that resource in the network and multiplied by the daily limit.
The current daily limit for the Energy resource is 90,000,000,000 units, and for Bandwidth, it is 43,200,000,000 units.
What role will staking 2.0 play in the Ultima ecosystem?
Staking is a technology that significantly expands user capabilities. Staking allows users to actively participate in the life of the blockchain, helping its development and making the SMART Blockchain even more secure.
Most importantly for users, staking offers the opportunity to save thousands of SMART on transactions, which helps maximize profits and reduce splitting costs to zero. This is a unique opportunity that all users should take advantage of.