Safestake Incentivized Galileo Testnet Stage 1

Details

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

Total STATE tokens to be rewarded: 5,000,000 (Operators 72% / Validators 28%).

• 200 Limited Edition NFTs - next Tribe of State freemint:
  • First 100 new operators get an NFT (all get 1 limited edition NFT) ttps://nftmint.parastate.io/ + [7,500 STATE tokens - 750,000 STATE tokens]
  • First 100 new validators get an NFT (all get 1 limited edition NFT) ttps://nftmint.parastate.io/ + [2,500 STATE tokens - 250,000 STATE tokens]
• Bank of STATE tokens for currently active operators to reward them for staying active - [25,000 STATE tokens/each x 6 ops - 150,000 STATE tokens] + extra XP loyalty points (TBD Anastasiya & Malith)
• Inactive Operators that become active again - [10,000 state tokens/each x 60 ops - 600,000 STATE tokens]
• Top-Performing Operators - [1,863,500 state tokens / top 25 operators = 74,540 tokens per operator]
• Top-Performing Validators - [375,000 STATE tokens / top 25 validators = 15,000 state tokens per validator]
• Refer a Friend - STATE token rewards for operators and validators that refer their friends and they become a validator or operator - 10,000 STATE tokens/each (~$25/each) x 50 - 500,000 STATE tokens
• **XP rewards and roles** for active community members (click link to view program guidelines)

ETH DRAWINGS

Only active validators and operators will automatically be entered to win.

Total prizes = 2.5 ETH

• Reach 250 active validators - random drawing to win 0.25 ETH
• Reach 500 active validators - random drawing to win 0.50 ETH
• Reach 750 validators random drawing to win 0.75 ETH
• Reach Goal of 1,000 validators - random drawing to win 1 ETH

About ParaState

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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