DOVU Staking Beta – Phase 1
Background
Staking has been in the works for some time. We want to incentivise people to move to the Hedera network, where its tech merges seamlessly with our vision.
Why Staking Beta?
DOVU Staking Beta will help us test several aspects of the system such as engineering, user experience and functionality.
It will give us the opportunity to receive user feedback on design, usability and features – in order to fix bugs and make improvements before the official launch.
It’ll also create awareness ahead of the full launch. We want people to be as excited about this project as we are.
What is staking?
Staking is a process that rewards holders of staked tokens for keeping their tokens in a staking pool. The incentive for the token holder is relatively simple; they gain rewards such as additional tokens or governance rights. In this sense, it’s a bit like a traditional bank account that pays interest on money that’s kept in the account.
The incentive for the project is that it provides Proof of Work. So, transactions on the blockchain provide verification for new blocks being created, rather than through energy-intensive mining. It’s a bit like having a guarantor – as you might have for a lease agreement or loan.
How will it work?
Interested token holders sign up to the waiting list. Phase 1 waitlist has now closed. For each beta phase, we’ll select a group of users.
Beta testers will migrate DOV tokens, signup to the Carbon Marketplace and connect their MetaMask wallet with their Venly counterparts. At this point, users can start earning tokens.
They’ll also be invited into exclusive feedback channels, where they can provide feedback on an ongoing basis.
Beta users will be the first to get access to high yield, compounding DOV token rewards, and will be able to stake their tokens for longer.
What is the timeframe?
Our plan is to stagger onboarding across three phases, with the number of people who can sign up to the waitlist increasing at each phase:
- Phase 1: 50 users
- Phase 2: 150 users
- Phase 3: 500 users
Last week, we opened up the waitlist to members of our Discord and Telegram communities. Now we’re sharing it with the wider world.
We’re asking token holders to tell us why they’d like to participate early and are going to be giving priority access to those who believe in our long-term vision.
If you don’t manage to get access straight away, don’t worry. After Phase 1, there will be more opportunities to do so. The Staking Beta isn’t about exclusivity for certain users. If you’re as invested in our vision as we are, we want to hear from you.
Understanding your security and privacy
For our staking program, we do not have custody over a single user’s DOV token. Your entire balance will be on your wallet of choice. This means your funds are completely safe and under your control. At worst, staking rewards payouts might be temporarily paused. However, throughout each staking phase, we aim to catch these issues and resolve them before we open the floodgates to the wider community.
For transparency, we store your wallet ID against your email address in our system. You can generate a new Hedera account just for DOVU staking purposes if you’re concerned about linking personal information to your main account.
This comes with the primary benefit of holding DOV in any Hedera wallet. Users will receive the ongoing rewards to use on the Carbon Marketplace and can participate in our planned governance opportunities.
What’s next?
Most importantly, we’ll keep you up-to-date with project developments as well as share information about any challenges we face along the way because, let’s be honest, there are sure to be some.
Are you ready to be a part of DOVU’s future?
Join our Discord to get exclusive access to future waitlists.