I am honored to announce one big news to everyone: SP delegation to Nutbox has exceeded 2 million!
Nutbox was officially launched on October 20, 2020. At the beginning of the launch, the team have been working hard in getting more things done to realize the vision of Nutbox. Now, let's talk about the future of Nutbox.
As we know, Steem is a blockchain with a DPoS consensus mechanism, and there are hundreds of blockchain projects that use a similar consensus mechanism (Proof of Stake) as Steem. With the launch of PoS by ETH2.0, the market value of PoS (DPoS, NPoS, etc.) blockchain projects has reached 209.3 billion US dollars.
The PoS chain is analogous to the PoW chain. Bitcoin protects the security of the blockchain by "locking" energy and hardware (mining machines and electricity) to mine Bitcoin, while the PoS chain ensure its security by staking PoS Token to mine for PoS Token.
Take Steem for example, converting STEEM to STEEM Power (SP for short) locks the liquidity of STEEM in exchange for the right to upvote contents and vote for witnesses to obtain curation rewards.
There will be two demands. After the staked STEEM becomes STEEM Power, it cannot be traded:
1） Can we circulate SP to make it tradable, and participate in mortgage lending as an ETH-based asset? Therefore, we developed TSP. TSP is a 1:1 SP delegation to Nutbox, which can be traded on JustSwap, can be deposited into contract mining, and earn transaction fees by providing liquidity for TSP-TRX trading pairs. It can also be used for mortgage lending in the future.
The second demand is:
2） Can the mining efficiency be higher and the rate of return be better? Therefore, we developed the system of PNUT mining by SP delegation and by TSP deposition. Nutbox has greatly increased the rate of return that we can gain from STEEM staking. The current annualized rate of return has been maintained at more than 40% for a long time, which greatly surpassed that of all other delegation platforms on Steem.
TSP and PNUT allowed SP delegation to Nutbox to reach 2 million in three months time, and Nutbox's community bank has been operating well since then.
We pondered further over it, and asked if there is more room down there? Therefore, we are attempting the possibility of cross-chaining Steem-Polkadot to achieve:
a) Duplicate the experience of PNUT mining with PoS Token staked on Steem to other PoS chains, and let us gain entry to the 209.3 billion dollar market from Steem’s 60 million USD market;
b) Based on the community bank and community tokens (PNUT), integrate with other application scenarios, such as Steem’s social media, Ethereum’s DeFi, and IPFS storage to make the Nutbox community more prosperous;
c) Refine the basic capabilities of Nutbox as an infrastructure to enable other communities to acquire such capabilities.
The benefits of this are diverse:
- Enabling other communities to possess the capabilities of Nutbox, that is, other communities can also raise funds through PoS Staking-mining, which is better than before.
- The $209.3 billion PoS chain mining market, which is still growing, will give rise to companies like Bitmain.
- We activate assets like SP through TSP, which will become the DeFi infrastructure of the PoS chain.
More importantly, various communities acquire Staking-mining capabilities, community tokens and community banks through Nutbox, and get to fulfill more application needs of the community by connecting to other blockchains through Polkadot. This will realize the decentralized operation of the community and better maintain the security of the PoS chain, which will further promote the booming development of various PoS chain ecologies.
The Steem-Polkadot cross-chain technical scheme is being tested. The new version of Nutbox's white paper has been confirmed, and the Chinese, English, and Korean versions will also be released soon. The great odyssey has begun, let's get on the journey together!