Gravity Protocol Testnet Goes Live Today – Run Nodes, Capture the Network and Make Profit

May 25, 2018
3 Shares 927 Views
Gravity Protocol, a Graphene-based blockchain protocol, built on Delegated Proof-of-Importance Consensus with adaptive emission, is releasing its Testnet on May 25. Graphene enthusiasts and developers are invited to run nodes and participate in the testing – capture the network and make profit, exploiting potential vulnerabilities in the economic model of the protocol settings. Active participants will be rewarded with 10% of the emission pool. Geeks and crypto minds, this is a change to make real strides in the advancement of blockchain technology and you are the ones to get in on the ground floor.

Gravity Protocol is a Graphene-based blockchain with Delegated Proof-of-Importance Consensus protocol for digital economy and data governance, which aims to economically incentivize their participants for their amount of activity and active engagement within the system, rather than just their stake. The way they are going to do that is via two innovations:

  • Delegated Proof of Importance (DPOI).
  • Adaptive Emission.
  • Gravity Index

Delegated Proof of Importance (DPOI)

As opposed to POS and DPOS which simply rewards their participants for holding a stake in the ecosystem, the DPOI consensus mechanism rewards participants for active engagement instead of just sitting on their tokens. This is done via the calculation of the Index of Importance (Stake+Activity) of the users. This shift in philosophy will increase the number of active users and projects being built within the ecosystem.

Adaptive Emission

Gravity Protocol also uses a special algorithm which utilizes adaptive emission to calculate the rate at which tokens are released into the ecosystem. The rate of emission is directly proportional to the Gravity Network Index which grows as the network grows. Simply put, the more the activity/projects on the blockchain, the more the emission of tokens.

Gravity Index

To make it simple: Importance = Activity + Stake

Index of Importance indirectly addresses the problem of DPoS Voter Apathy. Users that are deeply engaged with the network, have more weight of vote than the ones who hold passive stakes.

Another problem addressed by Index of Importance is the fact that there is no incentive for the economic use of cryptocurrencies. This is due to the fact that most of them are deflationary in nature and there are no costs associated with holding them indefinitely (as opposed to other currencies and assets, which either have associated storage costs or inflation). Gravity’s Importance Index is based on economic factors, such as the number of financial transactions in the system, thus the creation of market multiplier.

Participation Bonuses

The Gravity team will create a special GRAVITY.WORK token based on the Bitshares platform to reward participants. After the Main Net launch, the participants can exchange these tokens for ZGV Gravity tokens 1:1. The rewarding scheme are as follow:

  • Node launch: 1,000 ZGV
  • Finding vulnerability and recommendations for the interface improvements: 1,000 – 10,000 ZGV
  • Recommendations for protocol improvements: 10,000 – 50,000 ZGV
  • Vulnerabilities in the economic model settings, Gravity Index and dynamic emission: 100,000 – ZGV
  • Capturing the network with permission to solely assign delegates: 500,000 ZGV

Participation Requirements

In order to participate participants are required to do the following:

Technical support takes place in Telegram chat and more information about participation details will be available on their Medium page respectively.

Gravity protocol roadmap by Yuri Parsamov.

«Join the text stage of Blockchain Evolution»

The Metcalfe’s law states that “the value of any network (including a blockchain network) is proportional to the number of network users.”

The DPOI system economically incentivizes users to be more active on the blockchain. They believe that this focus on activity rather than stake will leverage the Metcalfe’s law to exponentially increase the potential value of their network.

The Gravity Team is calling on all enthusiasts, developers, and believers to attend their testing and to checkout the system first-hand for themselves. This could very well be the next stage of the Blockchain evolution.

If you want to read up more on the project then you can Check Out Their Medium Page.


Disclaimer: This article was submited as a press release by third party. Cryptovibes.com does not endorse any descisions. Readers should do their own research before investing funds in any financial asset or attending any presented event. We are not responsible for any profit / loss your descisions might lead to.

Enjoyed the content? Subscribe for more



Facebook Comments

You may be interested

Hacker Charged 750 000$ in Cryptocurrency for Bail After Illegaly Accessed EA Accounts
Crypto news
18 shares8,019 views2
Crypto news
18 shares8,019 views2

Hacker Charged 750 000$ in Cryptocurrency for Bail After Illegaly Accessed EA Accounts

Justin - August 18, 2018

US Government released document explaining recent accident when hacker Martin Marsich illegaly accessed video game company's Electronic Arts accounts. He gained access to 25,000 accounts that allow…

Nvidia Forecast Slowed Down Wall Street as Demand for Crypto Evaporates
Crypto news
14 shares3,897 views
Crypto news
14 shares3,897 views

Nvidia Forecast Slowed Down Wall Street as Demand for Crypto Evaporates

Justin - August 18, 2018

According to Reuter Nvidia Corp (NVDA.O) shares fell 5 percents during hours of trading of Thursday session after the chip maker said "cryptocurrency-fueled demand had dried up and…

Bikini Crypto: Bitcoin Investing Explained by Richard Heart and His Friend Julia
Entertainment
14 shares2,443 views2
Entertainment
14 shares2,443 views2

Bikini Crypto: Bitcoin Investing Explained by Richard Heart and His Friend Julia

Justin - August 17, 2018

Cryptocurrency investor Richard Heart is a Billionaire, blockchain thought leader, cryptocurrency investor, author and serial entrepreneur. Today he published way different and extraordinary Q&A session with his…

Most from this category