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POSDAO Prep & 40,000 STAKE Burn
November 13, 2020
In preparation for the public proof-of-stake POSDAO transition, the xDai Network has burned 40,000 STAKE tokens on Ethereum and added 2 new validator candidate nodes on xDai. Each node has received 20,000 STAKE on xDai, the minimum required to become an initial validator, and will be upgraded to validator status shortly. The nodes are running on the Nethermind client, providing additional robustness and decentralization to the network.
🔥 Unique Token Burning
🔥
In a symbolic show of support for Eth2.0, the STAKE tokens were burned by sending them to the Eth2 deposit contract at 0x00000000219ab540356cbb839cbe05303d7705fa
Typically tokens are burned by sending them the 0x0000000000000000000000000000000000000000 address, however, to mark the Eth2 transition, 40,000 STAKE will be locked into the Eth2 deposit contract. The contract does not allow any token withdrawals, so it is an effective way to burn tokens and also signals xDai's commitment to the Eth2 ecosystem going forward.
The STAKE circulating supply on Ethereum has been reduced by 40,000 as reflected at supply.xdaichain.com
As both consensus transitions take place (xDai to POSDAO, Eth1 to Eth2), xDai remains committed to supporting Ethereum projects and users with a stable, fully-functional and completely interoperable solution. Many projects have migrated entirely to xDai, while others are leveraging both chains - splitting functionality between xDai and the Ethereum mainnet and/or providing solutions on both chains simultaneously. This synergy will continue as Ethereum gradually moves to Eth2.
The Eth2 transition will take place in several stages, and xDai will support the ecosystem every step along the way, with bridges, integrations and support for projects. xDai may eventually be incorporated as a shard or may remain as an Eth1x solution with interoperable (multi-chain) capabilities. The details are difficult to predict, but the big picture is not. xDai is excited to be involved and a part of the Eth2 future as blockchain technologies experience unprecedented growth and adoption!
🧠 Nethermind Client
🧠
As we’ve seen most recently with the Geth upgrade issue, multi-client support is necessary for a functional decentralized and operational blockchain. By incorporating Nethermind, xDai with POSDAO will have the full support of 2 client implementations (OpenEthereum and Nethermind).
In addition to checks-and-balances, Nethermind also brings some unique features such as
TxPriority, which allows Validators to shape and prioritize blockchain traffic. This can help with DDoS attacks on the network, and assist high priority applications (similar to how the internet works today, prioritizing Zoom for example to ensure it functions properly when in use).🙋♀ Public POSDAO
🙋♀
xDai is preparing for public POSDAO where STAKE holders can become validators and delegators on the network. Step one was completed when xDai moved from POA consensus to a nominated POSDAO in April, 2020. Adding Nethermind client validator nodes is another big step forward, and brings the network much closer to public staking.
Once the public POSDAO transition is complete, stake-weighted governance features will allow for network parameter adjustment, including the amount needed to become a validator or delegator in the network. Pre-public launch, the amount is 20K STAKE on xDai to become a network validator.
We are excited for this transition and further decentralization of the xDai chain!
Last modified 1yr ago
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