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Published on January 24, 2023

A lack of transparency caused by opaque regulatory, security and privacy policies has exacerbated the problem within. And after industry events, crypto projects need to adopt more transparent ways of managing their funds.

Proof of PLI staking reserve: Let’s build on trust foundations.

The world is continuously and rapidly switching to cryptocurrencies. However, as crypto becomes more popular, more players are more likely to be exposed to deteriorating crypto assets. And knowing that some cryptocurrencies offer very little consumer protection, retail investors may have no idea what they will own after a certain period of time or event.

A lack of transparency caused by opaque regulatory, security and privacy policies has exacerbated the problem within. And after industry events, crypto projects need to adopt more transparent ways of managing their funds.

What is the plugin’s Proof of PLI staking reserve?

Plugin, which remains committed to transparency, seeks to reassure community members by leveraging a user-friendly interface for node operators and yield farmers to verify their engagement. Therefore, the plugin developed the Proof of PLI Staking Reserve.

The primary goal of proving the PLI Staking Reserve is to increase “trust” and “transparency” among community members. To increase community trust and transparency, the system helps members verify that their PLI deployments are locked into smart contracts and that there is no legal entity or individual that has central control over the deployment.

To further increase trust and transparency, it directly brings the total staking balance from the smart contract in real-time. The figures are taken directly from the contract without any mathematical extrapolation. This aspect of this proof of reserve brings with it some unique advantages. The first benefit is security and transparency. Since each stake is published on the plugin’s blockchain and every record of a completed transaction is visible to anyone without revealing the identity of the owner, the system ensures that one’s stake is secure. At the same time, the platform ensures transparency as parties can review records of completed transactions at their convenience. Coupled with the fact that the information stored on a blockchain is immutable, the plugin’s proof of PLI staking reserve helps increase trust, transparency, and security.

Since there is no central control over the deployment, (the node operator or yield farmer) interacts directly with the plugin; Therefore, the process of verifying your own bet is free. The plug-in proof of reserve therefore makes it possible to check one’s assets without cost-related restrictions. Additionally, the free verification of share encourages one to track PLI-related transactions recorded in XDC Network’s smart contracts. Ultimately, the transparency and security enabled by free operations on the plugin’s Proof-of-Reserve platform help build trust.

How can users check the liquidity and solvency of their stake?

To check the liquidity and solvency of a stake, one only needs to visit the Proof of PLI Staking Reserve Platform plugin. Here is a quick guide for either the node operator staking overview or the yield farming overview.

For the node operators, you need to click on the “Check Now” button in the staking overview section of the node operator. Once on the XinFin Explorer page, one can use a transaction hash (Txn hash) to search for a specific transaction. Note: A transaction hash serves as a unique identifier, similar to a receipt, confirming a transaction’s validation and addition to Xinfin’s blockchain.

Also, one can add involved addresses to the search bar or block numbers to get an overview of a specific transaction. As a node operator, you can independently audit your transactions on the overview page. Some of the most important metrics to consider when reviewing a transaction include the addresses involved, the status of a transaction, the block number, the transaction value, and the price of gas involved in the transaction.

For Yield Farmers, click the Confirm Now button in the Yield Farming Overview section. Add the transaction hash, the addresses involved or the block number to the search bar to get an overview of your own transaction. With the overview, you can independently check the status of your transaction, addresses involved, fees incurred, etc.

Please note: The token price, reward frequency, minimum deposit and total number of tokens staked by node operators and yield farmers are updated in real-time.

Do conditions have to be met before withdrawing a bet?

With the plugin, each use has a one-year blocking period. This means you have to hold your bet for a full year to qualify for a withdrawal or withdrawal.

Nonetheless, Plugin understands the needs of its community members and continues to strive to improve their position. Therefore, the plugin’s governance committee often accepts requests to take assets back before the lock-in period expires. Please note that the Governance Committee will only accept requests that are supported by legitimate reasons. It is important to ask for reasonable reasons before unsecuring assets to prevent abuse by users and to ensure compliance with policies designed to improve each user’s position. Compliance with the conditions before the share is deducted guarantees sustainable operation and ensures reasonable returns for the respective parties. Sustainable management and reasonable returns, in turn, increase trust.

bottom line

As cryptocurrencies become more mainstream, systems must be developed that ensure transparency, security and build trust. With the recent events in the crypto industry, there is a need to ensure that users can easily check the liquidity of their assets and the solvency of their crypto platform.

In this regard, Plugin, a company that remains committed to security and transparency, launched the Proof of PLI Staking Reserve platform. The platform allows node operators and yield farmers to determine their stake at any time. Thanks to the direct projection of values ​​from the smart contract, the web-based nature of the platform that makes it easy to access, and the free way of verifying transactions, users can check the status of assets without any restrictions. The resulting transparency helps build trust between those involved.

media contact
Company Name: Synergy Global Enterprise LLC
Interlocutor: Gopi Divecha
E-mail: Send e-mail
Phone: +65-9181-7041
Address:111 North Bridge Road #21-01 Peninsula Plaza
Country: Singapore
Website: www.airdropbounty.events

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