Q3 feature update
VEE Staking, a dedicated blockchain for NFTs and new ecommerce features
Introduction
Earlier this year we published the BLOCKv technical roadmap, where we outlined our plans to expand the BLOCKv platform’s existing functionality with a number of new features to benefit end-users and creators alike. This new technical feature update details the launch of three of the features we promised for Q3 of this year; VEE staking for token holders, the availability of a new permissioned blockchain to mint NFTs on and the addition of new marketplace functionality for creators using the platform.
VEE Staking
Introduction
As the BLOCKv platform grows, one of the most requested features from our community has been to add a ‘Staking Pool’ feature that enables VEE Token holders to receive some rewards on their current VEE holdings whilst supporting the growing ecosystem. Today we are excited to announce the launch of a staking pool contract on Ethereum Mainnet. Anyone who holds ERC-20 VEE tokens will be able to stake their tokens into this pool.
Functionality
We have created a simple, web based User Interface that allows users to connect their Metamask wallet with the staking contract. We will also aim to add support for additional wallets over time. The contract offers three main functions, which enable users to stake, unstake and claim their rewards. Upon linking their Metamask wallet with the smart contract using the UI, stakers can select the desired amount of tokens they wish to stake, with the contract enacting this transfer and locking the VEE into the contract. To get started simply head to https://staking.blockv.io
Calculating rewards
The BLOCKv platform sends the smart contract information about how much VEE the BLOCKv platform has used within a defined period (a 7 day calculation cycle), similarly to how you can see on the current counter on the website. A percentage of the total consumed amount of VEE will then be distributed proportionally to all stakers in the smart contract. For example, a user whose staked amount comprises 10% of the total staking pool will receive 10% of the consumed amount of VEE. The distribution weighting is calculated on the basis of the staked amount and time. According to the VEEconomics model, half of the emission fees for each NFT, digital object or Vatom created on the BLOCKv platform goes to the Network Operator. The other half of those emission fees (minus 15%) is now being distributed as rewards to VEE stakers. Over time we plan to introduce multiple sources of VEE rewards to distribute to stakers as additional rewards.
Claiming rewards
Users will not receive their tokens immediately, instead they must trigger the ‘claim’ function of the smart contract. Upon requesting a withdrawal, the smart contract will call the amount of VEE earned out of the staking pool, and the user can claim their accumulated rewards.
Fees
There is a small fee stakers will be required to pay to use the smart contract, which helps balance the cost of running and maintaining this system and the staking contract. Gas fees will also be incurred with transactions.
The BLOCKv Testnet is live
Introduction
The second functionality we are excited to introduce is the availability of BLOCKv’s own permissioned blockchain. Whilst we have supported minting on an array of leading blockchains for a number of years now, and will continue to do so, this new chain will be run for the express purpose of minting NFTs created on the BLOCKv platform.
Functionality
The BLOCKv blockchain is based on the Ethereum standard, meaning BLOCKv NFTs emitted on the chain will be ERC-721 tokens. Transaction validity is determined through a consensus mechanism similar in structure to the Ethereum blockchain, with BLOCKv and other parties operating validator nodes and a consensus between nodes being required to determine validity. To ensure operational security is maintained, the process for becoming a validator node operator will be determined through a hybrid approach of proof of authority and proof of stake, with validator operators needing to stake a predetermined amount of VEE and pass an authority check in order to be approved. Currently the BLOCKv platform is operating a Testnet of this chain, where validator nodes are confined to pre-existing platform nodes, whilst beta testing is conducted. We are aiming to launch the fully fledged Mainnet in October once beta testing is complete, and other parties will be able to operate validator nodes in the near future.
There is a dedicated explorer for the new chain accessible from https://explorer.blockv.io
VEE’s role within the blockchain
As with other Ethereum based networks, a native token is required for the operation of the chain, and for the BLOCKv Mainnet that native token will be VEE. Any transaction on the chain will generate fees which are payable in VEE. Our model does not require the creation of new VEE tokens for use on this blockchain and we have instead constructed a ‘bridge' that enables users to move tokens from Ethereum Mainnet onto the BLOCKv Mainnet using their Metamask wallet. These VEE tokens can then be used to pay for transaction fees or to stake in validator nodes, as well as perform other, as yet undefined functionality we hope to add in the future. This new blockchain, along with the addition of the staking pool to the BLOCKv platform, will bring new functionality and options for VEE holders both now and in the future as the platform expands.
Operational independence
In past feature updates we’ve discussed some of the defining logic behind the BLOCKv platform’s creation, and identified how various features that have been implemented move us closer to achieving the goals identified by this logic. One of these goals is the belief that the BLOCKv platform, and the NFTs produced on it, should not be inherently bound to any one chain. The introduction of the permissioned blockchain (and its use of VEE as its native token) represents a major step towards this goal as it removes any dependency on a secondary token for the creation and transferral of blockchain based NFTs. However, the implementation of this new functionality will not come at the detriment of pre-existing blockchain support.The ability to mint BLOCKv NFTs to the BLOCKv chain will be offered to creators as one of many options amongst the likes of Polygon, Ethereum and Binance Smart Chain, with the creator deciding which chain best suits their needs.
Payment abstraction and scalability
Thanks to its single purpose nature, this chain will also bring significant improvements to our current payment and scalability offerings. As a dedicated NFT chain, the permissioned network offers users the ability to mint on chain NFTs without any exposure to external dependencies, allowing for both greater creative freedom and the ability to scale up multi-directionally with demand increases, without significant impact on transaction speeds or gas fees. The implementation of VEE as token of choice for transaction fee payment also enables the BLOCKv platform to abstract the payment process for transferring and minting on-chain NFTs into an internal platform function. This will enable the platform to conduct transactions within the ecosystem in a much smoother manner and will also bolster our ability to implement future staking rewards, marketplace-esque transactions and other features. The BLOCKv platform has operated a mechanism where it enacts VEE payments for emission fees on behalf of creators and publishers for a charge in USD for a number of years, and the ability to mint on-chain through this existing channel represents a natural evolution of this process.
Marketplace functionality
Introduction
The final piece of the Q3 update we’re sharing today is the introduction of new marketplace functionality to the platform. We have now implemented a number of new features that enable creators and publishers to build marketplace dynamics into their projects and campaigns. These include the ability for publishers to create and distribute their own loyalty points, coins and rewards for use within campaigns. These ‘coins’ can be collected by end users and exchanged or used to purchase NFTs in custom marketplace environments. We’ve also implemented the ability for users to purchase BLOCKv NFTs using credit card payments within marketplace environments, thanks to integrations with leading payment provider Stripe and ecommerce operator Shopify. These features are currently live and already in use both within live campaigns (such as the recently launched Costa Coffee reusable cups scheme) and as optional functionality on the Vatom Inc. node. We’ll be publishing more details about marketplace functionality in the near future, as well as introducing new features to further flesh out this new and exciting aspect of the BLOCKv platform.
Conclusion
We hope you’ve found this piece informative, and are as excited as we are about how these new features will shape the future of the BLOCKv platform and its ever expanding ecosystem. If you’d like to find out more about any of the features discussed in this update and how they can work for you, then please get in touch with us at info@blockv.io
