Era Swap Network aims to improve and achieve scalability, speed, and low-cost transactions for Era Swap Ecosystem (which is currently not feasible on Ethereum mainnet), hence on an alternative chain, without compromising much of trustless security for Era Swap (ES) Users. Based on ESN Testnet, it can give 500 Transactions in every 5-second at 98% lower costs as compared with Ethereum Blockchain. Mentioned improvements can be achieved by a side-blockchain on top of the Ethereum blockchain using Plasma Framework.
Only TimeAlly1LifeTimesstaking’s can be used by staker to mine blocks in Era Swap Network. If stakers don’t have the bandwidth to run and manage a node themselves, they can simply delegate their stakes to a node runner they trust, which will be minimized centralization of plenty seats in one node. It helps node runner to get a chance for mining more blocks and earn high profit which will be distributed back to delegates through Smart Contract.
The followings are the information one should know before participating as a miner in Era Swap Blockchain Network.
How To Become Era Swap Miner
The MINERS in Era Swap Blockchain Network runs two software called “Blokcee” and “Kami”. To get allowed for validating new transaction blocks in ESN, the miners need to stake Era Swap (ES) with TimeAlly1LifeTimes Smart Contract. ESN PoS Participants need to stake Era Swap TimeAlly which allows them to validate new transaction blocks in ESN.
What are the responsibilities of Miner?
The miner`s primary responsibility is to run the software to validate the new transactions and earn rewards on successful validations. The external factors like market forces of the Era Swap will base the returns and are not dependent on the efforts of the Miner.
How Miners are rewarded in Era Swap Network
TimeAlly 1LT smart contract is designed to reward the stakers who support the growth and sustainability of Era Swap Network. In ESN, the Miners have delegated the Rights to validate the new transaction blocks and earn rewards in ESN, not only it helps to enable and drives participation in developing but also validates new transaction blocks on the network to make it more secure. It also helps to attract new developers like Block Finalizer and other participants and users in Era Swap Network.
Is staking value of Era Swap (ES) is affected by Miner`s Performance
The returns are completely based on external factors like market forces and are not dependet on the efforts of the Miner.
Is Miner responsible for Creating New Era Swap (ES) Tokens?
The Miner is responsible to only maintain the Distributed Ledger, hence, they can only interact with decentralized Era Swap Blockchain Network with decentralized Era Swap (ES) Token which was previously Issued, Bought, or Sold.
Does Miner provide a money transmission service?
A TimeAlly 1LT Holder delegates validation rights to the Blokceestaking node, and the Blokcee then pools the validation rights and validates on Era Swap Blockchain Network. Hence, a miner would not provide any money transmission service because they take no part in transferring Era Swap (ES).
Does Stake Holder have to transfer his asset to Blokcee, in Dedicated Proof of Stake (DPoS)?
To enable and drives participation in developing and validating new transaction blocks on the network and make it secure, the Stakeholder delegates Blokceee, It helps to drive participation in the development and validation of new transaction blocks on Era Swap Blockchain Network.
Since by design, Plasma Framework makes the Era Swap Blockchain Network as secure as the Ethereum Network, user`s funds on the network will be secure as well. ESN will help scale DApps of Era Swap Decentralized Ecosystem to onboard the increasing numbers of user.
If you want to know more in detail about Era Swap Blockchain Network and its decentralized ecosystem which is consisted of multiple utility DApps, read Era Swap White Paper — https://eraswaptoken.io/pdf/ESN_Whitepaper.pdf
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