The SpaceSwap team received a lot of early requests due to their unique multi-layer incentives model. It is a DeFi protocol that was officially released on the 10th of September. Basically, it is a real community-run project that is governed by the vote of the community. And SpaceSwap Galaxy is a voting system in the SpaceSwap ecosystem.
SpaceSwap Galaxy
Galaxy is the voting system implemented in the SpaceSwap ecosystem. The project team states that it’s always up to the users to decide which pools they’d like to see in the lineup.
This helps to raise the level of transparency within the platform and encourages new and promising projects to put their pools to the vote.
Understanding the Pools in Blockchain
A mining pool is a joint group of cryptocurrency miners who combine their computational resources over a network to strengthen the probability of finding a block or otherwise successfully mining for cryptocurrency. Individually, participants in a mining pool contribute their processing power toward the effort of finding a block. If the pool is successful in these efforts, they receive a reward, typically in the form of the associated cryptocurrency.
Rewards from This project
Rewards are usually divided between the individuals who contributed, according to the proportion of each individual's processing power or work relative to the whole group. In some cases, individual miners must show proof of work in order to receive their rewards. Anyone who wants to make a profit through cryptocurrency mining has the choice to either go solo with their own dedicated devices or to join a mining pool where multiple miners and their devices combine to enhance their hashing output. Not all cryptocurrency mining pools function in the same way. There are, however, a number of common protocols that govern many of the most popular mining pools. Proportional mining pools are among the most common. In this type of pool, miners contributing to the pool's processing power receive shares up until the point at which the pool succeeds in finding a block. After that, miners receive rewards proportional to the number of shares they hold.
How does the Voting system work in Galaxy?
● After the generation of every 100,000 blocks, we’ll launch a vote on which pools to include or remove. Every MILK2 holder can participate in the vote.
● The power of each holder's vote is correlated to the number of coins they own.
● Pools that receive more than 50% ‘FOR’ votes will be listed.
● All in all, if a pool doesn't pass a vote, it can always make improvements within the system and put it to a vote again, after the generation of the next 200,000 blocks. This provides greater motivation for forward-looking projects.
How to become the next Big Bang in the SpaceSwap universe
The SpaceSwap project has already stated that each partner of the project has the chance to get their pool listed. It is essential for us to ensure that all the rules are clear and transparent. To put a pool to a vote, each partner has to:
•Pay the listing fee of 3,000 MILK2 coins (coins will be burnt automatically).
•Have the pool put to a vote in the SpaceSwap Galaxy system. Please note that this does not guarantee an official listing - the community will decide upon the fate of each pool.
•Let users try it out and if they vote ‘FOR’ it, the pool will be officially listed as one of the 9 elected Milky Planets.
The SpaceSwap team is excited about the launch of the Galaxy voting system and considers it to be the cornerstone of a future, transparent DeFi universe. It is a great chance for all projects to promote their coins as well as to offer users the opportunity to test the pools and find the best APY rates.
The current Yield Farming system of SpaceSwap, with its two native coins, is a real game-changer. No other project has 2 interchangeable coins with multi-functionality and guaranteed liquidity. The SpaceSwap team follows its own Milky Way by presenting the Galaxy.
Official links For more update ,
Web : https://spaceswap.app/
Whitepaper: https://docs.spaceswap.app/spaceswap/
Twitter: https://twitter.com/spaceswapdefi
Spaceswap DeFi: https://github.com/spaceswap
Github: https://github.com/spaceswap
Telegram: https://t.me/SpaceSwap
Author
Bitcointalk Username: jorina_006
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2171158
ERC - 20 Address: 0xC36a747dD8123b6A8a01061c3519a50d529EfF70