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Identities on the chain
The different identities on the BancChain™️
The Validators of the BancChain™️ will be able to make a NFT validator whereas they choose a % of the block rewards and transaction fee rewards that will be distributed to the NFT holders.
Text
Users
Validator
Bancc™️
Foundation
Merchants
Non-stakers
Block Reward
55%
6.99%
20%
9%
9%
0.01%
Fee Reward
10%
80%
5%
5%
No
No
KYC/KYB Needed
No
Yes
No
No
Yes
No
Users
Validators
Bancc™️ & Foundation
Merchants
Non-Stakers

Users

The users of the BancChain will be able to stake their coins towards one or several validators. They will receive 55% of the block rewards and 10% of the Fee Rewards. The purpose of staking is to offer an incentive for people that wants to conduct free transactions on the BancChain™️ but also to make an validator eligible for having the needed collateral to run a validator.

Validators

The validators of BancChain™️ is the one that are validating and propsing new blocks which contains transaction information. They will receive 6.99% of the block reward and 80% of the Fee Rewards. There will be a maximum of 300 validators on the chain and these need to have the following conditions meet to be eligible for becoming one;
  1. 1.
    A total collateral of 3,000,000 million banc is needed by either;
    1. 1.
      Owning the collateral yourself
    2. 2.
      Users staking towards you
  2. 2.
    Go through a KYC/KYB documentation check
    1. 1.
      In the future this process will be automated and will only give us (Bancc) an "Yes, this person is OK" or "No, this person is not OK".
  3. 3.
    Signing an legal document agreeing to the terms and conditions of running a validator on BancChain™️
  4. 4.
    Hosting a server with the requirements stated in the documentation at -
6. Receives a maximum of the 50% block rewards for (NFT Validators only)

Bancc™️ & BanccFoundation™️

The Bancc™️ project and BanccFoundation™️ will receive 20% and 9% of the Block Rewards and 5% and 0% of the Fee Rewards respectively.
The Bancc™️ project will receive and use these rewards for maintaining and upgrading the ecosystem.
The foundation will distribute these rewards to different charities across the world to not only help low-income countries have a technical and financial starting stone but to give them opportunities for new jobs and boost their local economy.

Merchants

The merchants of the BancChain™️ will help keeping the connectivity of the chain intact and secure and by integrating the infrastructure with Point-of-Sale terminals for facilitating transactions for fiat currencies and crypto currencies both online and offline. The merchants will receive 9% of the Block Rewards and 0% of the Fee Rewards. There will be some implementations used towards the merchants to limit dishonest use of the products, such as
  • KYC/KYB Implemented
  • Rewards based on transactions facilitated
  • & more...Will be fully disclosed within the release of merchant specific products.

Non-stakers

The Non-Stakers of the BancChain will receive 0.01% of the Block Rewards in order to incentivise higher usage of Bancc™️ products & services. There will be technical implementations put in in order to hinder miss use of the system rewards.
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