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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
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.
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.A total collateral of 3,000,000 million banc is needed by either;
- 1.Owning the collateral yourself
- 2.Users staking towards you
- 2.Go through a KYC/KYB documentation check
- 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.Signing an legal document agreeing to the terms and conditions of running a validator on BancChain™️
- 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)
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.
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.