MUST READ BEFORE STAKING BLUZELLE
Bluzelle, a brainchild of Pavel Bains and Neeraj Murarka was formed in July 2014.They created a technology stack that can abstract the complexities of managing blockchain or decentralized apps. Bluzelle as a project has been a very active one since 2014. It gained prominent in 2017 when the World Economic Forum (WEF) named it the 2017 Technology Pioneer. Bluzelle aims to be the number one data layer for Web 3.0 which provide a decentralized data network that is secure, tamper-proof, scalable, and available and that has greater privacy.
It is powered by Cosmos and can handle 10,000 TPS and is a delegated proof of stake network. Any type of device and gaming console can become a node on Bluzelle. It is fully decentralized and stores data across thousands of nodes around the world. Each node provides storage space and earns a fee. Bluzelle is the AirBnB of database whose solutions are being developed to enhance Defi with historical price feeds, provide data analytics, 360 degree views, and more. As defi grows, decentralised infrastructure plays a big role and bluzelle is a pioneer in this niche of decentralized data storage service.
On the 8th of August 2020, bluzelle launched its mainnet and some days later precisely on the 20th of August 2020, staking of its native token (BLZ) commenced on its staking platform staking.bluzelle.com. However, this is just the phase 1 soft net which ends in September, 2020 and will be followed immediately by the phase 2.This means investors in this first phase will receive all the tokens staked plus the interest gained by September 2020.
However, before staking your bluzelle the following caveats have to be studied and digested.
One, it is worth stating that the URL of the bluzelle staking platform carries http instead of https which ensure better security than the former. This was done so that bluzelle staking platform can be tested in time. Nevertheless, your mnemonics or seed phrase are generated locally on your device and does not get transmitted into the bluzelle system, more so, bluzelle plan to move the staking platform to an https or more secured platform in the following weeks.
Two, for now the staking platform only supports metamask for the interaction with their smart contract on the bluzelle staking platform. But it plans to integrate mobile wallet, ledger and wallet connect in the next phase of the staking come September. They apply the chunk and chew method which allow for further future improvement at any point in time rather than releasing all the features at a go and having to restart all the process in order to debug any hidden bug.
Three, you can only be able to convert between 10 and 250,000 BLZ to BNT at every transaction ,meaning if you want to convert more than 250,000 BLZ you will have to do that with multiple transactions and you cannot convert less than 10BLZ at a point. The essence of this is to prevent whales from taking over the system at a point in time.
Four, it should be noted that BLZ to BNT token conversion can be best described as semi-automated for now because it is done through the Ethereum-Cosmos relayer which still runs manually for now. This process can last for hours but not more than 24 hours. Apart from the relayer which stand as a middleware between the ethereum and cosmos blockchain and which still works manually, the remaining process of token conversion are automated, that is sending BLZ as well as receiving BNT.
Five, you will have to create an account on the bluzelle staking platform having connected to your metamask on your browser preferably Google chrome. Note that you have to create another account in the subsequent phase of the soft net as the account used for this phase cannot be used for the subsequent ones
Six, the bluzelle conversion is still one way for the time being that is BLZ to BNT and not vice versa however, bluzelle look forward to making the conversion two way by enabling BNT to BLZ.
Seven, you are free to unstake from a validator any time but note that if you unstake from a validator,you would have to wait for a period of 21 days called the unbonding period before you can stake again.This means within this period, you would not be able to use your unstaked token or stake it. It is advisable that you research the validator you want to delegate your token to and stick to that as changing validator will cost you some time.
Eight, if there is a system crash within this first phase of soft net which has a 0.5% probability of occurring, then be rest assured that your converted BLZ will be returned to your metamask wallet within the shortest period of time. However, be informed that bluzelle is not liable for any mistake made by you in the process of converting and staking your tokens.
For a blow by blow simplified step on how to stake the bluzelle token,read my other writeup here
for more information visit https://www.bluzelle.com
