Ethereum staking protocol Eigenlayer published a white paper on April 29 for its new token EIGEN. The token will be used for apps such as prediction markets, data storage services, and gaming virtual machines, the white paper states. that many countries Including the United States and Canada. It will be separated from the upcoming airdrop.
Eigenlayer is a blockchain network that uses staking Ether as its base token. Users who stake Ether on Ethereum can “retake” Eigenlayer and receive additional staking rewards by validating transactions on both networks. The developers claim that this solution is more secure. This is because it allows Eigenlayer to inherit Ethereum’s security instead of relying on end-to-end trust.
According to a new white paper, Stake Ether willIt is still used to build consensus on information that can be verified on-chain, such as the authenticity of transactions.
The document states that Some information cannot be verified as true or false on-chain, but can still be easily verified by real people.
“1 [Bitcoin] BTC = 1 USD [US Dollar]” is one example of such a message. This can be easily confirmed to be false using widely available off-chain data. Eigenlayer claims that the new EIGEN token will be useful for building consensus around this type of message.
The team also claims that the EIGEN token can be isolated from decentralized finance (DeFi) apps when forking, can help measure the cost of social consensus, and can compensate users who lost EIGEN due to errors.
The team claims that these features make EIGEN ideally suited to be a “universal work token” for non-purpose work. It identifies a number of possible applications that the token could be used for. These include prediction markets, data storage services, cloud microservices, gaming virtual machines, order-matching engines for web exchanges, databases, artificial intelligence (AI) training, and other applications.
According to Eigenlayer documents, 5% of EIGEN’s total supply is received.Allocationto existing users who have restaked ETH through the network The snapshot was taken on March 15, and additional tokens will be given to participants in “Season 2” starting immediately after the snapshot. The team has not yet announced when Season 2 will end.
refer : cointelegraph.com
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