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Enterprise blockchain platform Nuls, in collaboration with cross-blockchain layer-2 network Aleph, has tested a new staking service, staked coin output (SCO).
According to a press release dated August 13, the staking service applies a new type of reward model, allowing NULS community members to stake tokens to receive tokens from other projects building on the NULS platform.
Nuls token-holders can choose how they want to receive the rewards earned for participating in consensus as validation nodes. Nuls stakers are required to hold 2,000 NULS because staking nodes validate blocks, while the Nuls consensus nodes produce the blocks.
“When a staker delegates their node into a consensus node for an SCO project, such as Aleph, they can earn the alternative (Aleph) token instead of the NULS token as their consensus reward,” the release explains.
During the trial, Aleph was able to secure over 2 million staked NULS tokens in just 24 hours, at a valuation of roughly $1.25 million. The first node of 500,000 staked tokens was full within hours of the token launch.
“SCO can fast track top-tier projects and help spur innovation that the NULS community wants,” said NULS Co-founder Reaper Ran. “The investor community isn’t risking anything because they are only sacrificing their staked rewards, not their principal. Developers that participate have near-zero overhead, and the NULS network effect means that successful SCO projects are able to approach the market with confidence.”
Nuls said that the SCO model can help projects to quickly determine the appetite for their proposed solution rather than jumping straight into traditional fundraising, ICOs or IEOs.
“An SCO is not an ICO or IEO equivalent; it is a way to enhance decentralized finance with a feature that allows a project to earn support for development, marketing, and other costs while contributing to the network consensus,” it added.
Following the success of Aleph, blockchain-enabled mobile advertising platform Hena is also planning to launch their own SCO. In addition, Bibox intends to build a DEX on NULS to provide the opportunity for projects to secure quick listing following a successful SCO.
Last month, the China Center for Information and Industry Development (CCID), an initiative of the Ministry of Industry and Information Technology, released its latest monthly assessment of cryptocurrency projects, which put NULS in the fourth place, Cointelegraph reported.
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