[Featured Content]

Crypto.com has recently announced Crossfire, a dry run of its Mainnet. It’s aimed at stress-testing the network in a real-world and practical environment ahead of the public release.

This marks an important milestone and is essentially the final step in the preparation for the mainnet launch.

Having said this, Crypto.com invites users to become validators, offering them the opportunity to compete with each other while completing various tasks. The winning validators will share a total prize pool of $300,000 in CRO token rewards.

Croeseid is the latest testnet, and it features a new codebase built on top of the Cosmos SDK. It has achieved substantial success with over 50 validators deployed and more than 800,000 transactions processed so far.

Below are a few reasons for which users might consider becoming a validator, as well as everything you need to know about the process.

Contribute and be a Part of Crypto.com’s Growth

Network validators play an integral role in the overall development of the ecosystem and, as such, are incentivized to take part earlier.

Read Also:   New Jersey Lawmakers Considering Sweeping Legislation to Regulate Bitcoin, Blockchain and Cryptocurrency

Users are given the opportunity to compete and become one of the top 10 most valuable participants (MVP). Each of the eligible participants might receive CRO rewards upon completion of different tasks.

Some of the tasks that validators can perform include but are not limited to:

  • Submitting transactions to the network for a chance to win the jackpot.
  • Participate in proposal voting.
  • Perform updates to client nodes.
  • Observe and report various network attacks using Crypto.com Chain’s GitHub directory.
  • Compete with the other participants for a chance of becoming one of the top 10 MVPs.

In addition, there are various entry tasks that validators can undertake for a chance to win additional rewards. The entry-level tasks include setting up your validator status and also keeping your node active. Both of these tasks combined have a chance of rewarding 200 users with $1,000 in CRO each.

Rewards Explained and Further Details

The competition period starts on January 18th, 2021 at 04:00 UTC and ends on February 15th, 2021, at 03:59 UTC.

Read Also:   Introducing DataGrid: Crypto’s First Comprehensive Blockchain | by The Capital | The Capital | Jan, 2021

There will be four different phases to the competitions, starting with Phase 0, which is basically the registration period and the pre-validator setup. It began on December 17th, 2020, and will end on January 11th, 2021.

The other three phases are as follows:

Phase 1: The Validator Setup

During this period, the dry-run special testnet will be launched. Participants who are capable of setting up a Primary Node and submit at least one block commitment throughout the phase may be rewarded. The phase starts on January 18th and ends on January 25th.

Phase 2: Keeping Active Nodes

During this phase, from January 25th to February 8th, users have to keep their Primary Nodes active. The rewards may be given to participants who maintain their nodes with 50% of up time.

At the end of this phase, participants shall perform a network upgrade, and those who manage to do so successfully may be rewarded.

Read Also:   Hashed Successfully Raised $120 Million

Phase 3: Network Attack and Defence

The last phase of the competition will last from February 8th until February 15th. During this period, participants are actively encouraged to launch attacks that comply with the Official Rules and Terms.

The maximum number of participants is set to 200.

In terms of rewards, the schedule is as it follows:

  • Network upgrade – up to $150 in CRO for each winner (200 winners)
  • Jackpot – up to $10,000 in CRO
  • MVP Prize – $13,000 in CRO shared between the top 15 validators
  • Network attack sharing and bug-bounty program – up to $50,000 shared by the various contributors

In addition, Crypto.com also encourages its participants to refer friends to join the dry run, where each eligible referrer and referee will receive a total reward of $50 in CRO.


Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link


Becoming a Validator for Crypto.com Chain’s New Mainnet Crossfire

by Steven Willis
Choose A Format
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format