Sparkpoint Ecosystem Whitepaper Updates: Staking Program
Staking is a process that rewards token holders by simply keeping their tokens in their digital wallet. There will be lock-in commitment for staking and a participating tokenholder should not move or transfer his/her staked tokens from his registered wallet to any wallet during the staking period program. However, any tokenholders are free to cancel their participation anytime and have the tokens available for withdrawal, doing so will disqualify them in the staking program rewards and benefits. In any case that coin holders decided to stop participating and withdrew their tokens, and later decided to stake again, eligibility date will be restarted.
The program will run for one year beginning June 1, 2019 until May 31, 2020. Tokenholders must stake at least 5 million SRK tokens stored in their own wallet (which they own the private keys) to qualify in the staking program. SRK’s stored in exchange wallets are not entitled for the said rewards or benefits. Furthermore, SRK’s in their registered wallets that are not being moved in and out are the only SRK’s qualified for the staking benefits. The staking period and reward system is stated below.
So if Token holder A holds 10 Million SRK’s for 90 days, he/she is entitled to receive 2% (200, 000) SRK’s as a reward. Once the 180th day of staking period has been reached, token holder A is already eligible for 4% ( 400,000) SRK’s as a reward. The maximum reward that coin holder A can get is 8% once he reached the maturity of 360 days or more.
More information to follow.
