Inspiration
More than 25% of crypto will be using Proof-of-stake consensus algorithm by 2019, resulting in +$2.5billion block reward annually by staking tokens. Delegating your tokens to third party staking pool is unsafe and it reduces your profit, but running your own node is technically challenging, as it requires 24/7 server availability at all times and ability to prevent attacks.
What it does
We provide a platform to:
- Allow users to start their own validator node with one-click.
- Invite friends and communities to delegate tokens to your node without sending tokens to you. You will decide the percentage of the block reward with your delegators.
How we built it
We started the validator node for the Tezos token, and saved the aws image containing this validator. Whenever a user wants to start a new Tezos node, we at the backend will start an aws instance with the image to run as the validator. The users will be able to see the node address and the profit they earn in dashboard. They will also be able to share the node address to other delegators to earn more profit.
Challenges we ran into
We are working on how to allow the users to authorise the node setup by not disclosing their private key. (by building open sourced chrome extension or using hardware wallet)
Accomplishments that we're proud of
Created the prototype for StakeIO interface. Started the Tezos validator node and saved as an deployable image on aws.
What we learned
Solved the technically issues for starting Tezos validator. (most official documentation does not work smoothly)
What's next for StakeIO
- To enable the users to authorise the set up by using hardware wallet.(Ledger Nano S)
- To support more types of token validator node.
- To design a more robust and scalable architecture in managing thousands of validator nodes for users.
- To build the real login and account management for users.
- To start charging monthly subscription fee from the users.
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