Countdown to PoS Upgrade

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💡 The upgrade from Proof-of-Authority (PoA) to Proof-of-Stake (PoS) took place on July 16, 15:00 CET, 2024.💡

PoS Info Center

Find all info you need around the eSync Network’s upgrade to Proof-of-Stake (PoS).
What is Proof-of-Stake (PoS)?
Why PoS?
How does it work?
Documentation

What is Proof-of-Stake (PoS)?

The Proof-of-Stake (PoS) consensus mechanism is a method used in blockchain networks to achieve distributed consensus. The creator of a new block in a PoS-based blockchain is chosen in a deterministic way, depending on the amount, also defined as stake. 

In PoS systems, blocks are said to be ‘forged’ or ‘minted’, not mined. Validators are chosen to create a new block based on their economic stake in the network, thus the more coins a validator holds, the more they can forge. 

This method reduces the energy consumption (in comparison to PoW consensus mechanism), overall cost and increases the distribution of the network, making the blockchain more scalable, decentralized and sustainable. 

Please also take a look at the PoS FAQ section to find out more.

Why PoS ?

Earlier eSync Network has relied upon the tried, tested and eCredits optimized Proof-of-Authority (PoA) consensus mechanism. With its utilization of predefined, trusted validators it has long provided the stability and security needed for the network to develop and prosper in its early stages.

While PoA has served well in the first stage, the need to push forward made the shift to Proof-of-Stake (PoS) inevitable. By the nature of its configuration, PoS offers more decentralization and security – and consequently, more trust – than PoA can provide. Further, blockchains (like ours) that utilize PoS are faster, cheaper, more scalable, making them increasingly attractive environments for developers to build their projects.

Best part: unlike other alternatives, PoS works with Ethereum – which is what the eSync Network is built upon – offering more decentralization scalability than ever before.

Please also take a look at the PoS FAQ section to find out more.

How does it work?

In a PoS system validators are chosen to create new blocks and confirm transactions based on the amount of cryptocurrency they hold and are willing to “stake” as collateral. The higher the stake, the greater one’s chance of being selected to validate transactions and forge new blocks.

The result is that validators are incentivized to be proactive, by ensuring new blocks are created, and to act honestly, to avoid losing their staked assets. 

Ethereum puts it more bluntly “PoS is a way to prove that validators have put something of value into the network that can be destroyed if they act dishonestly. If they try to defraud the network, some or all of their staked ETH can be destroyed.”

Please also take a look at the PoS FAQ section to find out more.

NODE SETUP Documentation

If you want to learn how to setup a Validator Node check out the Technical Documentation.

eSync PoS Celebration Raffle 🎉

Win an ECS Jupiter Validator Node worth a stunning 1,500 €!

Welcome to the eSync Network PoS Celebration Raffle.

Take part in our exciting raffle and win great prizes – join us in this new era of decentralization and security!

Prizes 🏆

1st Prize

2nd Prize

3rd Prize

ECS Jupiter Validator node

worth 1’500 €

eCredits Wallet Card

loaded with 50’000 ECS

eCredits Wallet Card

loaded with 25’000 ECS

Prizes 🏆

1st prize

ECS Jupiter Validator node worth 

1’500 €

2nd prize

eCredits Wallet Card worth 

50’000 ECS

3rd prize

eCredits Wallet Card worth 

25’000 ECS

The Raffle 🍀

1

Purchase a minimum of 10’000 eCredits (ECS) on supported exchanges or via eCredits Wallet App during the campaign from July 11 to August 11, 2024.

2

Click on the “Join the Raffle” button to access the raffle participation online form.

3

Filling in the form with your details: Name, email and ECS wallet address.
⚠️ Make sure that you enter the wallet address on which the ECS you have purchased are stored.

4

Read and accept the “PoS Celebration Raffle Disclaimer” and the “Privacy Policy” on the form. 
Submit the form and secure your chance to win big!

5

On August 12, 2024, we will draw three lucky winners from all eligible entries.
Winners will be informed shortly after the draw. Good luck!

Campaign Duration 📅

The clock is ticking and the prizes are calling!

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Campaign Period: July 11 to August 11, 2024

What are you waiting for? 

Buy eCredits (ECS)

Don’t wait! 

Purchase your ECS now and enter our eSync Network PoS Celebration Raffle. 

Get your eCredits Wallet App

eSync PoS Celebration FAQs

Frequently asked questions (FAQs) about the Campaign.

What is the eSync Network PoS Celebration Raffle?

Answer: The eSync Network PoS Celebration Raffle is a special event to celebrate our transition from PoA to PoS. Participants who buy a minimum amount of 10000 ECS during the campaign period have a chance to win fantastic prizes, including a Validator Node and two eCredits Card Wallets.

Answer: The campaign runs from July 11 to August 11, 2024. The winners will be drawn and announced on August 12, 2024.

Answer: To participate, purchase a minimum amount of 10000 ECS during the campaign period, complete the form on our landing page with your Name, Email, and eCredits (ECS) Wallet Address, accept the terms and conditions, and submit the form.

Answer: You can purchase ECS on the following exchanges: Bitrue, Blocktrade, Bit2Me, or via the eCredits Wallet App.

Answer: Three lucky winners will be drawn randomly from all eligible participants who have fulfilled the criteria by the end of the campaign period.

Answer: The 3 winners will be drawn and informed on August 12, 2024.

Answer: Yes, you need to purchase a minimum amount of 10000 ECS during the campaign period to be eligible for the raffle.

Answer: If you have several wallets with different wallet addresses and purchase a minimum amount of 10000 ECS for each of these wallets during the campaign period – yes, you can participate multiple times.

Answer: Yes, it is not necessary to reach 10 ‘000 ECS in one purchase, several tranches of purchases can also be made, which cumulatively result in a minimum amount of 10’ 000 ECS.

Answer: No, the amount of purchases has no influence on the chance of winning. It is important that a minimum amount of 10000 ECS is purchased during the campaign period.

Answer: Participants must meet the terms and conditions specified in the campaign. Please review the terms and conditions on the landing page for more details.

Answer: Winners will be informed via the email address provided in their participation form after the draw on August 12, 2024.

Answer: Attention: eSync Network and its native coin eCredits (ECS) is an EVM compatible solution. You can use the Wallet Address of:

  • eCredits Wallet App
  • Software wallets like Metamask
  • Cryptocurrency exchanges that have listed eCredits (ECS)
  • Attention: Make sure that you are using ETH wallets and ETH addresses

Answer: In the eCredits Wallet app you can find it under “eWallet” -> click on the square logo in the top right corner of the virtual card -> on the “Your eWallet Address Screen” you will find the Wallet Address, starting with 0x…

Answer: The preconfigured ECS Jupiter Validator Node is designed for those who appreciate performance and aesthetics. 

Specifications:

Processor
Intel Core i7 4.70 GHz, 4-Core

Dimension
335 x 209 x 176 mm

RAM
32GB DDR4

GPU
Nvidia RTX 2060 6GB

Storage
1TB M2 SSD

Operating System
Linux Ubuntu

PoS FAQs

Frequently asked questions (FAQs) about the eSync Network PoS upgrade.

What is Proof-of-Stake (PoS)?

Answer: Proof-of-Stake (PoS) is a consensus mechanism where network participants validate new blocks based on the amount of cryptocurrency they hold and stake. Unlike Proof-of-Work (PoW), PoS systems do not require energy-intensive calculations but select validators based on their stake and other factors such as randomness.

Answer: We are transitioning from Proof-of-Authority (POA) to Proof-of-Stake (PoS) to increase the decentralization and security of our network. PoS allows us to encourage the participation of a larger number of users in the consensus process, making the network more resilient to attacks.

Answer: The transition is planned for 16 July 2024. We will announce detailed information and a specific timeline through our communication channels in due course

Answer: More information and updates will be published on the esync.network Website and the eSync Network social media channels. We recommend regularly checking our announcements to stay informed.

Answer: In a PoS system, validators (stakers) are selected based on the amount of tokens or coins they have staked and other factors such as randomness to validate new blocks. These validators confirm transactions and add them to the blockchain. In return, they receive rewards in the form of additional tokens or coins.

Answer: All existing transactions and data of the eSync Network remain unchanged and secure. The transition only affects the consensus mechanism and does not alter historical data on the blockchain. All previous transactions and records remain fully intact.

Answer: To participate in the eSync Network PoS, users need to stake a certain amount of eCredits (ECS). This stake signals their commitment and trustworthiness within the network. More details on participation, including the minimum staking requirements, will be provided in our guide.

Answer: As with any investment, there are risks, including the potential loss of the stake in the event of misconduct or attacks on the network. Participants should be aware of the possible risks and only stake amounts they can afford to lose. Another risk is the slashing mechanism which penalizes validators for misbehaving, being offline or decreasing the eSync Network stability any other way. Such behaviour will be penalized and can lead to a loss of the staked funds.

Answer: Rewards in the eSync Network PoS system are distributed proportionally to each validator’s stake. Validators who successfully create new blocks and validate transactions receive rewards in the form of additional eCredits (ECS) corresponding to their stake.

Answer: PoS offers higher decentralization than PoA as anyone can participate in the consensus without any approval of the community. As a result, more participants are involved in the consensus process which further decentralizes the network. This can enhance network security as it becomes more difficult to control or manipulate a majority of stakers.

Answer: No action is required from Validators at the moment!

We will shortly be providing more detailed information for Validators.

Answer: In the PoS system, validators who cheat or violate the rules can lose their stake, a process known as “slashing”. These penalties ensure that validators behave correctly and protect the network.

Answer:  You can find additional information in the Node Setup Documentation

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