The unique luxury ecosystem with 4 distinct protocols that support utility, loyalty, insurance – and now, staking.
6.5% is appealing in any context – even more so when the reward could help you unlock the dream luxury lifestyle.
- No need to leave your funds outside your own wallet
- No risk of seeing your coins diverted for use elsewhere
- You can always access what you need
In just a few clicks, you’ll be up-and-running. Staking is simply a question of downloading software onto your computer; sending your coins to your staking wallet; then, sitting back as your balance grows.
Plus, as the Elitium software auto-stakes, you can maximize your rewards without any additional effort while leaving your staked currency on your device of choice.
Another attractive feature is that no-one can access your private key.
This sensitive information is yours – and yours only – so it remains up to you to decide who can access your funds. In fact, once you pass KYC, you won’t have to share any additional information with any third-party, even if you choose to stake.
So you can keep your information – and your balance – 100% secure at all times.
Let’s not forget one of the foundational benefits of Proof of Stake.
The system is incredibly energy efficient compared to Proof of Work (which wastes vast amounts of energy to mine coins).
PoS requires minimal computing power to run; not to mention simple software that anyone can download in seconds – giving everyone the chance to start receiving rewards in just a few short steps.
So, PoS isn’t only rewarding for the hodler – it delivers a more positive environmental outcome than PoW as well.
Before we discuss the staking coin, let’s recap Elitium’s existing technologies. The ecosystem has three protocols that power three distinct use cases:
- EUM: Tradable ERC utility coin that’s compatible with most wallets and exchanges (will become an EOS coin after the release of the dApp in support of key features such as smart contracts, scalability, fast settlement)
- EUMX: Native loyalty coin to incentive platform adoption
- EUMI: Non-tradeable insurance token that protects user funds in the event of malicious activity
The unique combination creates the most valuable product possible for traders, hodlers, partners, and members alike. Further, the use of distinct protocols for each coin keeps the solutions separate. So, a breach in one part of the network won’t impact the EUM price.
To extend the offering, we decided to introduce a fourth protocol: EUMS.
EUMS is a staking rewards coin paired 1:1 with EUM. More specifically, EUMS is based on Quark technology – and it’s a fork of PIVX (which is a fork of Dash; which is a fork of Bitcoin).
— You could say, “EUMS is the offspring of the Great Grandfather of Cryptocurrency,” and shares all the robust, secure, and sophisticated features of the best coins that have come before.
Though, we’re not done yet. In fact, we’ve saved the best feature ‘til last.
If you’re still asking, “Why create a separate staking coin?” Here’s the kicker…
As good as PoS is — like every protocol — it has its drawbacks. The main concern is how cheap it can be to mint a fake block — and how little information is needed to verify it properly.
So, while PoS can claim much higher security against 51% attacks… some elements of its design may actually create new vulnerabilities.
— Including the much-discussed Fake Stake Attack.
Fake Stake attacks happen when a blockchain fails to properly validate network data before committing resources, like disk space and RAM.
An attacker can cause a targeted node to crash by filling up disk or RAM with bogus data — all without much of a stake (in some cases, no stake at all); which allows the attacker to mint a stash of coins, then dump them on the market at a profit.
The design of the Elitium staking system, on the other hand, makes it entirely unhackable. Why?
- Because network participants must first pass Elitium KYC…
- …then exchange EUM for EUMS within the Elitium platform…
- …then stake a balance of EUMS…
- …before switching EUMS back to EUM if they’d like to trade.
In fact, the combination of two coin protocols make Elitium one of the most robust staking systems there is; as we can both secure the system and avoid bad actors from dumping a faked staking balance on the market.
Staking EUMS couldn’t be simpler — just follow the process below.
Click here to stake the Elitium Network
One final question is how staking impacts both the network’s token economics and the ecosystem as a whole.
Check the detail in the linked post. Below, we focus on the essentials:
- 60% (199.2m) of the total supply of EUM (332m) is reserved to power the Elitium ecosystem and its associated features (e.g., staking EUMS);
- Stakers receive an average EUMS reward of up to 6.5% per annum based on the balance of EUMS staked;
- EUMS rewards come partially from the reserved pool of 199.2m EUM.
2019 has already been a huge year for Elitium. Next up — the official launch of the Elitium staking coin, EUMS.
Staking is the perfect mechanism to sustain, strengthen, and grow our ecosystem, while its inclusion in the roadmap ensures Elitium investors are incentivized to join the network at this early stage.
Moreover, the fourth protocol only adds to the individuality of the network, setting Elitium further apart from the crypto-crowd.
Following the release of the staking system, Elitium will finalize the development of the beta version of the mobile app — so expect the publication of an updated roadmap in the coming weeks.
For those that can’t wait…
Click here for your chance to stake the future of luxury.
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