Bittime - In this digitalized age, blockchain technology offers great opportunities for innovation. One of the latest innovations in the blockchain world is OverProtocol (OVER).
In this article, we will thoroughly explore what OverProtocol is, OVER coins, tokenomics, coin allocation, and how this technology can bring significant impact to the global blockchain ecosystem.
What is OverProtocol (OVER)?
OverProtocol is the latest layer 1 blockchain platform designed with lightweight nodes so as to allow personal computers to run nodes and become validators. This is possible thanks to the layered architecture of OverProtocol through Ethanos, which significantly reduces the resources required for block validation.
OverProtocol's vision is to create a blockchain-based system with high inclusivity, allowing more participants to own and leverage value in the system. Blockchain is a system based on a cooperative mechanism that trusts the operation of the system rather than a specific entity.
The system becomes more secure and gains more trust from participants when various stakeholders are unlikely to collude together. This is the fundamental reason why participation in blockchain systems needs to be open and barriers to entry need to be low.
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Trust formed in this way plays a role in keeping "records". Blockchain systems are constantly recording changes in status, with the most important and simple use case being as a ledger for transaction records. By protecting these transaction records, the system can contain and utilize various forms of value.
By creating a system that anyone can follow and use, OverProtocol will spread the experience of owning and leveraging different forms of value to more people. Finally, OverProtocol seeks to change traditional methods of owning and using value, ensuring technology serves as a bridge, not a barrier, thereby increasing the economic empowerment of all participants.
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What Is OVER Coin?
The native token of OverProtocol is 'Over,' with the symbol 'OVER.' This is the main currency required to participate in and utilize OverProtocol. While there are other tokens in OverProtocol, OVER is the most essential for protocol operations.
It facilitates transactions by covering gas fees and is critical to network security. Users participate in Proof of Stake (PoS) consensus by staking OVER, contributing to the resiliency and trust of the network.
Tokenomics OVER
Over has a supply schedule that releases 1 billion OVER over 10 years. After entering the 11th year, no additional tokens will be issued.
OVER Coin Allocation
1. Staking Rewards
40% of the total tokens, equivalent to 400 million OVER, will be distributed over 10 years. The issuance plan allocates 200 million OVER as a guaranteed minimum reward, distributed in the same annual amount to the stakers.
The remaining 200 million OVER will be used as customizable rewards, modulated in real-time by the system without human intervention, based on the desired amount of staking.
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2. Over Community Access Program (OCAP)
Of the total supply, 15% was initially allocated to OCAP. OCAP facilitates the distribution of OVER in various ways, such as airdrops for community members and early contributors, or through the provision of liquidity. The goal is to make participation in OverProtocol accessible to those who share our vision.
3. Others
The remaining 450 million OVER is earmarked for distribution to 4 entities (Core Contributors, Investors, Over Technologies, and Over Foundation) over a 4-year schedule. Each percentage indicates the proportion of distribution allocations relative to a total of 1 billion OVER.
Minimum Guaranteed Rewards
The OverProtocol token issuance plan allocates 200 million OVER as a guaranteed minimum reward, distributed in the same annual amount to stakers. These rewards are distributed proportionally to validators based on their staking balance and the level of participation required by each epoch.
Adjustable Rewards
The actual release of staking rewards is adjusted by the protocol's predefined feedback mechanism. This mechanism acts as a backup system to modulate issuance rates: reducing actual issuance when staking rewards are sufficient and increasing issuance when additional rewards are required.
These adjustments are made based on the current staking rate, ranging from a guaranteed minimum reward of $20 million OVER per year to a maximum of $40 million OVER per year. After the 10-year issuance period ends, the remaining reserves for customizable rewards will continue to be distributed to the stakers.
Conclusion
OverProtocol is a promising innovation in the blockchain ecosystem by offering high inclusivity and ease of access to more participants. With the OVER token designed to facilitate transactions and maintain network security through Proof of Stake consensus, OverProtocol has the potential to change the way we understand and utilize blockchain technology.
With a clear supply schedule and transparent token allocation, OverProtocol provides an opportunity for anyone to participate in this ecosystem and experience its benefits.
Thus, OverProtocol offers not only advanced technology but also a vision to empower the global economy by creating an inclusive and accessible system for all.
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Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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