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A staked seed node serves as a direct access point (for end users and clients) to the core Zilliqa network to help validate transactions, but it does not participate in consensus. It does maintain the entire transaction history and the global state of the blockchain, which is needed to provide services such as block explorers.
Through our SSN people are also able to lock their tokens, also referred to as ‘staking’ or ‘delegating’, to earn rewards on their coins. And crucial to say is that staking with Ignite DAO is fully non-custodial. By providing this service we are able to receive a commission from the user’s staking rewards which is being used to build products on the ZIlliqa ecosystem like Torch wallet.
Staking rewards are handed out at the same time no matter what provider you choose. Currently rewards are handed out every 2200 blocks, which is estimated to be between 22-24 hours.
When you first stake your $ZIL you will enter a buffer first and start receiving $ZIL in the next cycle, so you may not receive any rewards for 2 cycles (44-48 hours) depending on the time you stake.
Stakers can transfer their stake to another SSN at any point in time but the coins will only continue accruing rewards after one cycle.
So if you transfer your staked coins from Zilliqa SSN to Ignite DAO SSN, you will miss one reward cycle, with your coins being added to the ‘Buffered status’ on the smart contract.
And buffered coins are simply waiting to be added to your preferred SSN. After one cycle has passed your rewards are growing again.
Staked seed node providers charge a commission for their servicing in non-custodially staking. The commission helps maintain the service and provide funds for future developments.
Ignite DAO actively uses funds raised via commission to help grow the Zilliqa ecosystem by creating developer tools, possibly providing workshops in the future, other community initiatives, funding projects and most importantly build dApps.
The fee’s charged comes directly off your rewards and have no effect on the coins you have deposited for staking.
gZIL is the (Layer 1) governance token on the Zilliqa blockchain and holders of it can use the token to pitch ideas and create proposals to further improve Zilliqa and subsequently vote on it.
The token itself has its own platform and can be found here.
The gZIL token is only available to non-custodial stakers and has been full distributed with 559,969 tokens being in circulation.
