Cryptocurrency entrepreneur and visionary Bryan Legend is probably most famous for being the co-founder of OOXY Labs, which has a decade of expertise within the blockchain and crypto house and helps to innovate the way forward for decentralized finance expertise.
Now, he’s catapulting the house to the following degree, blockchain computerized income sharing — aka BARS, a time period Legend just lately coined. It describes a brand new, pioneering kind of auto-staking operate that provides customers entry to a number of streams of passive revenue by way of the Vulcan platform, and Bryan Legend is hopeful it should assist usher in a entire new period of DeFi.
In a collection of tweets on Feb. 27, Legend described BARS.
“The #DeFi house is altering quickly to change into extra environment friendly and passive revenue oriented. Traders wish to take part in sound protocols with underlying revenue-sharing methods,” wrote Legend.
“A #blockchain thrives from consumer adoption, on-chain quantity, and an increasing ecosystem, so the evolution of merging DeFi mechanics with blockchain expertise and routinely distributing income sharing with its customers is a sport changer by no means seen earlier than within the trade,” he added.
“Blockchain Automated Income Sharing (BARS) will usher within the new wave in DeFi. #VulcanBlockchain is the World’s First to implement this radical new method.”
Legend, a local of Brisbane, Australia, is the founder and CEO of Vulcan Blockchain, the world’s first auto-staking and auto-rebasing layer 1 blockchain. The platform provides a 44% annual share fee to buyers who maintain its native VUL cryptocurrency, and its proprietary Vulcan Consensus algorithm makes use of the proof of authority consensus to allow a versatile, scalable, safe, and high-speed crypto platform.
The Vulcan Blockchain
Together with his intensive information of the blockchain trade, Bryan Legend goals to revolutionize the decentralized finance sector via the Vulcan platform, which incorporates all the weather that outline it as a blockchain computerized income sharing service, with the auto-rebasing mechanism adjusting the availability of the native VUL cryptocurrency each quarter-hour.
The truth that there’s an auto-compounding characteristic within the blockchain, which will increase VUL coin holder possession with every community epoch, solely provides to the platform’s standing as a next-generation DeFi resolution.
As well as, there are three different strategies that platform customers can make the most of to earn passive revenue: Fastened, Flex, and PowerPool.
Fastened is the platform’s mounted 44% APR that’s routinely distributed to VUL holders yearly. This provides everyone within the Vulcan ecosystem a excessive APR with none dedication.
Flex distributes 1% of charges from all VUL transactions collected throughout a 24-hour interval throughout all customers who maintain a minimal of VUL 1 of their pockets and actively declare their Flex reward. The quantity customers get is proportionate to their VUL holding as a share of the overall provide.
Lastly, PowerPool is a 30-day cumulative complete of unclaimed every day Flex rewards which could be claimed by energetic Vulcan platform customers who’ve claimed their every day Flex reward. This encourages continued participation within the Vulcan ecosystem and promotes on-chain exercise for node operator rewards.
Fully Future-Proof
Whereas many DeFi platforms undergo from bloating as new customers enter the market, which ends up in slower transaction speeds and better charges, Bryan Legend has developed a characteristic to safeguard in opposition to this and future-proof his platform.
This characteristic will make the most of sensible contracts to make transactions quicker and safer. “That phrase ‘bloating’ is mainly what has occurred to Ethereum blockchain,” explains Legend. “The community has slowed significantly because of the sheer quantity of customers interacting with it inflicting gasoline costs to soar.
“Customers of Ethereum chain have largely moved over to Binance Sensible Chain and different comparatively decrease gasoline price chains that provide higher efficiency. However, Vulcan Blockchain provides even much less gasoline prices when in comparison with Binance Sensible Chain regardless that they’re each [ethereum virtual machine] suitable on the floor. Nevertheless, Vulcan Blockchain is the one one with BARS expertise at its core which incentivises customers to wish to use Vulcan as a substitute.”Though the strategy behind this characteristic is a intently guarded secret, it’s recognized that it additionally eliminates third-party intervention for conducting transactions in its community, which has attracted a number of customers and elevated participation within the DeFi house.
As for safety and transparency, the Vulcan platform has applied a number of measures to guard consumer information. Vulcan makes use of superior encryption algorithms and common safety audits to make sure the platform stays up to date with the newest safety requirements. That is excellent news for buyers with massive asset swimming pools who’ve, till now, discovered it tough to belief that blockchain platforms are sufficiently protected in opposition to menace actors.
As for what’s subsequent, Bryan Legend is optimistic that the adjustments at present going down within the blockchain trade will imply that Vulcan might be in a main place to supply a swath of services and products that can reply the rising wants of DeFi individuals.
