Staking
Staking is one of the core features of Electric Cash. It allows us to create a sound governance system for our users and incentivize positive behavior from the network participants. By staking, which is a form of storing funds, every user can actively contribute to the network growth and help prevent the oversupply problem that could affect the overall inflation issue in the years ahead. This, in turn, increases network stability.
Staking process
Electric Cash network participants can stake ELCASH to govern the network and earn rewards. Users can also get additional benefits, such as free transactions and Governance Power (GP).
The whole staking process can be managed from the Electric Cash Wallet. The user has full control over the funds and makes the staking agreement directly with the protocol.
A Layer 2 of masternodes is created on top of the network to improve the transaction speed. Masternodes check whether a newly created transaction is valid and ensure that the transaction is irreversible, even before being added to a new block by locking inputs and sharing its information with all the nodes. Thanks to this, the network is promised that the transaction will be included in the next mined blocks.
Electric Cash Wallet
Electric Cash governance system aims to create a project that is:
Decentralized
Every network user can participate in governance. Every staker can make a proposal and cast a vote.
Secure and private
All users can vote anonymously. The blockchain network shows only the wallet address of the user participating in the governance process.
Transparent
All voting results, together with their implementation stage, are visible on the Governance Explorer website.