Tag Archive for: decentralized exchange

Blockchain Interface Improvement for Staking – Completed (UI Manuals)

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VTBDex Updates

 Date: February 22, 2024

Available at https://vtbdex.com/

VTBCommunity Announcement – VTBDex – Technical Updates – Blockchain Interface Improvement for Staking – Completed

Dear VTBCommunity members,

We are thrilled to share that the Blockchain Interface for Staking, Nomination, and Nomination Pools has been successfully deployed and is now fully operational.

Consistent with our commitment to transparency and accessibility, comprehensive documentation on how to use the user interface (UI) will be available through the usual informative channels. In line with the aforementioned, we would like to take this opportunity to remind our community members that the VTBCommunity Foundation is a non-custodian operator and does not hold or have any control over the tokens owned by you nor of your private keys.

We are truly excited to witness the positive impact and empowerment our community will experience through this significant enhancement.

COMPREHENSIVE INFORMATION ON HOW TO USE THE USER INTERFACE (UI) FOR STAKING, NOMINATION AND NOMINATION POOLS.

The VTBCommunity Foundation is delighted to introduce a series of comprehensive manuals aimed at enhancing your experience and understanding of various features within our ecosystem. These manuals serve as invaluable resources, offering detailed guidance on key processes essential for active participation.

Below, you will find brief descriptions of each manual:

  1. Claiming Rewards: This manual provides step-by-step instructions on how to claim rewards within our ecosystem. Learn how to access and maximize your rewards efficiently. Download it here.
  2. Nominating using Polkadot JS UI: Dive into the world of nomination by utilizing the Polkadot JS UI. This manual elucidates the process of nominating validators to secure the network and earn rewards. Download it here.
  3. Nomination Pools using Polkadot JS UI: Explore the concept of nomination pools and learn how to participate using the Polkadot JS UI. Download it here.
  4. Nomination Pools using DEX UI: Delve into nomination pools through the Dex UI interface. This manual provides comprehensive guidance on leveraging the Dex UI for participating in nomination pools efficiently. Download it here.
  5. Nomination using DEX: How to nominate validators seamlessly and contribute to the security and decentralization of the network. Download it here.

Each manual is meticulously crafted to empower you with the knowledge and skills necessary to navigate our platform effectively. Whether you are a novice or an experienced user, these resources are designed to cater to your needs and facilitate your journey within our community.

We encourage you to explore these manuals at your convenience and leverage them to elevate your participation within our ecosystem.

Thank you,

The VTBCommunity Foundation
vtbcommunity.org

 

Blockchain Interface Improvement for Staking

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VTBDex Updates

 Date: February 14, 2024

Available at https://vtbdex.com/

VTBCommunity Announcement – VTBDex – Technical Updates – Blockchain Interface Improvement for Staking

Dear VTBCommunity members,

We are delighted to inform you that exciting improvements are underway that will significantly elevate the functionality and usefulness of the VTBCommunity blockchain. We’re thrilled to share this pivotal advancement with you, as it enhances our blockchain interface, unlocking a realm of possibilities for our community in an even more user-friendly environment.

This notification serves as an advance notice before the deployment of a transformative update scheduled for Tuesday, February 19, 2024. This upgrade is an important milestone in our journey, as it touches up our blockchain interface for Staking, Nomination, and Nomination Pools.

Enhanced Blockchain Interface: Staking, Nomination, and Nomination Pools

The upcoming code update will upgrade the blockchain interface for Staking, Nomination, and Nomination Pools. This interface empowers users to stake their tokens, nominate existing validation nodes, and initiate Nomination Pools in an even more user-friendly atmosphere. By doing so, VTBC holders will have the opportunity to earn block validation rewards alongside validator node owners, thereby putting their tokens to work in a meaningful way.

Empowering our Community

This renovated interface empowers our community members in several ways:

  • Staking Tokens: Users will have the ability to stake their tokens, allowing them to actively participate in network validation processes.
  • Nomination of Validation Nodes: Community members can nominate existing validation nodes, contributing to the decentralization and security of our network.
  • Starting Nomination Pools: VTBC holders can initiate Nomination Pools, providing an opportunity for token holders to collectively stake their tokens and earn block validation rewards.

In essence, by participating in these activities, VTBC holders can actively engage with the VTBCommunity ecosystem, potentially earning block validation rewards alongside validator node owners and making them part of the governance power. Additionally, this functionality will provide validator owners with easy access to their nodes.

Accessing the Interface

After deployment, comprehensive documentation will be provided on how to use the user interface (UI). You can access the UI information through all the available VTBDEXs, like vtbdex.com, as well as the alternative blockchain interface provided by polkadot.js.app. This documentation will ensure that all community members can make the most of the functionalities seamlessly.

Functionality disruption during deployment

While implementing, there may be some temporary short disruptions in functionality. Please rest assured that our team is working diligently to ensure a smooth transition.

Conclusion

This forthcoming upgrade underscores our commitment to cultivating a dynamic and rewarding ecosystem for all VTBCommunity members. We’re thrilled about the possibilities it brings and look forward to seeing the positive impact it will have on our community.

As always, our deepest gratitude to all our members for your continued support and engagement as we strive to create a vibrant community. Together, we are building a stronger and more resilient ecosystem for all VTBCommunity members.

Thank you,

The VTBCommunity Foundation
vtbcommunity.org

 

How to do NFT operations in Polkadot Explorer

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VTBDex Updates

 Date: January 13th, 2023

 

VTBCommunity Announcement – How to do NFT operations in Polkadot Explorer

Dear VTBCommunity members,

The VTBCommunity Foundation is happy to announce a guide on NFT operations using Polkadot Explorer.

We sincerely thank all our members for your firm support in making the VTBCommunity a success.

Creating a collection

Each NFT must belong to a collection, so before you can start minting NFTs, you first need to create a collection.

Open this link in your web browser, and go to Developer □ Extrinsics section.

Select your account from the using the selected account drop-down list.

In section,  submit the following extrinsic section, select nfts from the left drop-down and select create(admin, config) from the right drop-down.

The create(admin, config) function accepts the following arguments:

  • admin: MultiAddress (AccountIdLookupOf) : The account that is going to be the admin of this collection.
  • settings : This allows disabling some collection specific Pass 0 to not disable anything. Each collection may disable zero or all of the following functionalities:
    • Transferrable items : When disabled, the collection items will be non-transferrable,
    • Unlocked metadata : When disabled, the metadata for this collection cannot be modified,
    • Unlocked attributes : When disabled, the attributes for this collection cannot be modified,
    • Deposit required : When disabled, minting items will not require any This option can be set by a super-user only.
  • maxSupply (toggle option) allows you to specify the maximum number of items that can be minted.
  • mintType gives you the possibility to specify who can mint in your collection:
    • Issuer : only you can mint in your collection.
    • Public : everyone can mint in your
    • HodlerOf : only holders of items in another collection can mint in your This requires knowledge about the ID of the other collection.
  • price (toggle option) allows you to specify the price of minting items in your collection.
  • startBlock and endBlock give you the possibility to specify a time frame during which the collection’s configuration is valid.
  • defaultItemSettings specifies the operations that are disabled by default for individual items when they are minted. The following functionalities can be disabled for each individual item in a collection:
  • Transferrable : When disabled, new items will be non-transferrable,
  • UnlockedMetadata : When disabled, new items will have locked metadata,
  • UnlockedAttributes : When disabled, new items will have locked attributes,

Note that once UnlockedMetadata and UnlockedAttributes settings are disabled for an item, it is no longer possible to change that later.

Insert your desired parameters and then submit the transaction. This will create a new empty collection, next step is to mint items in this collection.

Minting NFTs in a collection

Minting (creating) new NFTs can be done by calling nfts.mint(collection, item, mintTo, witnessData) function.

Creating an NFT

Go back to Developer □ Extrinsics section, and select nfts and mint(collection, item, mintTo, witnessData) in submit the following extrinsic field.

This function accespts the following arguments:

  • collection : The id of the collection to which the newly created NFT will belong.
  • item : The id that is going to be assigned to the newly created Already existing ids cannot be used.
  • mintTo : Account that is going to own the
  • witnessData : This field is optional. This is only required if minting NFTs in the selected collection requires a fee (mint price) to be paid, or if the mint condition is the holder of some NFT in a different collection.
    • ownedItem : NFT id belonging to a different collection. This only matters if the minting condition in this collection is that the caller must hold some NFT in a different collection. Otherwise you can just pass any id here, or just leave the default ( 0 ) value.
    • mintPrice : This must at least be equal to the price of minting items in this collection. The price for minting is set by the collection owner during the creation of the

Enter the required parameters and submit the transaction.

Now a new NFT with the given id is created.

Setting NFT metadata

An NFT without any metadata is not very usefull. Generally you would want to associate some image, or a video file, or a gif with an NFT. NFT metadata can be updated using nfts.set_metadata(collection, item, data) function.

Go to the Developer □ Extrinsics section, and select nfts and set_metadata(collection, item, data) in submit the following extrinsic field.

This function accepts the following parameters:

  • collection : Collection id to which your NFT belongs,
  • item : Id of your NFT,
  • data : Metadata to set to NFT. Metadata can be a URL to an image file, a JSON object describing the NFT, link to a webpage, or anything else you The length of metadata is limited to 256 characters. A common approach is to upload your image file and a JSON file describing the image to IPFS, and setting the link to JSON file as metadata of your NFT. An example JSON file is shown below.

Insert your desired values and submit the transaction.

Buying and selling an NFTs

Selling an NFT

An NFT can be set up for sale by calling nfts.setPrice(collection, item, price, whitelistedBuyer) function.

Go to Developer □ Extrinsics  section and select nfts and setPrice(collection, item, price, whitelistedBuyer) in submit the following extrinsic field.

This function accepts the following parameters:

  • collection : Collection id which the NFT belongs to,
  • item : Id of the NFT,
  • price : The price for thie This is an optional field and not setting a price will unlist the NFT from being on sale,
  • whitelistedBuyer : An optional account id, if this is set then only this account will be able to buy this NFT.

Insert the values and submit the extrinsic.

Buying an NFT

An NFT can be bought by calling nfts.buyItem(collection, item, bidPrice) function.

 Go to Developer □ Extrinsics section and select nfts and buyItem(collection, item, bidPrice) in submit the following extrinsic field.

This function accepts the following parameters:

  • collection : Collection id which the NFT belongs to,
  • item : Id of the NFT,
  • bidPrice : The price that you are willing to pay, this must at least be equal to the price set by the NFT

Insert the values and submit the extrinsic.

Transferring NFTs and Collections

Transferring an NFT

NFTs can be transferred using nfts.transfer(collection, item, dest) function.

Go to Developer □ Extrinsics section and select nfts and transfer(collection, item, dest) in submit the following extrinsic field.

This function accepts the following parameters:

  • collection : Collection id which the NFT belongs to,
  • item : Id of the NFT,
  • dest : The account to which to transfer the NFT.

Insert the values and submit the extrinsic.

Transferring a Collection

Transferring ownership of a collection is done in two steps, the new owner must first tell the chain that this transfer is acceptable, and after that the original owner can transfer the collection.

Accepting ownership

The first step is for the destination account to call the nfts.set_accept_ownership(maybeCollection) function to tell the chain that the transfer of some collection to you is acceptable. This is necessary because a collection owner must reserve some funds to own a collection on the chain. When a collection is transferred the reserved funds are unlocked from the source account and locked in the destination account. So the destination account must also hold the tokens required to be reserved.

Go to Developer □ Extrinsics section and select nfts and set_accept_ownership(maybeCollection) in submit the following extrinsic field.

This function accepts the following parameters:

  • maybeCollection : An optional collection If this is not passed then acceptance for all collection transfer is disabled.

Note that acceptance for only one collection transfer can be set at a time, calling the function a second time will overwrite the previous acceptance.

Enter the collection id and submit the extrinsic.

Transferring ownership

Now the ownership of the collection can be transferred by calling nfts.transferOwnership(collection, owner) function.

Go to Developer □ Extrinsics section and select nfts and transferOwnership(collection, owner) in submit the following extrinsic field.

This function accepts the following parameters:

  • collection : Id of the collection that needs to be transferred,
  • owner : Account id of the new owner.

Enter the collection id and submit the extrinsic.

VTBCommunity Blockchain Updates: How to check VTBC/VTBT balances in Polkadot Explorer

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VTBDex Updates

 Date: December 14th, 2023

 

VTBCommunity Announcement – Accessing the VTB Blockchain Outside of the VTBDex – How to check VTBC/VTBT balances in Polkadot Explorer

Dear VTBCommunity members,

The VTBCommunity Foundation is committed to transparency with all VTBCommunity members and would like to take a moment to explain how the VTB Blockchain can be accessed without the need for the VTBDex. For this reason, we have created the following guide for anyone wishing to conduct their exchanges without going through VTBDex.

Once again, we wish to express our deep gratitude to all our members for your firm support in making the VTBCommunity a success.

Thank you,

The VTBCommunity Foundation
vtbcommunity.org

How to check VTBC/VTBT balances in Polkadot Explorer

Steps to install the Polkadot-js extension

Step 1: Go to this page

Step 2: Click the download button

Step 3: Click Add to Chrome button

Step 4: Click Add extension

Step 5: Now the Polkadot extension should be installed.

Steps to create an account

Step 1: Click the extensions button in the top right corner.

Step 2: Select the polkadot-js extension. This will open a new popup which will show all your accounts. If the extension is newly installed there should be no accounts yet.

Step 3: Now click the plus ( + ) sign in the top right corner of the popup and select Create new Account. This will open the account creation page.

Step 4: The next page will show your newly created account key (also known as a secret phrase or a mnemonic). The secret phrase is like a password, so anyone with access to the phrase can interact with the blockchain using your account. Copy the phrase to a secure location.

Step 5: Click I have saved my mnemonic seed safely and then click Next step

Step 6: On the next page select Allow use on any chain in the network list, and set a name, and a password for your account. And finally, click on the add account button.

Step 7: Now your account should be added to the extension.

Steps to check the VTBC balance

Step 1: Open this link in your web browser.

Step 2: Click on Developer >> Chain state.

Step 3: Select system from the selected state query drop-down list.

Step 4: Select account(AccountId32): FrameSystemAccountInfo from the next drop-down list.

Step 5: Ensure that your account is visible in the Polkadot js extension.

Step 6: Paste your ss58 account ID into the AccountId32 box or select it from the drop-down list.

Step 7: Now click the + icon in the upper right corner.

Step 8: You will get a response like the screenshot below. The balance mentioned next to free is your VTBC balance.

Steps to check the External Tokens (Eth/Eos/Usdt/Usdc) balances

Step 1: Open this link in your web browser.

Step 2: Click on Developer >> Chain state.

Step 3: Select externalTokens from the selected state query drop-down list.

Step 4: Select account(AccountId32): FrameSystemAccountInfo from the next drop-down list.

Step 5: Ensure your account is visible in the Polkadot js extension.

Step 6: Paste your ss58 account ID into the AccountId32 box or select it from the drop-down list.

A – If you want to check the balance of a single crypto token

Step 7A: Select the crypto token (Eos/Eth/Usdt/Usdc) from the VtbUtilsCurrencyTypesTokenType drop-down list. 

Step 8A: Now click the + icon in the upper right corner.

Step 9A: You will get a response like the screenshot below. The balance mentioned next to balance is your selected token balance.

B – If you want to get all the external crypto token balances

Step 7B: Please close the include option toggle button.

Step 8B: Now click the + icon in the upper right corner. 

Step 9B: You will get a response like the screenshot below. You can see the balances of the crypto tokens in their corresponding structure.

Note: You need to scroll down this response to see all the details.

VTBCommunity Blockchain Updates: New Features

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VTBDex Updates

 Date: November 8th, 2023

Available at https://vtbdex.com/

VTBCommunity Announcement – VTBDex Technical Updates – VTBCommunity Blockchain: New Features

Dear VTBCommunity members,

The VTBCommunity Foundation is thrilled to share a significant milestone with all our members. We are delighted to announce that testing on our upcoming blockchain release has been successfully completed and it’s packed with groundbreaking features designed to further simplify and enhance your experience in the VTBDex. We eagerly anticipate sharing these groundbreaking enhancements with all our community members on Tuesday, November 14, 2023.

Deposits to substrate addresses: EOS & ETH

In our relentless pursuit of a more seamless and user-friendly experience, we are excited to introduce a game-changing feature. All our members will now enjoy the freedom to deposit their assets directly to any substrate address from their EOS or ETH wallets, eliminating the need for an onboarding process. This means you can effortlessly unlock the full potential of VTBDex without unnecessary barriers.

While onboarding will no longer be a requirement, it remains available for those who wish to migrate their accounts to the VTBDex. Our team is committed to providing a smooth transition process for those looking to move their assets and trading activities to VTBDex.

With this release, the VTBCommunity Foundation is shattering the barriers to digital asset management, making it more effortless than ever before.

Functionality disruption during deployment

As we implement these exciting changes, there may be some temporary disruptions in functionality. Please rest assured that our team is working diligently to minimize downtime and ensure a smooth transition.

Conclusion

These updates mark a noteworthy achievement in the advancement of VTBDex and the VTBCommunity Blockchain. Our unwavering dedication lies in nurturing a vibrant, innovative, and user-friendly platform, offering our users a gateway to the latest technologies and newfound prospects in the digital realm. With onboarding requirements adjusted and the flexibility to deposit from EOS and ETH wallets, we’re empowering you to seize full control of your digital assets and harness their full potential.

Once again, we wish to express our deep gratitude to all our members for your steadfast support in making the VTBCommunity a resounding success.

Thank you,

The VTBCommunity Foundation
vtbcommunity.org

 

VTBCommunity Blockchain Updates: NFTs – Blockchain

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VTBDex Updates

 Date: September 21st, 2023

Available at https://vtbdex.com/

VTBCommunity Announcement – VTBDex Technical Updates – VTBCommunity Blockchain: NFTs – Blockchain

Dear VTBCommunity members,

The VTBCommunity Foundation is pleased to announce a series of incredible updates that are set to transform your experience on the VTBDex platform. Committed to endowing our community members with pioneering technology solutions, the VTBCommunity Foundation is delighted to bring you good news about the latest key updates regarding NFTs and blockchain optimizations.

Functionality: NFTs (Non-Fungible Tokens)

We are proud to introduce our latest new functionality in the VTBDex: NFTs (Non-Fungible Tokens), dubbed NFVTBs. This significant enhancement adds a new layer of functionality to our platform bestowing our community, in a friendly user way, a world of opportunities for creators, collectors, and enthusiasts to easily tokenize and securely trade and showcase their digital assets.

NFVTB will empower our community to participate, through the VTBDex, in the world of blockchain-powered digital asset exchange like never before!

With the introduction of NFVTB on our platform, we believe it’s essential to delve into what NFTs are, how they function, and the myriad ways they can revolutionize the digital landscape.

What are NFTs and how do they work?

Non-fungible tokens (NFTs) are a powerful innovation in the blockchain world that is transforming the way we perceive, trade, and interact with digital assets. They are a specialized type of digital asset that represents ownership or proof of authenticity of a unique item, piece of content, or creation. Each NFT is distinguishable from others and carries metadata that makes it truly one-of-a-kind.

The magic of NFVTBs lies in our underlying blockchain technology. Each NFVTB is created, stored, and verified on our unique blockchain, which is a decentralized and secure digital ledger, making them transparent and immutable, eliminating concerns of counterfeit or duplicate copies. Moreover, ensures that the ownership and transaction history of each NFVTB are publicly verifiable and tamper-proof. Once minted (created), an NFVTB is assigned a one-of-a-kind digital signature, ensuring its authenticity and provenance.

When you own an NFVTB, you essentially hold proof of ownership for the underlying digital asset. This ownership can be bought, sold, or traded on the VTBDex, creating a lively marketplace for digital creations and collectibles.

Exploring the Uses of NFVTBs

The uniqueness and versatility of NFVTBs make them perfectly suited for representing individual digital assets which leads to a remarkable array of use cases across various industries, such as artworks, collectibles, virtual real estate, music, videos, fashion, and more.

Optimization: Data Structure Reduction and Simplification

In our commitment to delivering an optimized and seamless experience, the VTBCommunity Foundation is excited to announce that we implemented substantial data structure reduction and simplification within the VTBDex.

Through meticulous data structure reduction, we’re reducing the size of data blocks within the blockchain. This not only translates to faster transaction processing but also contributes to lower storage requirements and improved network performance. Smaller data structures mean quicker synchronization for nodes and more efficient utilization of resources. Additionally, by simplifying the data structure transactions are processed with greater efficiency. This streamlining minimizes complexities that can lead to network congestion and delays.

We are convinced that these enhancements will not only improve the overall efficiency of the platform but will also contribute to faster transaction processing and reduced network congestion, which translates into a smoother and more reliable user experience.

Conclusion

These successful updates add a significant milestone in the evolution of the VTBDex and the VTBCommunity Blockchain. We are entirely committed to fostering a user-friendly, vibrant, and innovative platform where users can engage with cutting-edge technologies and seize new opportunities in the digital world. The introduction of NFVTBs and blockchain optimization showcases our compromise to delivering a sustainable, secure, and efficient blockchain ecosystem for our valued community members.

Once more, please allow us to extend our heartfelt gratitude to all our members for your unwavering support to make the VTBCommunity a success.

Thank you,

The VTBCommunity Foundation

VTBCommunity Blockchain Updates: EOS Nodes, APR Efficiency, and Expanded Fee Payments

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VTBDex Updates

 Date: July 27th, 2023 – Available on July 31st, 2023

Available at https://vtbdex.com/

VTBCommunity Announcement – VTBDex Technical Updates – VTBCommunity Blockchain: EOS Nodes, APR Efficiency, and Expanded Fee Payments

Dear VTBCommunity members,

The VTBCommunity Foundation is excited to bring you the latest key updates regarding the VTBCommunity Blockchain. The Foundation’s team has been diligently working to improve various aspects of the platform, with a focus on optimizing performance and enhancing the overall user experience.

Updated EOS Node: Embracing the Latest Advancements

The VTBCommunity Foundation is pleased to inform you that it has implemented a comprehensive update to its EOS node. By upgrading to newer versions, the Foundation ensures that the VTBCommunity Blockchain remains at the forefront of technological advancements, enhancing its capabilities and security.

This update also involves removing overhead from the node, resulting in a more streamlined and efficient system. As a result, the response time for transactions and other activities on the blockchain has significantly improved. VTBCommunity users can now experience faster and smoother interactions within the platform.

Furthermore, this update provides us with better control over data management, ensuring that the blockchain operates with enhanced stability and reliability.

Optimizing APR Calculation Computational Overhead: Ensuring Efficiency and Accuracy

The VTBCommunity Foundation understands the importance of computational efficiency in blockchain operations. To that end, the Foundation’s team has diligently worked on optimizing the APR (Annual Percentage Rate) calculation computational overhead on the VTBCommunity Blockchain.

By reducing the computational requirements, the platform’s performance is enhanced, allowing for smoother and quicker APR calculations. This optimization also improves the robustness of the calculations, ensuring accurate and reliable results.

The commitment of the Foundation to efficiency and accuracy ensures that its users can enjoy transparent and precise APR information, enabling them to make informed decisions within the VTBCommunity ecosystem.

Expanded Fee Payment Options: A More Versatile Crypto Experience

To enhance accessibility and flexibility, the VTBCommunity Foundation is delighted to announce the expansion of fee payment options on the VTBCommunity platform. Users now have the convenience of using all cryptocurrencies, including VTBT and VTBC, for fee payments.

This enhancement eliminates the need for users to make ETH/EOS deposits for fee payments, offering a seamless and efficient transfer process between accounts. Additionally, users can convert their cryptocurrencies directly, simplifying their interactions within the ecosystem.

With these changes, the VTBCommunity Foundation strives to create a more user-friendly experience, making it easier for community members to engage with the VTBCommunity Blockchain and enjoy its various features.

Conclusion

The VTBCommunity Foundation remains committed to constant improvement and innovation. With the updated EOS node, optimized APR calculations, and expanded fee payment options, the Foundation aims to provide community members with an exceptional blockchain experience.

The VTBCommunity Foundation extends its heartfelt gratitude to all VTBCommunity members for their unwavering support and active involvement in its journey. Your valuable feedback and continued participation drive the Foundation forward as we strive to build a stronger, more efficient, and user-centric blockchain ecosystem.

Thank you,

The VTBCommunity Foundation

VTBCommunity Blockchain Completes Transition to Proof-of-Stake (PoS) Consensus Mechanism

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VTBDex & PoS

 Date: July 26th, 2023

Available at https://vtbdex.com/

VTBCommunity Announcement – VTBDex Technical Updates – VTBCommunity Blockchain Completes Transition to Proof-of-Stake (PoS) Consensus Mechanism

Dear VTBCommunity members,

The VTBCommunity Foundation is delighted to announce the successful completion of the transition to the Proof-of-Stake (PoS) consensus mechanism on the VTBCommunity Blockchain. This momentous achievement marks a significant milestone in the Foundation’s commitment to providing a robust and sustainable blockchain ecosystem for its valued community members. Through this strategic move, the Foundation aims to foster greater trustworthiness and enhance the overall user experience within the VTBCommunity platform.

What is Proof of Stake (PoS)?

Proof of Stake (PoS) is a blockchain consensus mechanism where participants validate transactions and secure the network by staking their cryptocurrency tokens, reducing energy consumption and increasing efficiency compared to traditional mining methods like Proof of Work (PoW).

In PoW, participants compete to solve complex mathematical puzzles to validate transactions, which requires significant computational power and energy consumption. In contrast, PoS eliminates the need for resource-intensive mining and instead allows validators to be chosen based on the number of tokens they hold and are willing to “stake” as collateral, making it a more environmentally friendly and cost-effective approach to maintaining a secure blockchain network.

The switch to PoS empowers the VTBCommunity to build a stronger, greener, and more reliable ecosystem, providing its members with enhanced security, efficiency, and participation opportunities.

PoS Migration: Enabling Individuals to Run Nodes

One of the significant advantages of the PoS migration for the VTBCommunity Blockchain is the opportunity it presents for individuals to run nodes. This feature solidifies the network further, as community members can actively participate in securing and validating transactions by running their own nodes. By staking their VTBC tokens, these participants become validators, playing an essential role in the network’s consensus process and enhancing its security and resilience.

Adding Detailed Logging and Chain Monitoring Services

As part of its commitment to continuously improve the blockchain’s performance, the VTBCommunity Foundation has implemented more detailed logging and chain monitoring services. These monitoring services play a vital role in ensuring the blockchain’s stability and reliability:

  • Close Monitoring of Nodes and Storage: Detailed logging and monitoring services allow the Foundation to keep a close eye on the health and performance of individual nodes and storage systems. This real-time monitoring ensures that nodes are running optimally and that potential issues are detected and resolved promptly.
  • Traffic and Demand Monitoring: The Foundation closely monitors network traffic and demand for scaling. This proactive approach allows the team to anticipate and address any increased demand on the network, ensuring smooth and efficient transaction processing.
  • Node Management and Maintenance: With detailed logging, the Foundation can efficiently manage and maintain its nodes. This proactive maintenance approach helps prevent potential downtime and ensures that the blockchain remains operational and accessible to its community members.

Recap: Balanced Total Supply through Token Burning

To recapitulate on its official announcement made on the 27th of June on its official Telegram channel, the VTBCommunity Foundation created 1 million VTBC tokens as rewards for participants engaging in Proof of Stake (PoS) activities during its maintenance phase. However, this token creation led to an increase in the Total Supply, reaching 41 million VTBC. To ensure a balanced and equitable distribution, the Foundation proactively burned 1 million VTBC tokens from the Foundation’s wallet, effectively reducing the Total Supply back to 40 million VTBC. This prudent action aims to maintain a harmonious token economy and reinforces the Foundation’s dedication to transparency and fair distribution within its blockchain network.

Advancing Towards Integrity and Reliability

With the completion of the token-burning process, the VTBCommunity project takes a significant stride towards achieving a reliable blockchain ecosystem. The PoS consensus mechanism ensures that participants can actively contribute to the network’s security and validation by staking their VTBC tokens. This innovative approach empowers community members to play an integral role in the decision-making process and ensures the continued integrity and reliability of the VTBCommunity Blockchain.

Benefits to VTBCommunity Members

The successful transition to the PoS consensus mechanism brings an array of benefits to the VTBCommunity members:

  • Greater Network Security: The PoS consensus enhances the network’s security and resilience by encouraging active participation and stakes from community members, effectively deterring malicious actors.
  • Energy Efficiency: Unlike traditional Proof-of-Work (PoW) systems, PoS reduces the energy consumption required for mining, making it an eco-friendly alternative.
  • Incentivized Participation: By staking VTBC tokens, community members receive rewards, creating a thriving ecosystem that encourages active engagement and knowledge sharing.

Gratitude to the Community

The Foundation extends its heartfelt gratitude to each and every VTBCommunity member for your unwavering support and commitment throughout this remarkable journey. Your active involvement and engagement have been instrumental in driving us forward, and the VTBCommunity Foundation is thrilled to have you as part of this growing community.

As the Foundation forges ahead in shaping the present and future of the VTBDex, it remains steadfast in its dedication to delivering cutting-edge blockchain solutions and fostering a dynamic and inclusive ecosystem.

With continued support from its valued community members, the VTBCommunity Foundation looks forward to propelling the VTBCommunity project to greater heights and creating a pioneering blockchain ecosystem that stands at the forefront of innovation.

Conclusion

The successful transition to the Proof-of-Stake (PoS) consensus mechanism marks a significant milestone for the VTBCommunity Blockchain. With PoS migration allowing individuals to run nodes and the implementation of detailed logging and chain monitoring services, the VTBCommunity Foundation reinforces its commitment to delivering a sustainable, secure, and efficient blockchain ecosystem for its valued community members.

Thank you,

The VTBCommunity Foundation

VTBDex Launch Announcement

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VTBDex Launch

Official Launch Date: January 31st, 2022

Available at https://vtbdex.com

VTBCommunity Announcement

Dear fellow members of the VTBCommunity,

As a tremendous step towards offering safe and cutting-edge financial technology solutions to our members, we are proud to give an official notice of the successful completion of the VTB Blockchain. However, while this instrumental feat is undoubtedly the backbone for the VTBDex and its entire operation, it is essential to keep in mind that we are still performing adjustments to prevent inadequate migration incidents for any of our members once it becomes publicly available.

With this in mind, we hereby state that the official launch of our proprietary decentralized exchange platform, the VTBDex, will take place on the 31st of January, 2022, and that it will be open for access at the domain https://vtbdex.com.

VTB Migration Guide (Ethereum)

The VTBCommunity Foundation is aware of the challenges for both new and experienced users of blockchain technology. Therefore, we’ve decided to aid in conducting the VTBDex migration process in a seamless and clear-to-follow manner.

We have created a step-by-step guide on a particular topic with the knowledgebase section of the VTB Forum. We comprehensively cover Polkadot & MetaMask account creation and wallet synchronization with the VTBDex in support of Ethereum users.

The VTBDex Migration Guide can be accessed by going to bit.ly/VTBDex-Migration-Ether.

Additionally, as part of our commitment to providing the proper support for our French-speaking members, we make the guide available in French and English versions, offered as a downloadable PDF file with the access links within the same topic of the forum mentioned above.