Announcing the DSLA Incentivized Beta Test: Road to Mainnet
Beta Test, Real Rewards
If you are interested in what’s happening behind the scenes of cryptocurrency staking, you might have had the opportunity to contribute to incentivized testnets, test blockchain networks that reward their participants using cryptocurrency with actual market value.
By making testing new blockchain networks less asymmetric between users and developers (users get rewarded for the time they pour into testing new product developments), incentivized testnets have emerged as a compelling way to attract the first Validators and Delegators of new proof-of-stake projects, and bootstrap their security by producing and endorsing their first series of blocks.
In that spirit, to better align the interest of the community (earn DSLA rewards and DSLA compensations) with the interest of core DSLA developers (product-market fit), we are proud to announce that we will be organizing a DSLA incentivized beta test using a test version of the DSLA Network, the first decentralized application implementing the DSLA Protocol.
On September 30th 2020, the DSLA Network DApp hosted of the Ropsten Ethereum network will reward beta participants using DSLA tokens with actual market value.
For our team, your contribution will be the perfect chance to validate the functional, performance, reliability and security assumptions of the DSLA Network before launching on the mainnet on November 30th 2020.
The DSLA Incentivized Beta Test
By outsourcing block production and endorsement to third party staking providers, Delegators do not need to operate their own blockchain node to earn staking rewards. But at the same time, they are exposed to the potential bad behaviour and unfulfilled reliability promises of Validators.
This puts their staking deposit at risk of being depleted (slashing penalty).
DSLA Protocol is a decentralized alternative to SLA contracts for derisking staking services. It enables anyone to vouch for the reliability of a staking service, earn rewards when the staking service performs as expected, and claim financial compensation when the staking service doesn’t meet expectations.
A test ERC-20 token called bDSLA will be issued on the Ethereum test network, to specifically empower the DSLA Incentivized Beta Test.
Just like their real counterpart, bDSLA tokens will be used to pay for the periodic verification of DSLA contracts, and empower the reward / compensation scenarios of the DSLA Protocol. When the protocol launches on the mainnet this year, bDSLA token holders will then be able to convert their bDSLA rewards and compensation into real DSLA tokens.
Starring Harmony (ONE) and more
The DSLA Incentivized Beta will exemplify how the DSLA Protocol provides a decentralized way to derisks the staking experience of some of the best blockchain networks out there.
We are excited to announce that Harmony ONE staking deposits will be amongst the first assets supported by DSLA Protocol during the incentivized beta test!
Harmony is a fast and open blockchain for decentralized applications. Through secure and random state sharding, the Harmony Mainnet supports thousands of nodes that produce blocks in a few seconds with instant finality. The protocol’s Effective Proof-of-Stake (EPoS) staking mechanism reduces centralization while supporting stake delegation, reward compounding and double-sign slashing.
Harmony x DSLA Protocol
During the DSLA Incentivized Beta Test, ONE Delegators will be able to easily hedge against Validators downtimes and double-sign slashing risks, by signing Staking Efficiency DSLA contracts and staking bDSLA tokens in the reward pool.
In parallel, anyone on the Internet will be able to earn bDSLA tokens for protecting ONE Delegators from downtimes and double-sign slashing, by creating Staking Efficiency DSLA contracts and staking bDSLA tokens in the compensation pool.
Staking Efficiency is the percentage of realized rewards by a Validator.
How it works
In practice, every n days, DSLA contracts compare the measured staking efficiency of a Validator, with the efficiency objective defined in the Staking Efficiency DSLA contract then :
DSLA Rewards are distributed to contract owners and staking service providers, if the staking efficiency of the designated Validator does not drop below the defined objective;
DSLA Compensations are distributed to contract enrollees, if the staking effiency of the designated Validator drops below the defined objective.
We can wait to see how DSLA will improve the delegation experience of the Harmony community and the Quality of Service of Harmony ONE staking service providers.
More assets planned for the beta launch
Along with Harmony’s ONE, other popular proof-of-stake assets will be unveiled during the weeks preceeding the DSLA Incentivited Beta. Ever since the project’s inception, we have been talking with world class teams like Harmony to bring Decentralized IT Service Management (ITSM) and Customer Service practices to the DeFi and Open Finance industry.
Participating in the Beta: As easy as 1-2-3
Until the comprehensive Incentivized Beta Test documentation is ready and available, here’s an overview on how to get started with the DSLA Network DApp upon beta launch. It will mostly consist of three simple steps.
☝️ STEP 1) Acquire bDSLA tokens
The first time you connect your wallet to the beta, your bDSLA token balance will be synced once with your real DSLA token balance.
N. B. If you are not a DSLA token holder just yet, you will need to first become one.
✌️ STEP 2) Stake bDSLA tokens
Once your bDSLA token balance is synced, you will be able to :
Sign an existing DSLA contract and stake bDSLA to its DSLA Reward Pool;
Create a new DSLA contract and stake bDSLA to setup a new DSLA Compensation Pool.
🤟 STEP 3) Compound bDSLA rewards
Extra bDSLA tokens will be periodically claimable by the users that created or signed a DSLA contract, according to the measured Staking Efficiency of the Validator designated in the contract..
Follow the DSLA Incentivized Beta news
We have many surprises planned for the coming days and weeks.
It’s going to be a hot summer ☀️
About DSLA Protocol
DSLA Protocol is a risk management framework that enables infrastructure operators and developers to reduce their users exposure to service delays, interruptions and financial losses, using self-executing service level agreements, bonus-malus insurance policies, and crowdfunded liquidity pools.
DSLA Protocol’s flagship use case is to offset the financial losses of Proof-of-Stake delegators and DeFi users, while incentivizing the connectivity, performance and availability of staking pool operators and DeFi service providers.