Figment Networks is currently participating in Solana’s incentivized testnets. Solana’s Mainnet is scheduled to launch in Q2/Q3 2020. If you would like to learn more about staking opportunities with Figment Networks, then please contact Clayton (clayton@figment.network). 

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Solana is a permissionless, decentralized, and secure smart contract blockchain platform proposing to solve the scalability problem.

Solana encodes the passage of time as data, called Proof of History (PoH), and leverages a verifiable delay function (VDF) to reduce transactional overhead between nodes in the network. 

The project is founded by Anatoly Yakovenko and Greg Fitzgerald who were both Senior Engineers at Qualcomm before founding Solana. 

Solana is designed for decentralized applications that demand high throughput. Its architecture enables transactions to be ordered as they enter the network, rather than by block. Its uses cases include, decentralized exchanges, payments, micropayments, and distributed storage. 

You can learn more about Solana on their website, or by reading their whitepaper

Frequently Asked Questions

What is the name of the token being staked?

The SOL token. 

How does a validator qualify to be in the active set?

There is currently no minimum requirement, but selection will be based on amount staked. 

How are rewards calculated for validators?

The reward amount will depend on the network’s inflation rate, the global amount of SOL staked, the volume of network fees, and for delegators, the validator’s commission rate.

How will delegators receive rewards?

Validators will not have custody over delegator rewards. Rewards will be held in a smart contract and may withdrawn at any time by delegators. Thus rewards will not earn compounding rewards until they are staked. There are reportedly plans for auto-delegation for replicators, a feature that may be extended to validators.

What is the role of a replicator?

Replicators provide storage space to store the growing blockchain. Anyone may offer the network storage space, and may use basic hardware such as a laptop to become a replicator. Replicators will earn SOL token rewards proportional to the amount of storage provided. 

Can a validator be slashed?

Validators can be slashed. However, validators will not be slashed for downtime. Validators will be slashed for signing illegal transactions and for voting for illegal forks. 

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