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 area and helps to innovate the way forward for decentralized finance expertise.
Now, he’s catapulting the area to the subsequent stage, blockchain automated income sharing — aka BARS, a time period Legend not too long ago coined. It describes a brand new, pioneering kind of auto-staking perform that provides customers entry to a number of streams of passive earnings by way of the Vulcan platform, and Bryan Legend is hopeful it can assist usher in a whole new era of DeFi.
In a sequence of tweets on Feb. 27, Legend described BARS.
“The #DeFi area is altering quickly to turn into extra environment friendly and passive earnings oriented. Buyers 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 mechanically distributing income sharing with its customers is a recreation changer by no means seen earlier than within the business,” he added.
“Blockchain Computerized Income Sharing (BARS) will usher within the new wave in DeFi. #VulcanBlockchain is the World’s First to implement this radical new strategy.”
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 gives a 44% annual share fee to traders 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
Along with his intensive information of the blockchain business, Bryan Legend goals to revolutionize the decentralized finance sector via the Vulcan platform, which incorporates all the weather that outline it as a blockchain automated 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 earnings: Mounted, Flex, and PowerPool.
Mounted is the platform’s fastened 44% APR that’s mechanically 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 gathered 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 entire provide.
Lastly, PowerPool is a 30-day cumulative complete of unclaimed every day Flex rewards which may 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 endure from bloating as new customers enter the market, which results in slower transaction speeds and better charges, Bryan Legend has developed a characteristic to safeguard towards 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 vastly as a result of sheer quantity of customers interacting with it inflicting fuel costs to soar.
“Customers of Ethereum chain have largely moved over to Binance Sensible Chain and different comparatively decrease fuel value chains that supply higher efficiency. However, Vulcan Blockchain gives even much less fuel prices when in comparison with Binance Sensible Chain despite the fact that they’re each [ethereum virtual machine] suitable on the floor. Nonetheless, 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 tactic behind this characteristic is a intently guarded secret, it’s identified 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 area.
As for safety and transparency, the Vulcan platform has carried out a number of measures to guard consumer knowledge. 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 traders with giant asset swimming pools who’ve, till now, discovered it tough to belief that blockchain platforms are sufficiently protected towards risk actors.
As for what’s subsequent, Bryan Legend is optimistic that the adjustments presently happening within the blockchain business will imply that Vulcan will likely be in a first-rate place to offer a swath of services that may reply the rising wants of DeFi members.