Elastos

BPoS Upgrade is Live: Prepare for Activation Phase on Essentials Wallet

The Bonded Proof of Stake (BPoS) upgrade has been implemented on the main chain at block height 1405000. BPoS is in the transition stage of its timeline. Now is the time for prospective validators to continue registering and upgrading their nodes. Voters and stakers can vote for these nodes to start participating in BPoS and earning ELA rewards. The BPoS Activation period will fully commence once 36 nodes each achieve 80,000 staking rights from the community. 

The BPoS Validator Incentive Program will be launched on April 24th, 2023, to jumpstart the Consensus upgrade. The Elastos Foundation is contributing 1,000,000 ELA that was accumulated from last year’s Buyback Program to support the transition from DPoS to BPoS. This ELA will be used to stake on BPoS nodes to help them reach the activation phase of BPoS. Further details on the incentive program will be released in the coming days.

The flagship wallet, Essentials, is equipped to support all BPoS features, which are currently activated. It provides ELA holders with a user-friendly approach to participate in the BPoS Consensus. Users can leverage Essentials as a one-stop-shop for all their BPoS needs.

» Trade ELA on ESC and Transfer to Main Chain

Essentials wallet provides users with the ability to use Elastos’ flagship DEX, Glide Finance, to trade a variety of tokens for ELA on the Elastos Smart Contract Chain (ESC). To access Glide Finance, navigate to the Essentials home page, select “Discover dApps” at the bottom of the page, click on Glide Finance, connect your wallet via “Essentials Remote”, and select the desired tokens to trade for ELA.

Essentials wallet also allows for the seamless transfer of ELA from ESC to the main chain. Simply click on your “Active wallet” on the ESC, then click on ELA under “Token List,” and select “Transfer” at the bottom to send your ELA from the ESC to the main chain.

For trading ELA via Glide Finance or transferring ELA from the ESC to the main chain, make sure you have a small portion of ELA in order to make these transactions. Please note that only ELA on the main chain can be used for voting/staking and node registration purposes to participate in BPoS.

» Stake on Essentials

Essentials provides staking features for both stakers and nodes owners. To participate in the Staking part of BPoS, participants can navigate to the “ELA Staking” page and pledge a certain quantity of ELA for voting purposes or node registration. Once the staking time ends, users may then unstake their ELA, which will then be sent directly back to their main chain wallet on Essentials. People can also choose to restake their ELA in the same section.

» Vote for Nodes

Essentials provides easy-to-use UI to vote for nodes. Swipe over to the “BPoS Voting” section. All registered nodes will be available to be selected. Seamlessly cast your votes, set your pledge time, and ELA casted in this section. Users are able to change their votes and stake more ELA in the BPoS Voting page as well. 

» Claim Rewards

The Essential wallet also enables users to claim their rewards for participating in BPoS. During the BPoS process, stakers earn ELA rewards that can be withdrawn at any time. To claim their rewards, participants can visit the ELA Staking page, select the amount of ELA they want to claim, and choose the withdraw option. 

» Register a Node

Essentials Wallet offers support for those interested in registering and running a node in BPoS Consensus. Simply navigate to the BPoS Voting section of Essentials. Click the + symbol at the top right of the page and follow the directions to register a node.

» Convert DPoS Node to BPoS Node

All prospective node operators need to change their previous DPoS nodes in BPoS nodes. Essentials provides the features to convert into the new BPoS setting seamlessly. Merely follow the same instructions to register your super node via the BPoS Voting page and selecting the + symbol. Then follow the prompts to convert your DPoS Node to an upgraded BPoS node. 

Summary

A community effort is needed for this watershed period on the Elastos main chain. BPoS creates a more decentralized, secure, and efficient consensus mechanism for all parties involved. Essentials allows ELA holders to seamlessly participate in staking and voting in the new BPoS Consensus. The flagship wallet also enables potential validators to register their nodes as a part of BPoS. Claim ELA rewards for participating in BPoS on Essentials as well. Please refer to the Reference links to learn more about BPoS and follow the guides to join the new Consensus successfully. 

Reference links:

Correction (April 18, 2023): An earlier version of this post stated that at the conclusion of the BPoS Incentive program, the EF would donate the 1 million ELA to the CR Treasury. This has not been confirmed; rather, it is an option that is being considered. To stay informed about the fund’s updates, please keep an eye on Elastos.Info and Elastos Twitter