Today we bring huge news for all of you in the CubeSquad. We are thrilled to introduce to you the new StakeCube Protocol (SCP); our layer-2 platform built on top of the SCC blockchain.
What is StakeCube Protocol (SCP)?
SCP is designed to radically improve the functionality of StakeCube Coin (SCC), our native coin. With SCP, we intend to provide the platform for a fully decentralized, user-friendly and scalable economy. Hodlers, developers and traders can take advantage of all the possibilities that SCP offers for tokenized assets and services. SCP eliminates the need for centralized intermediaries, while allowing for the trustless transfer of value. DEXes, autonomous contracts and many other options are made possible through it.
From a technical standpoint, SCP combines a UTXO-based blockchain with an account-based system, on top of DASH-based technology such as InstantSend. This allows for great usability without sacrificing any technical capabilities.
SCP Wallet, a Base Layer for the StakeCube Decentralized Economy.
StakeCube.net offers a great variety of Crypto services to our users, however there is generally the requirement of taking custody of assets to offer these services. For example to exchange coins, buy workers, or to lock a masternode collateral it is necessary to make a deposit. SCP allows for all of the same services and interactions to take place in a completely decentralized way that would run parallel to the existing one. This can be achieved by tokenizing these services and turning them into fully transferable assets.
The SCP wallet is at the center of this system, providing a place to store the tokens, stake them, exchange them, etc. To achieve this, the wallet needs to emphasize usability and security. We made the SCP wallet into a Zero-sync lightwallet to reduce the time and resources needed to use it. Moreover, a customizable but simple UI makes the SCP wallet an intuitive tool with a smooth onboarding process. Security is reinforced through the use of 2FA; and a sophisticated encryption system that makes it physically impossible for a third-party to access the wallet without the password. The wallet also features an automatic staking APR/ROI calculator, and the possibility to use custom themes with light and dark available as default.
But the wallet can potentially transcend the borders of StakeCube.net, as there is no limit to which tokens can be created and for what purposes. By paying a small deployment fee, anyone can create SCP-based tokens for any use-cases they can conceive and with any characteristics they want to give them. Possibilities are endless.
SCP Token Standards: SCP-1 and SCP-2
SCP-1
SCP-1 is the most basic token standard. It allows to set a name for the token, a ticker, and a maximum supply. Upon creation, no tokens will be minted. The token creator can then mint tokens using the mint command on the console. The mint command will allow the creator to mint new tokens, provided this doesn’t increase the existing supply above the maximum set at the start. This kind of token standard can be employed in use-cases that require certain degree of centralization, such as stablecoins or tokenized services like MineCube workers. SCP-1 tokens may also be burnt, which reduces the circulating supply without affecting the maximum.
SCP-2
SCP-2 provides a greater degree of decentralization, allowing for more complex economic systems. This is thanks to the real-time, fairly distributed Proof of Stake mechanism. SCP-2 tokens also have a name, ticker and max supply, but the issuer may only use the minting function once. The token creator must also select a block reward, that will be regularly distributed to all token holders. With every new block and completely automatically, token holders will receive new coins in their wallets proportionally to their stake until the max supply is reached. Staking will then stop with no new issuance until coins are burnt and circulating supply is reduced below the maximum. Use cases that would benefit from a fair and decentralized distribution are possible with this standard. It is designed to avoid the possibility of rug-pulls, giving users peace-of-mind for their investments.
Getting Started
To get started with the SCP wallet, simply download it from our GitHub page:
https://github.com/stakecube/StakeCubeProtocol/releases/tag/v1.1.3
The wallet doesn’t require any technical knowledge to install it and use it. However if you have any questions, feel free to visit us on Discord. We can help you set up the wallet and guide you through the process of creating a token or integrating your project with SCP. In a few days we will also publish a guide showing how to create tokens on SCP.
Future Developments
SCP allows the StakeCube community to take a more active role in expanding the ecosystem. If you want to know what’s coming next for SCP, simply think of what ideas you want to see implemented and make them happen yourself. On our side however, we will continue work with the introduction of any necessary improvements and further token standards. We also plan to integrate more deeply SCP and StakeCube.net, with the listing of relevant SCP tokens and the creation of service tokens like MineCube workers.
Other ideas we might look into include a DEX, portfolio management systems and further statistics and data displays for the wallet. This will however depend on our future resource availability, and we can give no ETA yet for these developments.
We hope you enjoy the wallet and wish you a happy tokenized staking!