The Shareslake network decentralization has started

The past Thursday, December 8th, 2022 community pools started to mint blocks in the Shareslake network.

The Shareslake network is a Cardano-based network for enhancing the adoption of blockchain by those people who are skeptical, mainly due to the volatility. Thus, it is a blockchain network powered by a fiat-backed stablecoin, running fully isolated from volatility and allowing people to stake their USD.

The vision of the Shareslake team is to bring all the blockchain advantages to conservative people, who still remain skeptical to use blockchain technology because they are volatility averse. This is really useful when tokenizing real-world assets because the people who usually hold them are not interested in getting extra exposure to volatility. Thus, using a network that inherently works powered by a stablecoin is the way to go. In short, bringing blockchain technology just like if you were using U.S. dollars.

Yesterday, the decentralization of the Shareslake network started, allowing community pools to start minting blocks. To date, all the blocks were minted by Shareslake nodes, starting yesterday 10% of the blocks are minted by the community stake pools, and it will be increasing with time until reaching 100% for a full decentralization of the block production.

The rewards obtained by the community pools are in the form of RUSD (the Shareslake stablecoin) and they come purely from transaction fees. Due to the nature of being powered by a fiat-backed stablecoin an economical expansion as it happens in the Cardano mainnet is not possible. We expect the rewards to be growing with adoption, as more transaction fees will be collected, distributing more rewards over the community pools.

Finally, if you would like to deploy a pool we have a step-by-step guide that also contains scripts to semi-automatically deploy the pool. We strongly recommend joining our stake pool discord channel.

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Any question? Reach out to us and we’ll get back to you shortly.
© Shareslake 2022