Polis Navigation Guide
INTRODUCTION
“SmartLiquidity” would like to present Polis, an EVM-compatible side-chain focused on developing tools to allow merchants to use cryptocurrencies as a form of payment.
The Polis Chain is the evolution and the current home of the Polis Project. It is a EVM compatible blockchain that focuses on secure and fast payments. It relies on a system of 19 validators that are elected through the POSDAO consensus mechanism, and that append blocks to the blockchain trough the use of Open Ethereum’s implementation of Authority Round (AuRa).
The POSDAO consensus algorithm is smart contract based and allows POLIS token holders to either stake their coins to create a validator candidate, or delegate their stake into a candidate/validator to show support. The POSDAO algorithm chooses the 19 validators from the candidate pool with the most staked amounts at the end of each epoch (120960 blocks, a week). The selected validators will be tasked with keeping the chain secure for the next epoch, receiving transaction fees and block rewards as an incentive for their work.
There’s currently two networks running on the Polis Chain, the Olympus Network being the mainnet for the Polis Project, and the Sparta Network testnet, meant for testing.
On the Polis Chain you can.
- Send and receive POLIS.
- Stake your tokens to create or support a validator.
- Interact with tokens, tokenized assets and NFTs deployed on the Polis Chain.
- Bridge tokens from other networks.
- Participate in projects deployed over the network that can range from token farming on Decentralized Exchange
If you are a developer.
- Explore blockchain information and use it to build apps and services.
- Build and deploy smart contract based technologies such as Dapps, DeFi protocols, tokenized assets, NFTs and any great idea you may come up with.
The team behind Polis has also launched a dedicated decentralized exchange (DEX) for the PolisChain called HadesSwap. HadesSwap an automated market-making (AMM) decentralized exchange (DEX) in the Olympus Network, allows users in the Polis ecosystem to exchange the ecosystem’s tokens without the need for a centralized exchange, as well as stake Polis and other crypto-assets for returns.
Currently, HadesSwap supports DAI, SOUL, BTCB, ETH and CAKE, and is compatible with popular decentralized wallet Metamask. HadesSwap also features a Binance Smart Chain (BSC) bridge for assets BTCB, ETH, CAKE and DAI.
The Polis team had also released Polis Block Slasher, a free-to-play game that allows players to win Polis, a feature that incentivises the wider ecosystem’s adoption. The game is randomized according to each player’s wallet address.
EXPLORING POLIS ECOSYSTEM
🔹Wallets
To start using Polis you need an Olympus compatible wallet. Use MetaMask, a crypto wallet and gateway to blockchain apps.
🔹Governance
Polis has been a community-centered project since its launch in 2017. Over the last four years, their Governance has evolved to allow the Polis Project to be more efficient, transparent, and accessible for our community, from which great initiatives have been carried out.
For the launch of the Olympus Network on the Polis Chain, they have decided to use Snapshot as an off-chain governance mechanism. This is a platform used by a lot of projects to give their community a voice so that they can help shape the development of a project.
Snapshot is s decentralized voting platform, where the Polis Team has created a space where Polis-specific proposals can be created and voted, in a transparent, simple, and entirely free process.
Every Polis Holder is given a voice when discussing project funding and protocol upgrades and changes through the exercise of casting their votes on proposals created on this governance system that is meant to be improved over time, with the goal of further decentralizing the project and increasing value to the community.
Exchange cryptocurrencies, store them in a secure way using your hardware wallet, buy gift cards and top up phones, or turn them into fiat currency using the epay debit card.
Polis stakers help secure the network by supporting chain validators. These validators receive the rewards at the end of each epoch (around a week) and share the rewards proportionally to all of the stakers that supported them.
Some considerations for staking:
- Stake any amount above 1000 POLIS
- Staking begins at the beginning of every epoch (120,960 blocks, ~a week). So if you want to stake or withdraw your staked funds, you may need to wait until the current epoch is over.
- Your rewards are proportional to your participation on the validator pool that you decide to support.
- If your validator is poorly spec’d or the owner fails to maintain it properly, your rewards may be reduced, for example if the server hosting the validator has some downtime. DYOR, usually validators are well known members of the community.
🔸🔸 Polis Bridge
Bridge for bridging native Olympus Polis and BEP20 Polis on Binance Smart chain.
Bridge hosted by Meter.io that supports bridging for BTC, ETH, DAI & CAKE between Olympus and Binance Smart Chain.
Blockchain Explorer for Ethereum based network and a tool for inspecting and analyzing EVM based blockchains.
🔸🔸 Gnosis Safe
Gnosis Safe is the most trusted platform to manage digital assets.
🔸🔸 Chainlist
A list of EVM enabled blockchains to connect easily.
🔸🔸 Polis Faucet
Polis Sparta and Polis Olympus faucet.
🔸🔸 vfat.tools
Yield farming information.
POLIS Tokenomics
Total Supply: 15,938,952
Circulating Supply: 15,938,952
Max Supply: 25,000,000
10% yearly of the total staked (validators and delegators)
Each epoch (1 week or 120954 blocks) the blockchain creates 0.19% of the total staked amount between validators and delegators.
Right now the Polis emission is around 12,110 Polis per week divided among 19 validators and 311 delegators.
POLIS SOCIALS
Website | Twitter | Telegram General Group | Telegram Announcements | Medium| YouTube| Discord
FRIENDLY REMINDER:
We deliver these news articles based on our own thorough research. We want to preserve some important information regarding the project that is presented in our column. We value our readers’ opinion and appreciate your valued respect to us. The article above is not financial advice and as we always say “Invest at your own risk and only invest what you can afford to lose”.
