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HomeCOINSWhat Is Wrapped BIND (WBIND)? Complete Guide Review About...

What Is Wrapped BIND (WBIND)? Complete Guide Review About Wrapped BIND.

What Is Wrapped BIND (WBIND)?

Wrapped BIND is a Layer 2 Database Network where anyone can create and contribute to open databases of any category (e.g. apps, markets, cryptocurrencies, music, videos, games, etc). Apps and services can pull data from these databases for free. In the future, Ethereum smart contracts can also use this data (e.g. for DeFi applications).

Think of Wrapped BIND as an oracle network, but instead of serving one piece of simple data for one specific topic, the network can serve full data collections from many sources relating to any topic. You can also think of Compendium as the Wikipedia of databases for apps, services, blockchains, smart contracts, IoT, A.I. and more.

Wrapped BIND Storage Key Points

Coin BasicInformation
Coin NameWrapped BIND
Short NameWBIND
Circulating SupplyN/A
Total SupplyN/A
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

The company services

The top forty-seven validators on the network with the most votes mine blocks, which means they verify transactions and earn block rewards and transaction fees in return. Wrapped BIND also have the ability to upload databases to Compendia. These databases can then be used by apps and services for free. The apps using these databases can rank their items by measuring the vote power of the validator that uploaded it.

Therefore, BIND not only influences forging positions of Wrapped BIND, but also database item positions. BIND is not spent on voting (apart from a small transaction fee when setting a vote). Instead, the voting power of a Compendium wallet consists of the total sum of its BIND balance and stake.

Earning BIND

  • Staking and voting: You can vote for a Wrapped BIND and benefit from the services and rewards that they may offer to voters. Some validators choose to share a fixed percentage of BIND that they earn from block rewards with their voters. You can review the value proposals from validators by clicking on their names in the Bind scan Block Explorer and reading their descriptions.
  • Contributing to databases: Validators may reward people for contributing to their databases. Check out their descriptions to find out what you can do for a validator to get paid BIND.
  • Using Compendia Databases with your app: Some validators are planning to grant BIND to developers who will build or extend apps and websites that integrate with Compendia’s databases. You can join the Telegram to present your app.
  • Running a validator: As a validator you can earn block rewards consistently. The top 47 validators earn 3.90 BIND per forged block, and the top 5 earn 4.84 BIND. An active validator forges one block approximately every 5 minutes.
  • Yield Farming: The community-powered Wrapped BIND app lets you farm BIND rewards by adding to the wBIND-ETH Liquidity Pool on Uniswap.

Decentralized Blockchain Network

Wrapped BIND is a decentralized blockchain network. The above examples for “Earning BIND” are community-contributed examples and initiatives. There are no inherent or guaranteed ways to earn or obtain BIND. Any of the above (and any future) initiatives may cease to exist at any time.

Wrapped BIND has no inherent financial value and should only be obtained by people who want to use the network. BIND is not a financial asset and should not be held as a financial investment. Do not expect to gain any financial returns from holding BIND, or any other Utility Token, Cryptocurrency, or Blockchain Coin.

Use Cases

Any service that processes databases (meaning almost any application on the internet) can benefit from Wrapped BIND databases.

Examples:

  • App store where all apps are maintained by users and validators on Compendia.
  • DeFi (Decentralized Finance) app that pulls cryptocurrency data from Compendia into a blockchain or smart contract (not only simple price data, but also DEX volume, volatility, etc.).
  • Video streaming app that displays trending videos retrieved from Wrapped BIND databases.
  • Social blogging app that ranks posts based on the ratings on Wrapped BIND databases.
  • News site where articles and their reliability are validated by various nodes on Compendia.
  • Machine Learning algorithm that’s trained by data on Compendia.
  • Wiki service that formats and displays encyclopedia-like data of a specific category.

Vote Power

As explained in Introduction – BIND, the BIND coin represents vote power (or power for short) on the Wrapped BIND network. A validator’s ranking is calculated by the collective vote power of their voters. The primary role of validators is to secure the network, and optionally to provide the network with valuable data as a database curator.

In return for securing and maintaining the network, validators who are in the top 47 collect BIND through block rewards and transaction fees. In an effort to garner votes to reach or maintain their position in the top 47, validators may pledge to provide various services that contribute to Wrapped BIND ecosystem.

Nile
Nile
Nile Is Very Old Author At Wootfi Blog . We Loves To Write About Altcoin , ICO & Defi . In Free Time He Loves To Play Football .