What is the PROVE token?
$PROVE is the native token (ERC-20) of the Succinct Prover Network, a distributed network that provides the service of generating proofs based on Zero-Knowledge Proofs (ZKP) within the Ethereum network.
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Functions and Features of the Token
1. Payment:
@Succinct is used to pay the provers when generating proofs. Payments are held in an escrow account and are automatically released to the winning prover upon completion of the proof.
2. Staking and Network Security:
Provers are required to stake PROVE to participate in auctions. This ensures there is an economic incentive to participate securely, and penalties (slashing) are applied in case of negligence or failure.
3. Decentralized Governance:
The project starts with management through a "security council," but the goal is to transition to full governance by PROVE holders. Token holders can delegate PROVE to provers in exchange for rewards and vote on network changes. Delegated tokens are converted to iPROVE and used as voting power.
4. Incentives & Coordinated Auctions:
The model uses a real-time reverse auction mechanism to select the fastest prover and the most suitable bid. The more effective the prover, the higher their reward rate.
5. Multiple Use Cases:
Includes improving settlement in Rollups, cross-chain bridges, AI proofs, identity and privacy verification, and heavy computations executed off-chain.
#SuccinctLabs
#TradingSignals #Binance
$PROVE is the native token (ERC-20) of the Succinct Prover Network, a distributed network that provides the service of generating proofs based on Zero-Knowledge Proofs (ZKP) within the Ethereum network.
---
Functions and Features of the Token
1. Payment:
@Succinct is used to pay the provers when generating proofs. Payments are held in an escrow account and are automatically released to the winning prover upon completion of the proof.
2. Staking and Network Security:
Provers are required to stake PROVE to participate in auctions. This ensures there is an economic incentive to participate securely, and penalties (slashing) are applied in case of negligence or failure.
3. Decentralized Governance:
The project starts with management through a "security council," but the goal is to transition to full governance by PROVE holders. Token holders can delegate PROVE to provers in exchange for rewards and vote on network changes. Delegated tokens are converted to iPROVE and used as voting power.
4. Incentives & Coordinated Auctions:
The model uses a real-time reverse auction mechanism to select the fastest prover and the most suitable bid. The more effective the prover, the higher their reward rate.
5. Multiple Use Cases:
Includes improving settlement in Rollups, cross-chain bridges, AI proofs, identity and privacy verification, and heavy computations executed off-chain.
#SuccinctLabs
#TradingSignals #Binance
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
PROVE
1.1021
+8.77%
