What is SSV Network? Information and how does it work?

SSV Network is a promising project in the ETH space, especially in the field of staking. With the goal of bringing a more decentralized and secure staking solution, SSV Network has attracted the attention of many investors.

So what is SSV Network and how does it work? Let’s learn more about this project with AZCoin in the article below.

What is SSV Network?

SSV Network is a decentralized platform designed to improve the security and reliability of Ethereum staking. It uses secret-sharing technology to split a user s authentication keys into multiple parts and distribute them among different nodes in the network.

This helps prevent an individual or group from wielding complete control, enhancing the security and reliability of the staking system. SSV Network aims to create a secure and decentralized environment for transaction validation on Ethereum.

How does SSV Network work?

SSV Network is a project that provides staking services in the crypto market. SSV products include Staking Pools, Staking Services and Solo Stakers, with the goal of supporting cost and reward optimization, and providing security, customization and diversification of the ETH network miner. However, SSV does not offer derivatives or liquidity.

SSV Network s Staking Services uses a QBFT consensus mechanism to troubleshoot one of the four operating nodes, which minimizes errors and increases the likelihood of earning SSV fee rewards for participants. Solo Stakers provide security for user authentication keys.

In addition, SSV Network is developing DAO, institutional staking and Bridges to provide staking services for institutions and bridge asset transition in the future.

Key roles in the SSV Network system

There are three main roles in the SSV Network system, including:

• Operators : These operate and maintain SSV nodes by running validators to generate ETH rewards.
• Stakers : Those who own and stake a minimum of 32 ETH on the Beacon Chain. They use validators to secure the network by validating and proposing new blocks.
• DAO : A decentralized autonomous organization that manages and makes decisions for the SSV Network ecosystem. The DAO is responsible for distributing testnet rewards, implementing grant programs, developing future protocols, and managing the finances of the SSV Network.

SSV Network was established to develop a decentralized and secure staking environment for the Ethereum blockchain. In the process of staking ETH, validators face risks such as breach, offline, and technical ignorance, which can affect their profitability.

To mitigate these issues, SSV Network provides more options for operators running validators and minimizes crashes, helping them optimize their earned rewards.

Outstanding features of SSV Network

In the Ethereum blockchain, the staking process requires strict adherence to the rules, with any minor flaws that can affect the entire network. SSV Network was born to create a decentralized and healthy staking environment for all users.

In the process of staking ETH, besides receiving rewards, validators also face many risks, such as:

• False Attestation (Attestation Violation) or Proposer Violation (Proposer Violation).
• Penalized for not being regularly online or offline.
• Safety risks or lack of technical understanding, all of which can affect validator profitability.

To mitigate these issues, SSV Network provides a variety of options for operators running validators, helping to limit glitches such as errors, maintenance, or attacks, while optimizing their ability to earn rewards.

Basic information about SSV token

SSV token key metrics

• Token Name: SSV Network
• Ticker: SSV
• Blockchain: Ethereum
• Token Standard: ERC-20
• Token Contract: 0x9d65ff81a3c488d585bbfb0bfe3c7707c7917f54
• Token Type: Utility
• Total Supply: 11,076,871 SSV
• Circulating Supply: 7,085,672 SSV

SSV token allocation

SSV tokens are allocated at the following rates:

• Validator: 50%
• Operators (Verified and Unverified): 25%
• Verified Operators: 25%

SSV token use cases

SSV tokens have the following utilities:

• Governance : Holders of this token have the right to participate in community governance, including recommendations and voting on important decisions. Details can be viewed here.
• Payments : Tokens are used to pay transaction fees and rewards to stakers as well as validators.

Where to buy and sell SSV tokens

Currently, SSV tokens are being traded on some of the best cryptocurrency exchanges, such as Binance, KuCoin, Gate.io, Uniswap and SushiSwap. This makes it easy for users to trade and exchange SSV tokens according to their needs.

Where to store SSV tokens?

SSV tokens can be stored in a variety of cryptocurrency wallets that support the ERC-20 standard. Popular wallets for storing SSV tokens include MetaMask, Trust Wallet, Ledger Nano S, Trezor, and MyEtherWallet. These wallets offer high security and are easy to use.

SSV Network project investors & partners

SSV Network has received the support of many well-known investment funds and partners in the blockchain industry. This not only enhances the reliability of the project but also opens up many development opportunities in the future, namely:

• SSV Network partners include Amber Group, DCG, Coinbase, OKX Ventures, Gate.io, NGC Ventures, AU21 Capital, DSRV, Chainlayer.io, BloxStaking, Shard Labs, RockX, Stakewith.us, Staking, Stardust Staking, Valid Blocks, and XT.com .
• In addition, the project also received funding from organizations such as Lido DAO , Allnodes, Ankr, AUDIT.one and many others. The support from these partners and sponsors has contributed significantly to the development and expansion of SSV Network.

Conclusion

The above is the detailed information about the SSV Network project that AZcoin has just introduced to you. Hope this article has helped you understand better and can make the right decision before investing in this project!