Cryptocurrency entrepreneur and visionary Bryan Legend is perhaps best known as the co-founder of OOXY Labs, which has a decade of experience in the blockchain and crypto space helping to innovate the future of decentralized financial technology.
Now he is catapulting the space to the next level, blockchain automatic revenue sharing – also known as BARS, a term recently coined by Legend. It details a new, groundbreaking type of auto-staking feature that gives users access to multiple streams of passive income through the Vulcan platform, and Bryan Legend hopes it will help a all-new era of DeFi.
In a series of tweets on Feb. 27, Legend described BARS.
“The #DeFi space is rapidly changing to become more efficient and passive. Investors want to participate in sound protocols with underlying revenue sharing strategies. wrote Legend.
“A #blockchain thrives on user adoption, on-chain volume and a growing ecosystem, so the evolution of merging DeFi mechanics with blockchain technology and automatically distributing revenue sharing with its users is a game changer that is yet to come. never before seen in the industry,” he added.
“Blockchain Automatic Revenue Sharing (BARS) will usher in the new wave in DeFi. #VulcanBlockchain is the first in the world to implement this radically new approach.”
Born in Brisbane, Australia, Legend is the founder and CEO of Vulcan Blockchain, the world’s first auto-staking and auto-rebasing layer 1 blockchain. The platform offers a 44% annual percentage rate to investors who own its own VUL cryptocurrency, and its proprietary Vulcan Consensus algorithm uses proof of authority consensus to enable a flexible, scalable, secure and fast crypto platform.
The Vulcan Blockchain
With his extensive knowledge of the blockchain industry, Bryan Legend aims to revolutionize the decentralized finance sector through the Vulcan platform, which contains all the elements that define it as an automatic revenue sharing blockchain service, where the automatic rebasing mechanism adjusts the delivery of the native VUL cryptocurrency every 15 minutes.
The fact that there is an auto-compilation feature in the blockchain, increasing the holdings of VUL coin holders with each network era, only adds to the platform’s status as a next-generation DeFi solution.
In addition, there are three other methods that platform users can use to earn passive income: Fixed, Flex, and PowerPool.
Fixed is the platform’s fixed 44% APR that is automatically distributed annually to VUL holders. This gives everyone in the Vulcan ecosystem a high APR with no strings attached.
Flex distributes 1% of the cost of all VUL transactions collected during a 24-hour period to all users who have a minimum of VUL 1 in their wallets and are actively claiming their Flex reward. The amount users get is proportional to their VUL holdings as a percentage of the total supply.
Finally, PowerPool is a cumulative total of 30 days of unclaimed daily Flex rewards that can be claimed by active Vulcan platform users who have claimed their daily Flex reward. This encourages continued participation in the Vulcan ecosystem and promotes on-chain activity for node operator rewards.
Completely future-proof
While many DeFi platforms suffer from bloat as new users enter the market leading to slower transaction speeds and higher fees, Bryan Boneend has developed a feature to protect against this and future-proof its platform.
This feature uses smart contracts to make transactions faster and more secure.
“That word ‘bloat’ is actually what happened to the Ethereum blockchain,” explains Legend. “The network has slowed down massively due to the sheer number of users interacting with it, causing gas prices to skyrocket.
“Users of the Ethereum chain have mostly moved to Binance Smart Chain and other relatively lower cost gas chains that offer better performance. But Vulcan Blockchain offers even less gas cost compared to Binance Smart Chain even though they are both [ethereum virtual machine] compatible on the surface. However, Vulcan Blockchain is the only one with BARS technology at its core, prompting users to want to use Vulcan instead.”
While the method behind this feature is a closely guarded secret, it is also known to eliminate third-party intervention for conducting transactions on its network, which has attracted several users and increased participation in the DeFi space.
In terms of security and transparency, the Vulcan platform has implemented several measures to protect user data. Vulcan uses advanced encryption algorithms and regular security audits to ensure the platform remains up to date with the latest security standards. This is good news for investors with large asset pools who have hitherto found it difficult to rely on blockchain platforms being sufficiently protected against threat actors.
Looking ahead, Bryan Legend is optimistic that the changes currently taking place in the blockchain industry will mean that Vulcan will be in a great position to provide a range of products and services that will meet the growing needs of DeFi -Attendees.