Swan Chain, an AI Cloud blockchain platform, has announced the release of its Computing Provider (CP) version v1.0.0. This update is part of preparations for the upcoming Swan Chain Token Generation Event (TGE). The announcement was made through the official Swan Chain X account.
📢 [Important Announcement] Computing Provider Update v1.0.0 Release
We are excited to announce the release of Computing Provider (CP) version v1.0.0, preparing for the upcoming Swan Chain TGE!
Upgrade Now: https://t.co/U2ydH42Bna
— Swan Chain (formerly FilSwan) (@swan_chain) December 14, 2024
New Swan Chain CP Update Requires Full $SWAN Stake for Task Rewards
Indeed, one of its major aspects is the full collateral functionality This and other new possibilities will be discussed further in this article. Task rewards henceforth are only given for UBI tasks where the Computing Providers (CPs) are required to fully stake $SWAN tokens. This requirement is mandatory for participation in the task reward system to guarantee the providers’ commitment.
Further, this release brings a slashing mechanism. Now both Edge Computing Providers (ECP) and Fog Computing Providers (FCP) are constrained by the slashing mechanism. This mechanism is designed to ensure that the network remains cohesive and all the relevant parties act and perform in a way that is expected to facilitate better provision of the services.
Swan Chain to Enable $SWANU Collateral Swap After UBI Settlement Period
Another important update is connected with the period of the settlement during which UBI would be distributed. The settlement will occur between 02:00:00 and 06:00 UTC on December 17, 2024. At this time, the rewards for tasks that complete before Dec 16 shall be determined by the collateral given by providers.
Following the settlement period, the users will be able to unstack their $SWANU collateral and exchange it for $SWAN tokens. Nevertheless, users should avoid early withdrawal of their collateral because it would reduce their maximum share of UBI distribution.
This update is crucial for Swan Chain specifically before the TGE as it is a great achievement for the platform. It elucidates more in the manner that the providers will be involved in the reward system and presents new metrics aimed at enhancing fair and efficient network operation.
