Cryptocurrency entrepreneur and visionary Bryan Legend is perhaps best known as the co-founder of OOXY Labs, who has a decade of experience in the blockchain and crypto space and helped innovate the future of decentralized financial technology.
Now, he’s catapulted the space to the next level, blockchain automated revenue sharing — aka BARS, a term Legend recently coined. It describes a pioneering new type of automated betting functionality that gives users access to multiple passive income streams through the Vulcan platform, and Bryan Legend hopes it will help usher in the new era of DeFi.
In a series of tweets on February 27, Legend explained BARS.
“The #DeFi space is rapidly changing to become more efficient and passive income oriented. Investors want to participate in a good protocol with an underlying revenue-sharing strategy.” wrote Legend.
“#blockchain thrives on user adoption, on-chain volume, and a thriving ecosystem, so the evolution of merging DeFi mechanisms with blockchain technology and automatically distributing revenue sharing with its users is a never-before-seen game changer in the industry,” he added. .
“Blockchain Automatic Revenue Sharing (BARS) will usher in a new wave in DeFi. #VulcanBlockchain is the First in the World to implement this radically new approach.”
Legend, a native of Brisbane, Australia, 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 holding its native VUL cryptocurrency, and its Vulcan Consensus algorithm uses proof of authority consensus to enable a flexible, scalable, secure, and high-speed crypto platform.
Vulcan Block Chain
With his extensive knowledge of the blockchain industry, Bryan Legend aims to revolutionize it decentralized finance sector through the Vulcan platform, which includes all the elements that define it as a blockchain automatic revenue-sharing service, with an auto-rebasing mechanism that adjusts the supply of native VUL cryptocurrency every 15 minutes.
The fact that there is an auto-compounding feature on the blockchain, which increases VUL coinholder ownership across each network epoch, only adds to the platform’s status as a next-generation DeFi solution.
Apart from that, there are three other methods that platform users can take advantage of to earn passive income: Fixed, Flex and PowerPool.
Fixed is the platform’s fixed 44% APR that is automatically distributed to VUL holders annually. This gives everyone in the Vulcan ecosystem a high APR without any commitment.
Flex distributes a 1% fee from all accumulated VUL transactions over a 24 hour period to all users who hold at least 1 VUL in their wallet and are actively claiming their Flex rewards. The amount a user earns is proportional to their VUL holdings as a percentage of the total supply.
Finally, the PowerPool is a 30-day cumulative total of unclaimed daily Flex rewards that can be claimed by active Vulcan platform users who have claimed their daily Flex rewards. This encourages ongoing participation in the Vulcan ecosystem and promotes on-chain activity to reward node operators.
Completely Future Proof
While many DeFi platforms experience bloat as new users enter the market, leading to slower transaction speeds and higher fees, Brian’s feetet has developed features to protect against this and its future-proof platform.
This feature will utilize smart contracts to make transactions faster and more secure.
“The word ‘bloat’ is basically what happened to the Ethereum blockchain,” Legend explained. “The network has slowed down greatly due to the large number of users interacting with it which is causing gas prices to soar.
“Users of the Ethereum chain have largely moved to Binance Smart Chain and other relatively lower gas cost chains that offer better performance. However, Vulcan Blockchain offers less fuel costs when compared to Binance Smart Chain even though both (ethereum virtual machines) are compatible on the surface. However, the Vulcan Blockchain is the only one with BARS technology at its heart which incentivizes users to want to use Vulcan instead.”
While the method behind this feature is a closely guarded secret, it is known that it also excludes third party intervention to make transactions on its network, which has attracted some users and increased participation in the DeFi space.
For security and transparency, the Vulcan platform has implemented several steps to protect user data. Vulcan uses advanced encryption algorithms and regular security audits to ensure the platform is kept up to date with the latest security standards. This is good news for investors with large asset pools who, until recently, found it hard to believe that blockchain platforms were adequately protected from threat actors.
Going forward, Bryan Legend is optimistic that the changes currently taking place in the blockchain industry will mean that Vulcan will be in a prime position to provide a broad range of products and services that will address the growing needs of DeFi participants.