Problem Statement
In the Open Network for Digital Commerce (ONDC), there is a need for mechanisms to incentivize active participation and engagement within the network. Traditional digital currencies may lack features that encourage users to hold and contribute to the stability and growth of the currency. A solution is needed to introduce a staking mechanism that rewards users for their active involvement.
Abstract
Develop a staking mechanism for a digital currency within the ONDC, designed to incentivize users to hold and participate in the network. The project aims to implement a secure and transparent staking system, where users can lock their digital currency for a specified period, contributing to network stability. In return, users receive rewards, fostering a sense of community and encouraging long-term engagement within the ONDC ecosystem.
Outcome
The project’s outcome is the successful integration of a digital currency staking mechanism within the ONDC. Users participating in the staking program will benefit from rewards, providing an additional incentive to engage actively with the network. This staking mechanism contributes to the stability and growth of the digital currency by reducing volatility and encouraging users to hold their assets. Ultimately, the outcome is a more engaged and committed user base, reinforcing the strength and sustainability of the digital currency within the ONDC ecosystem.