GTC Staking FAQ
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Identity Staking is a feature within the Passport app that allows users to stake GTC tokens to verify their human identity. This initiative aims to deter Sybil attacks, enhance the utility of Passport, and promote a more secure and trustworthy web3 ecosystem by developing an .
Users can stake GTC tokens on their own identity or other trusted individuals within the Passport app. Staking GTC acts as a trust signal, supporting the integrity of the web3 community by making it harder for malicious actors to create fake identities or engage in Sybil attacks.
In order to prevent users from sybil attacking through staking their GTC and moving it across multiple passports during a Grants Round, all GTC staked is locked through the duration of the current Grants Round.
Staking GTC on your identity increases your Passport score, which can unlock additional benefits and opportunities within the Passport ecosystem and beyond. It's a way to verify your commitment to being a genuine participant in web3 spaces.
Slashing is an automated penalty mechanism that confiscates and eventually burns the staked GTC of users who violate Passport’s trust protocols. This process helps maintain the community's integrity by deterring malicious behaviors.
Slashing can be triggered by behaviors that compromise the trustworthiness of the Passport ecosystem, such as participating in Sybil attacks or other fraudulent activities.
The Onchain Trust Graph is a decentralized network that connects verified humans within the web3 ecosystem. It helps prevent fake identities, encourages community engagement, and supports decentralized governance.
If your staked GTC is slashed due to a mistaken identity as a bot or bad actor, you have a 90-day appeal process. During this period, the slashed GTC is locked, and you can follow a dedicated appeal link to present your case for reclaiming your staked tokens.
If your GTC has been slashed, you can appeal the decision within a three-month window. Your staked GTC will be locked during this period, and you can initiate the appeals process through a dedicated link provided by Passport.
GTC can be acquired from various exchanges. Websites like CoinMarketCap offer lists of exchanges where GTC is available. For newcomers, educational resources such as Bankless Academy can provide valuable insights into navigating the web3 space.
There is no minimum requirement for staking GTC on your identity or your friends'. However, the more GTC you stake, the higher your Passport score.
While Identity Staking involves certain costs, such as purchasing GTC and gas fees, there are other ways to improve your Passport score without financial investment. Keeping an eye on Passport's social media for events and opportunities is a good strategy.
Slashed GTC will be locked for a three-month period, during which the owner can appeal the slashing decision. This process is designed to ensure fairness and allow users to contest mistaken identities or wrongful slashing.
Details on the appeals process, including the dedicated link for submissions, will be provided to affected users. This process is part of our commitment to transparency and fairness in the Identity Staking ecosystem.
We are continuously working to enhance the Identity Staking feature, including refining the slashing mechanism and expanding the Onchain Trust Graph. Stay tuned for updates on new features and improvements.