@Walrus 🦭/acc
How does Walrus work?
The system defines large digital files (videos, images, AI models, etc.) as "blobs" and splits these data into pieces using erasure coding, distributing them across different nodes on the network. This ensures high data accessibility, low cost, and resilience against data loss. Walrus's infrastructure enables developers to publish and manage data directly on the blockchain through smart contracts.
WAL token is the native cryptocurrency of the Walrus protocol and serves as the central element of the ecosystem's economic and governance operations. WAL is not just a payment instrument; it is also a versatile tool used for network security, incentive mechanisms, and community participation.
Storage payments: Users pay with WAL tokens to store digital data on the Walrus network. These payments are directed to nodes hosting the data, ensuring the protocol's sustainability.
Staking and network security: WAL token holders can support nodes by staking their tokens or run their own nodes. Nodes that operate correctly are rewarded, while malicious behaviors are penalized.
Governance: WAL token holders can vote on protocol changes. This governance system allows the community to decide on important matters such as transaction fees, protocol updates, and incentive models.
Incentive mechanisms: WAL is used to reward node operators and participants contributing to the protocol. This incentive structure helps maintain the network's activity and stability.
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$WAL
