Cryptocurrency entrepreneur and visionary Bryan Legend is perhaps most noted for being the co-founder of OOXY Labs, which has a decade of experience in the blockchain and crypto space and is helping to innovate the future of decentralized finance technology.
Now, he’s catapulting the space to the next level, blockchain automatic revenue sharing — aka BARS, a term Legend recently coined. It describes a new, pioneering type of auto-staking function that gives users access to multiple streams of passive income via the Vulcan platform, and Bryan Legend is hopeful it will help usher in a whole new era of DeFi.
In a series of tweets on Feb. 27, Legend described BARS.
“The #DeFi space is changing rapidly to become more efficient and passive income oriented. Investors are looking to participate in sound protocols with underlying revenue-sharing strategies,” wrote Legend.
“A #blockchain thrives from user adoption, on-chain volume, and an expanding ecosystem, so the evolution of merging DeFi mechanics with blockchain technology and automatically distributing revenue sharing with its users is a game changer never seen before in the industry,” he added.
“Blockchain Automatic Revenue Sharing (BARS) will usher in the new wave in DeFi. #VulcanBlockchain is the World’s First to implement this radical 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 who hold its native VUL cryptocurrency, and its proprietary Vulcan Consensus algorithm uses the proof of authority consensus to enable a flexible, scalable, secure, and high-speed crypto platform.
The Vulcan Blockchain
With his extensive knowledge of the blockchain industry, Bryan Legend aims to revolutionize the decentralized finance sector through the Vulcan platform, which includes all the elements that define it as a blockchain automatic revenue sharing service, with the auto-rebasing mechanism adjusting the supply of the native VUL cryptocurrency every 15 minutes.
The fact that there’s an auto-compounding feature in the blockchain, which increases VUL coin holder ownership with each network epoch, only adds to the platform’s status as a next-generation DeFi solution.
In addition, there are three other methods that platform users can utilize to earn passive income: Fixed, Flex, and PowerPool.
Fixed is the platform’s fixed 44% APR that’s automatically distributed to VUL holders annually. This gives everybody in the Vulcan ecosystem a high APR without any commitment.
Flex distributes 1% of fees from all VUL transactions accumulated during a 24-hour period across all users who hold a minimum of VUL 1 in their wallet and actively claim their Flex reward. The amount users get is proportionate to their VUL holding as a percentage of the total supply.
Finally, PowerPool is a 30-day cumulative total of unclaimed daily Flex rewards which can be claimed by active Vulcan platform users who have claimed their daily Flex reward. This encourages continued participation in the Vulcan ecosystem and promotes on-chain activity for node operator rewards.
While many DeFi platforms suffer from bloating as new users enter the market, which leads to slower transaction speeds and higher fees, Bryan Legend has developed a feature to safeguard against this and future-proof his platform.
This feature will utilize smart contracts to make transactions faster and more secure.
“That word ‘bloating’ is basically what has happened to Ethereum blockchain,” explains Legend. “The network has slowed greatly due to the sheer amount of users interacting with it causing gas prices to soar.
“Users of Ethereum chain have mostly moved over to Binance Smart Chain and other comparatively lower gas cost chains that offer better performance. But, Vulcan Blockchain offers even less gas costs when compared to Binance Smart Chain even though they are both [ethereum virtual machine] compatible on the surface. However, Vulcan Blockchain is the only one with BARS technology at its core which incentivises users to want to use Vulcan instead.”
Although the method behind this feature is a closely guarded secret, it’s known that it also eliminates third-party intervention for conducting transactions in its network, which has attracted several users and increased participation in the DeFi space.
As for security and transparency, the Vulcan platform has implemented several measures to protect user data. Vulcan uses advanced encryption algorithms and regular security audits to ensure the platform stays updated with the latest security standards. This is good news for investors with large asset pools who have, until now, found it difficult to trust that blockchain platforms are sufficiently protected against threat actors.
As for what’s next, 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 swath of products and services that will answer the growing needs of DeFi participants.