What are BeefLedger Vaults?

What are Vaults?

BeefLedger Vaults are pre-configured computers that are installed at client and community member premises, enabling the participant to:

• Maintain their own copy of the database and transactions records contained on the BeefLedger blockchain; and

• Operate a validation Node on the Proof of Authority blockchain, which contributes to overall network security and stability.

Owners of Vaults are stakers on the network (or is that steakers?) and are part of the blockchain network.

Vault Types

There are two types of Vaults:

• Standard Vaults, which make a copy of the network and provides storage redundancy within the network; and

• Sealer Vaults, which can product blocks. Sealer Vaults are where transactions are sent first, before the data is propagated across the rest of the network. They also make a copy of the network and provide storage redundancy.

Why Vaults?

For BeefLedger, we aim to empower participants to take charge of their data value and build strong, community-driven secure information systems that enable people to go about doing their business with each other, confident in the integrity of the data they're each dealing with.

By providing Vaults, we push the power of decentralisation to the edges. We are able to:

• Reduce dependence on major web services providers;

• Reduce data related costs to everyone's benefit;

• Increase network security by eradicating 'honey pot' single point risks;

• Spread the ownership base of hardware infrastructure that underpins the data network; and

• Ensure the integrity of data isn't something that's controlled by a small number of actors, exposed to a range of risks such as data collusion, hidden conflicts of interest and principal-agent misalignment.

Are there limits on how many Vaults there can be?

No, there are no limits in principle. Unlike some blockchain projects that concentrate data power and data value in the hands of chosen few, our intent is to enable more people to be in charge of data integrity.

Who can operate a Vault?

Anyone can operate a vault. They are delivered pre-configured, and our team will provide online support to get you started. With our Vaults, we are able to ensure blockchain services and capabilities are within reach of anyone who is able to run a standard computer (nothing special needed) and has stable access to the Internet.

How much does it cost to get a Vault?

BeefLedger provides a low-cost Vault Ownership Program. Our programs are a bit like cell / mobile phone plans, where you get to own the Vault over time. Our plans start at less than US$65 / month, on an 18 month plan (pricing current as at 01 January 2021 and subject to change without notice or explanation).

Depending on the plan, there's a core amount of data-related activity that can be undertaken. Unused data credits (ie., $BEEF tokens) are yours to keep, so they are simply held as credits in your network account.

When can someone get a Vault?

Standard Vaults are available from 1 January 2021.

Sealer Vaults targeting 1 February 2021 as well.

Circular Economy

We like to do our bit to manage and minimise the ecological footprint of technology. Our Vaults are made from re-conditioned computers, so that we are able to keep them away from landfill and to put them to good use.

Staking Returns

People who operate Sealer Vaults are not only keeping a copy of the data safe and secure themselves, they are also contributing to the overall network itself. Think of it as shared data storage services. Because of this, we will be launching a Staking Returns Plan in the near future, which will enable Sealer Vault operators to earn a share of network data fees ($BEEF). We will backdate all Sealer Vault operators for Staking Returns should you deploy a Sealer Vault before the Staking Plans are launched.