Magic Square, a community-driven multi-chain crypto app store, has taken another step towards the launch of its platform with the opening of user signups for its upcoming beta launch waiting list.

According to the press release shared with Finance Magnates, the team behind the project is also luring potential users with the announcement of a giveaway campaign. It has issued a bounty campaign of up to $250,000 in rewards for participants.

Further, the campaign will grant all participants a free one-year Premium Magic Square membership and $SQR tokens to spend in the native store. “All participants receive free $SQR tokens to spend in the store on dApps and customizing their workspace,” the platform stated.

Also, the beta launch waitlist campaign participants can receive up to $1,000 in NFTs through the Magic Square NFT-drop campaign, along with higher stake rewards.

“Users who stake $SQR can either become validators or delegate their stake to validators. Both options will earn user rewards. Applying for a validator position requires  staking  Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve distributed consensus.This notably differs from Proof-of-Work (PoW) blockchains that instead rely on mining to verify and validate new blocks.Conversely, PoS chains produce and validate new blocks through staking. This allows for blocks to be produced without relying on mining hardware. As such, instead of competing for the next block with heavy computation work, PoS validators are selected based on the number of coins they are committing to stake.Users that stake larger amounts of coins have a higher chance of being chosen as the next block validator. Staking ExplainedStaking requires a direct investment in the cryptocurrency, while each PoS blockchain has its particular staking currency.The production of blocks via staking enables a higher degree of scalability. Moreover, some chains have also moved to adopt the Delegated Proof of Staking (DPoS) model. DPoS allows users to simply signal their support through other participants of the network. In other words, a trusted participant works on behalf of users during decision-making events.The delegated validators or nodes are the ones that handle the major operations and overall governance of a blockchain network. These participate in the processes of reaching consensus and defining key governance parameters. Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve distributed consensus.This notably differs from Proof-of-Work (PoW) blockchains that instead rely on mining to verify and validate new blocks.Conversely, PoS chains produce and validate new blocks through staking. This allows for blocks to be produced without relying on mining hardware. As such, instead of competing for the next block with heavy computation work, PoS validators are selected based on the number of coins they are committing to stake.Users that stake larger amounts of coins have a higher chance of being chosen as the next block validator. Staking ExplainedStaking requires a direct investment in the cryptocurrency, while each PoS blockchain has its particular staking currency.The production of blocks via staking enables a higher degree of scalability. Moreover, some chains have also moved to adopt the Delegated Proof of Staking (DPoS) model. DPoS allows users to simply signal their support through other participants of the network. In other words, a trusted participant works on behalf of users during decision-making events.The delegated validators or nodes are the ones that handle the major operations and overall governance of a blockchain network. These participate in the processes of reaching consensus and defining key governance parameters. Read this Term 50,000 $SQR and passing a qualification test to determine reliability. A validator will receive rewards for the validation process, including vetting every application submitted to the Magic Store,” the press release detailed.

Community Is Its Core

Magic Square is developing an app store by integrating community-vetted crypto apps, NFTs, DeFi solutions into Magic Store apps and GameFi. It will provide a Magic Framework for the development of crypto apps and widgets, and a community will curate the apps to be listed on Magic Store.

“Magic Square is a platform that appeals to all types of crypto enthusiasts  dApp  Dapp A dapp, or decentralized application, is a computer application that runs on a distributed network. Dapps are most commonly associated with the blockchain networks that support them, such as Ethereum.Because dapps are decentralized, they do not exist under the purview of a centralized custodian or authority. The original Ethereum white paper effectively splits dapps into three types. This includes apps that manage money, apps where money is involved (but also requires another piece), and apps designated as the “other” category, which includes voting and governance systems.The type of app represents one in which a user may need to exchange ether as a way to settle a contract with another user. This uses the network’s distributed computer nodes as a way to facilitate the distribution of this data.Meanwhile, the second type of app melds money with information located outside the blockchain. Finally, in order to execute, ‘smart contracts’ are utilized that rely on so-called “oracles” to relay up-to-date information about the outside world. Understanding Dapps in Real World ApplicationsFor example, a standard application such as Twitter is run by a centralized authority. While these kinds of apps have thousands of users located around the globe, the backend of the app is controlled by a single entity. If there is a problem with the Tweets on Twitter, the company that runs the app can delete them. However, if Twitter was a dapp, all of the tweets that have been posted could not be deleted by the dapp’s creators. Instead, the poster may have the option to edit their posts, but each of the various versions of a post would remain there forever. A dapp, or decentralized application, is a computer application that runs on a distributed network. Dapps are most commonly associated with the blockchain networks that support them, such as Ethereum.Because dapps are decentralized, they do not exist under the purview of a centralized custodian or authority. The original Ethereum white paper effectively splits dapps into three types. This includes apps that manage money, apps where money is involved (but also requires another piece), and apps designated as the “other” category, which includes voting and governance systems.The type of app represents one in which a user may need to exchange ether as a way to settle a contract with another user. This uses the network’s distributed computer nodes as a way to facilitate the distribution of this data.Meanwhile, the second type of app melds money with information located outside the blockchain. Finally, in order to execute, ‘smart contracts’ are utilized that rely on so-called “oracles” to relay up-to-date information about the outside world. Understanding Dapps in Real World ApplicationsFor example, a standard application such as Twitter is run by a centralized authority. While these kinds of apps have thousands of users located around the globe, the backend of the app is controlled by a single entity. If there is a problem with the Tweets on Twitter, the company that runs the app can delete them. However, if Twitter was a dapp, all of the tweets that have been posted could not be deleted by the dapp’s creators. Instead, the poster may have the option to edit their posts, but each of the various versions of a post would remain there forever. Read this Term users, developers, investors and traders. Accessing a one-stop-shop for dApps across any blockchain and earning $SQR rewards for checking out applications creates a very compelling reason to dive deeper into the crypto and blockchain ecosystem,” the company added.

“It removes the need to switch between a website and dApp, as you can access everything through the same trusted and streamlined user interface.”