Exploring New Opportunities in Coin Staking

Asia Blockchain Review
January 9, 2020

Coin staking could become the next big thing in 2020 as investors explore new opportunities to gain rewards from locking up their coins.

Coin Staking in the Crypto Community

According to U Today, the switch from the Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus means individuals can validate coin transactions much more easily, opening an opportunity for coin staking. 

Coin staking — locking up coins to verify transactions using the PoS consensus — can help stakers gain rewards from the practice. As the coins are locked up or staked, users will not be able to transfer the coins but can receive rewards from staking them.

First of all, to make an investment, users will need to select their staking pool, which will serve as a type of custody to ensure the coins are staked. This step will also control how investors will be rewarded.

Deciding Where Best to Stake Coins 

There are numerous options on where to stake coins, including exchanges, wallets, staking providers and Binance.

The most obvious place to stake coins is with exchanges, where toolkits are usually on offer to let users make deposits and withdrawals or exchange their coins before staking. Exchanges would typically charge fees of up to 15% for their services.

Meanwhile, crypto wallets often have staking services built in, with Trust Wallet, Huobi Wallet, and Hashquark among the leading players in the crypto community. However, fees charged by wallets can be as high as 30%.

On the other hand, though staking providers are available, the type of coins offered for staking are typically smaller compared to wallets, with certain providers charging fees of up to 50%.

Finally, Binance also offers a staking ecosystem where investors can stake 14 types of coins including Atom, Tezos and Tron.  

Source: https://u.today

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us