When a person can validate block transactions according to the quantity of coins being held, the Proof-of-Stake (PoS) can be identified and monitored. Primarily, the validation power is commensurable to the Bitcoin or Altcoin owned or staked by a miner. Thereupon, the concept of Proof-of-Stake (PoS) was created as a selection to the Proof-of-Work (PoW) for the accoutrement of issues in computing power costs, fairness to the overall power consumption. ABR recently had the privilege to speak to Alex Hui, the Director Moonstake, with regards to the staking pool, and today we are diving into the matter of Proof-of-Stake (PoS).
To a great degree, Proof-of-Stake (PoS) is a great knowledge to be learned by anyone. In order to begin with, miners need to lock a certain amount of coins in the network as the stake. Once a node gets chosen to forge the next block in the system, it will be rewarded with coins in the form of transaction fees that are associated with the transactions in the block.
Before we even started to live freely and with no fear of missing out, everything was laid out perfectly by our peers and close circles. Eventually, everything takes time and so does technology in every single aspect of our lives. To wonder upon the adoption of future technology into our whole development systems in the current world, things have already begun long before we even realise it or not. Alex stated that, without us realising, “the adaption is already happening under our noses, though many of us may not be aware of it.”
Blockchain is not a simple subject to discuss, but once one is able to capture the importance of the technology and the overall essence of its features, we are seeing rainbows in all continents. Various companies have adapted into the technology in their businesses because they see the importance of it in the development of the new era of civilization. To name a few sectors include international banks that are utilising the technology to finalise hundreds of billions of FX deals, supply chain for example; international shipments are facilitated by the technology.
The art of being vulnerable, yet having the privacy at the back of our hands is the key factor of why the technology of Blockchain exists in the first place. The high degree of openness of data and information has always been a prominent topic for all. Recently, when the COVID-19 pandemic started, everything started to go online, from universities courses to management and finance sectors or more. The issues came up to rise when the key elements of data became a centralised topic: privacy and data legitimacy.
Moonstake believes that Blockchain is essential to the construction of a healthy ecosystem for fair and safe data utilisation as well as transferring and receiving. When a technology is a solid proof of transparency, traceable and irreversible at all costs, nothing defeats all of that apart from the lack of knowledge and importance factor that lies on the major or minor players.
The world is watching across the developments of the Asia region in constructing future technologies to making impossible things long thought by many as – possible. As Asia is taking the lead and now becoming a renowned nation of the future technological developments, Moonstake believes that staking and Proof-of-Stake (PoS) are both influential features in the Blockchain technology, thus working with industry leaders and consolidating the presence in different regions have been the main drive. The goal is to become a localised global company which provides excellent services to both coin holders and enterprises. To check out Moonstake, visit https://www.moonstake.io or drop a line at [email protected]
Conclusively, the awareness of the general public on the Blockchain technology is still related to cryptocurrency. However, it is not the whole spectrum of the technology if one is able to master the whole concept and understand that it will soon be just like an ordinary technology of the World-Wide-Web, in a safer traceable mode of concept. We will be seeing a breakthrough in the whole industry in the coming years.
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Nurul Zamrè is an ardent writer for the past 15 years of her living tenure on science & technology, agriculture, health, communities, management and more. She is also a News Anchor at RTM, a general manager of AHVN, a model, VO artist, emcee, gymnast, ballerina and a lover of everything chocolates.
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