Previously Proof of Work (PoW) algorithms were the only ones available but after Proof of Stake (PoS) algorithms got explored, the crypto space realized that this is way better than the traditional PoW algorithm. If you are opting for Proof of Stake working mechanism, then you don’t have to only worry about the return on investment, but also some of the economic and technical benefits by enabling the holders with the option of running the masternodes or staking coins in a stakable wallet. By using Proof of Stake algorithms, you can achieve the same distributed consensus at a much lower cost, and it is eco-friendly as well.
With the Proof of Stake projects, you might get a larget award with a large stake, but it's not necessary with every coin as some of them return a fixed amount while some of them return a random number of coins for staking. The basic difference between Proof of Work (PoW) and Proof of Stake (PoS) is that in case of PoW, the miners accessing the computing power need to hash transactions cryptographically to earn block rewards.
In case of PoS, the holders holding small amounts can also earn rewards for their participation in the network.
Pundi- X has been always in the news for the right reason, for making noteworthy partnerships with key point-of-sale companies and is already making headlines for one of the first to get cryptocurrency to retail. Earlier in 2019, around July, Pundi X integrated its crypto payments system into a Verifone Point-of-Sale device. By integrating XPOS crypto payments tool on Verifone's Android-based point-of-sale terminal X990, Pundi X hopes that the shops and retail outlets are already using the device for processing cryptocurrency payments in additional to traditional transactions.
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IOStoken is a blockchain with a higher number of transactions per second and is very popular for gamers. It initially started off as an ERC20 token, but later became mainnet. On the mainnet, the token holders vote for node partners as part of the staking process. IOStoken revolves around the Internet of Services (IoS), which aims to bring structure to new online providers. The Consensus mechanism for IOST is unique: Proof of Believability, which enables the network to be fast, while fostering a decentralization of the nodes.
Click here to buy IOStoken
Cosmos is one of the top staking cryptocurrencies, which enables the blockchains to transact with each other, in "Internet-of-Blockchains". Cosmos enables interoperability between innumerable blockchains and raised 16 million USD in its Initial Coin Offering (ICO) in 2017. Shortly after its launch, ATOM surged by around 8%, making it an all-time high (ATH).
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Waves is another potential Proof-of-stake coins, with high performance and throughputs, with up to 6.1 million observed in a single day. It is active in crypto-collectibles and updates can be voted in by stakers without 80% of the votes agreeing to the change, empowering the individual token holders. Very recently, Waves introduced an upgrade to its blockchain, helping in decentralized applications (dApps).
Click here to buy Waves
Qtum is a Proof of Stake (PoS) blockchain which utilizes the best of prior blockchains, such as the UTXO model, Solidity smart contracts to bring decentralization to the world. It has recently implemented Mimblewimble to bring confidential tokens to the blockchain. Qtum focuses on decentralized applications and smart contracts, like Ethereum. It is also working with Google Cloud as its software partner.
Click here to buy Qtum
We have already mentioned the coins above.
Staking can be nearly as profitable as the conventional PoW mining, with the least risk possible.
A PoS coin is one, which uses the staking algorithm, or the voting system.
The creator of Peercoin invented Proof of Stake in 2012, which was the first PoS coin.
This one involves lesser risk, and keeping other factors in mind, PoS is user-friendly.
dPoS is a consensus mechanism, which helps maintain truth across the network, acting as a form of digital democracy.
In Cryptocurrency, Staking is the process of hodling crypto in your wallet, earning an interest, depending on the duration of hodling.
Staking pools are focused on making the most out of the staking conglomerate.
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2019-02-07 13:14:10.491656 | 2 min