From the early years, the Proof of Work consensus mechanism dominated the cryptosphere. In 2019, the crypto community appreciated the PoS consensus algorithm. Its economic and technical advantages attracted the interest of large market players and soon the betting market was under the control of the whales.
Thanks to the development of technology, the world of betting has become accessible to investors. Their impact on the betting economy is not yet obvious and will become noticeable only in a few years.
Bets are a great opportunity to consistently receive passive income from your own cryptocurrency. In addition to holding digital assets in anticipation of a rise in price, they can be made to work, just like savings in fiat currencies. Instead of a bank deposit, you can exchange 300 USD to ETH, place bets and raise capital much faster than is possible in the traditional financial field.
Large cryptocurrency exchanges, in an effort to attract more users, have already included staking in their functionality. This feature is built into many cryptocurrency wallets. Let’s take a look at a few of the best.
Ledger Nano X
The device looks very stylish and is protected by a durable stainless steel case and durable eraser. It is equipped with a lithium-ion battery, the capacity of which is enough for several days.
In terms of functionality and security, Ledger Nano X is deservedly considered one of the best crypto wallets. Unlike crypto exchanges, the Ledger Nano X does not charge any additional transaction fees and also provides more control over the funds it holds.
The device supports a large number of popular coins.
The Coinomi mobile wallet is considered one of the best, including for staking. To date, Coinomi has never been compromised in any way. It supports cold and automatic staking, smart contracts, and other ways to stake. The list of coins for staking is regularly updated.
During installation and configuration, Coinomi provides a single key to restore access to all the assets that are stored in it.
MyEtherWallet launched in 2015. It is specifically designed for direct Ethereum staking. Direct staking is possible with this wallet through a partnership with a node hosting service. To become a full validator, you need to deposit 32 ETH and pay 0.75% commission.
The validator must run a special program on his equipment. In this case, the computer must be constantly connected to the Internet. The validator receives a reward for verifying blocks, but if the duties are not performed properly, the reward is reduced. Staking ETH can bring up to 10.1% per annum.
Among the benefits of staking in the Huobi ecosystem using your own wallet is that you do not need to withdraw coins from the staking address. Thus, the user does not have to pay additional fees, while the independence and security of the coins are preserved.
Huobi wallet supports staking of 8 popular PoS coins, including Tron (TRX) and Cardano (ADA).
The purpose of the Trust platform is to make the betting economy more accessible to users. Trust now supports staking of several coins, in particular, TRON (TRX), VeChain (VET), Tezos (XTZ), Algorand (ALGO).
Using any of the listed wallets, you can freely use the LetsExchange platform to exchange 0.23 ETH to USD or another asset you need.
Mining and staking are designed to keep blockchains running safely and smoothly. Recently, the Proof-of-Work algorithm has come under fire due to its high power consumption. The PoS consensus mechanism is becoming more and more popular and the possibilities of staking should not be underestimated.