Morgan Stanley says changing to Proof of Stake might not solve Ethereum's scaling problems. An equity strategist for Morgan Stanley claims Ethereum beacon-mainnet merge will cause demand for graphics processors to plummet in the coming months. The Ethereum platform has been undergoing a parade of testnets preparing for its merge with Beacon Chain. This merge is a move to facilitate the blockchain's transition from operating a Proof of Work model, to Proof of Stake. The PoW consensus model understandably…
The process of staking cryptocurrency entails devoting your crypto assets to supporting and confirming a blockchain network. This method of earning passive income in the crypto world has appealed to many investors.
We can observe a quick shift from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) world. In this scenario, new projects are building a fortune on staking services.
Today, our review will look at 01node, a project staking fans know very well.
In addition to being a highly-secure and trustworthy node, 01node provides high-quality staking and validation services. The platform’s track record demonstrates its dependability. Security is a top priority, and each service attempts to ensure best practices.
What features does 01node offer? Is this platform secure? Let us address these questions in the subsections below.
Leveraging System’s Security
The team strives for the highest levels of performance and dependability. And it does so by using colocated physical infrastructure in tier-3 datacenters. 01node’s own servers are in two Tier 3 Datacenters and contribute to the high availability of the service. The project has its own set of IP addresses.
A redundant “2n” network model is at the core of the project’s reliability. Whenever a component of a 2n network breaks, a backup piece of hardware is available to take its place. According to the company’s creators, this method ensures a network uptime of 99.99 percent.
Using a “packet” traffic analysis technique, 01node provides a DDoS defense against cyberattacks. Additional features include powerful technology capable of mitigating the most severe attacks.
Large national and international service providers ensure reliable interconnections to maintain connectivity in their data centers. As a result, you can count on SLA-guaranteed internet connectivity and good uptime in the data center.
Which Benefits Does 01ode Offer?
01node generally sums up its perks in four main pillars:
- Alignment: while some staking platforms are less picky, 01node’s team promises to bring only the best crypto projects to its system.
- Expertise: 01node’s team explains that it followed the evolution of successful projects on the market way before their public launch. Anyone observing a large number of growing projects generally mentions having extensive experience in the crypto market.
- Reward: a staking project cannot forget to promise rewards to its community. Besides claiming to offer high rewards, the team mentions a simplified cost structure for users. In fact, you will only need to pay a staking commission to 01node, with no additional costs.
- Earn interest: the team allows investors to join the best crypto projects in the blockchain industry. The decision of which networks to include in the system is entirely in the hands of the 01node team.
What Do We Know About the 01node Team?
01node comes a group of professionals with decades of combined expertise in various industries. Software development, IT infrastructure, encryption, and financial services are in the project’s founders’ competence areas.
Since the beginning, 01node validator nodes have protected value on several POS networks. Terra, Solana, Cosmos, and more upcoming system are among 01node’s supported networks. The project presently protects approximately $550 million in user-staked assets.
How to Stake Cryptocurrencies on 01node?
Looking at a practical example of crypto staking may simplify the task of explaining how 01node works. The project’s homepage provides a complete list of the tokens 01node supports for staking.
If we click on Solana (SOL), we will see that the staking fee is equal to 10% on 01node. As we mentioned earlier, this page reminds us that 01node’s uptime rate is 99.9%.
The website provides some information on the token. It is fair to assume that those wishing to stake SOL are already familiar with it. In any case, this page is rather informative.
When delegating SOL (hence, stake several tokens), 01node reminds us of the importance of choosing the right wallet.
Not all the tokens and wallets support staking. Bitcoin (BTC), for example, is a cryptocurrency using the PoW system. Hence it does not offer the chance to stake coins. If we pick SOL, we know that this token perfectly supports staking. However, we also need to use a staking-compatible wallet to proceed.
Specifically, 01node mentions Phantom, Solflare, and Exodus as options we can use to stake SOL.
There are no restrictions on the number of stake accounts you may create. The same is valid for the amount of SOL you can deposit into each account.
As long as the delegated tokens are not entirely active, they are not eligible to receive rewards. You’ll have to wait until the next epoch to collect the staking rewards. The system may extend this period to 2 epochs, roughly four days.
You may wonder if the instructions above change for a different token. As a matter of fact, they do. Take, for example, Chainlink’s coin, or “LINK.” Compared to SOL, 01node asks for a lower fee, corresponding to 5%.
In terms of uptime rate, Chainlink has a 99.8% value on 01node, which is close to the 99.9% level of Solana. You must worry about choosing the right wallet for staking LINK or whichever coin you select.
How Does 01node Attempt to Attract Investors?
The project’s Medium page frequently lists a series of perks that 01node can offer while staking crypto on the platform:
- Staking risk reduction: staking fans are well aware of the risks that come with this way of investing coins. “Slashing” in case of downtime or double signature is a common fear on the market. In this context, 01node guarantees an uptime period close to 100%.
- Low commission fees: after researching the market, 01node claimed that its commissions were among the lowest in the staking world.
- Auto-compounding feature: long-term stakers can enjoy high APY thanks to the automated compound of the tokens.
- Community and customer support: 01node frequently claims its community is large and growing, ready to help anyone needing assistance. Furthermore, the project has a customer support service that works 24/7.
- Network participation: the team mentions having a long experience in the crypto world. As a consequence, several features mitigate common market risks on 01node.
01node Community Watchers Program
The 01node Community Watchers Program aims to use the community’s collective intelligence to identify potential security flaws. The team uses Telegram to let community members apply to the program.
There are many reasons why the team chose to launch this program. For starters, nodes may be offline, and users may often spot the issue before everyone else.
Social media pages may also have formal errors that the community can spot and ask to amend. Scammers always look for new victims in the crypto world, and the community may report suspicious activity through this program.
For a successful report, 01node will pay the community rewards in USDT.
01node – The Bottom Line
01node labels itself as a high-quality staking and validation service provider. The team gives its community the chance to stake coins at competitive rates with an auto-compounding feature.
If you want to learn more about 01node, visit its official website and check out its social media pages.