ChainColosseum is a play-to-earn game with a rare, if not unique, approach to blockchain-based gaming. Firstly, the game proposes a dual-token system that gives its players both earnings and governance powers. Secondly, it enables gamers to build their own boss characters that give creators rewards when winning battles. So far, the game has certain similarities with other GameFi applications. However, it has one standout characteristic - it is not a money-driven game. The team behind ChainColosseum does not get any…
26 January 2020
update 27 October 2021
Beginner’s Guide to Staking and Masternode Platforms
With the advent of Proof-of-Stake currencies, a lot of connected services have started to emerge. Innovation in the Proof-of-Stake consensus algorithm leads to an increase in the number of platforms that help the average investor, developers, and enthusiasts make the most out of their crypto investments without the hassles of complexity and technical difficulties.
Staking Services
Staking Pools
A Staking Pool is formed when several coin holders merge their resources to increase the chances of validating blocks and receiving rewards. They combine their staking power and share the eventual block rewards proportionally to their individual contributions.
Choosing a Staking pool to stake and get rewarded collectively is a reliable way to make regular, reliable profits. Staking pools can help you generate income without doing much work individually, as all responsibilities can either be distributed or delegated. MyCointainer and StackofStake are two of the better-known Staking pools currently operational on the market.
Cold Staking
Cold staking means that you can start staking cryptocurrencies but hold them on a secure wallet that is not connected to the internet at all times, i.e., a hardware wallet. Cold Staking is much easier and more secure than regular staking. Networks that support cold staking allow users to stake while securely holding their funds offline. However, if the stakeholder moves the coins out of the cold storage, they will stop receiving rewards. This method is handy in allowing large stakeholders to ensure maximum protection of their funds while still supporting the network.
As of January 2020, there are only a handful of projects that support cold-staking. Some of them are
- DIVI
- Stratis
- Nav Coin
- Solaris
- ColossusXT (COLX)
Resources for Staking Services
Following are some of the resources that an Investor might use to settle on a Staking platform and start generating returns
Masternode Services
Another addition to Proof of Stake is the introduction of Masternodes. Masternodes act as different types of users in PoS networks. A Masternode has added responsibilities when compared with a regular Staker. Projects that support Masternode staking, such as DIVI, PIVX, Dash, etc., place extra responsibilities on their masternodes. They are assigned tasks such as voting, delegation, decision making, and so on. It is obvious that with the increased responsibilities, Masternodes are generally paid more than regular stakers.
Shared and Instant Masternode
Most Masternode projects have a barrier for entry, i.e., a minimum stake, to set up. For example, The Dash network asks for a minimum of 1000 Dash as a stake to successfully become a part of the Dash Masternode network. Investors are almost always interested in setting up a masternode but fall short of the minimum requirement due to liquidity issues, risk, or other factors.
A Shared Masternode is a service that connects several interested persons to invest in setting up a masternode cumulatively. Two or more people can come together and contribute to setting up the masternode. This is an obvious advantage for several reasons as it distributes the risk and responsibilities. Someone with full collateral that does not want to risk their entire amount can choose to power a shared Masternode to mitigate their risk.
MyCointainer, Mark Mining Services, 2masternode are just a few service providers that automatically connect users who fall short of the minimum stake requirements. The service automatically configures the server, downloads it. It synchronizes the blockchain and pays out the rewards entitled to the masternode for its work to all masternode co-owners, depending on their invested assets percentage.
Decentralized Masternode
Btc
Bitcoin
$48.327
price
price
2.46779%
price change
Being in a market that values privacy and direct ownership above anything else, a Decentralized Masternode Service is the answer to risky Centralized ones. A Decentralized Masternode, such as Flitsnode, is a service that invites users to stake their crypto holdings to set up a masternode and yet retain their full ownership of their funds. In essence, Flitsnode invests masternodes trustworthy by giving back full ownership of funds to its users through its decentralized staking application. Investors use their own wallets to set up a node without depending on any third party or custodian. Decentralized Masternode can be considered as a direct descendent of Cold Staking services.
Resources for Masternode Services
Things to Keep in Mind Before Choosing a Platform
- Always ensure that you do sufficient market research before settling on a staking or Masternode platform.
- If it is not cold staking or decentralized, ensure that you have a dedicated computer to carry out your staking activities. The computer should be connected to the Internet and electricity at all times.
- Disconnecting the device will temporarily remove you from the network and decrease your ultimate reward.
- It is recommended to join Staking pools as they carry a greater chance of winning the network reward.
- Delegate staking rights to pools that have a good track record of making the best decisions for the network
- Consult platforms like CoinMarketCap, Masternodes. Online and other information arbitrators that provide detailed information regarding each project. As explained earlier, choosing a reliable network to stake on is the most important part of staking.
