Bitcasino World Cup Raffle Campaign - Win the VIP World Football Championship Experience
340
views

Exploring New Crypto Staking Possibilities with Chorus One

Investing in cryptocurrencies often involves two options: mining the digital currency or buying it directly on a cryptocurrency market. On the other hand, the crypto-curious have another option: staking their crypto holdings. 

Everyone in the crypto world needs to understand what “staking” means. Furthermore, to reap the benefits of this technique, investors must understand how staking works.

Let us look into Chorus One together in today’s guide. Chorus One is a popular staking choice on the crypto market, as we explain below.

About Chorus One

Since 2018, Chorus One has been a leading player in the Proof-of-Stake market. At its heart, Chorus One is a decentralized network and infrastructure corporation that provides staking services. 

Proof-of-Stake assets are at the core of this project. The team relies on validators and other nodes on promising protocols to appeal to investors. This promotion mainly leverages the promise of engaging in governance and developing tools that improve the staking experience.

Whitelabel Staking

Clients with assets worth more than $10 million can run their own branded nodes using the project’s managed Node-as-a-Service offering. Staking services are available to customers while Chorus One takes care of the infrastructure.

This feature revolves around five pillars:

  • Security: SLAs guarantee that nodes will always be up and secure on Chorus One’s industry-leading infrastructure.
  • Network insights: You may benefit from Chorus One’s protocol knowledge and receive quarterly financial reports.
  • Reliability: The project’s DevOps staff is available around the clock to help you with updates and unforeseen situations.
  • Support: The project is always available to assist you with any questions about its services.
  • Customization: You may charge any commission rate you like for your node. This project also lets you name your node.

As of today, this system supports 13 different networks, such as Solana, Ethereum, Polkadot, and others. The whitelabel staking feature is a classic example of the Node-as-a-Service trend in the crypto world. 

Staking relies heavily on the fact that tokens are in escrow for a certain period. You cannot withdraw staked tokens from some networks until an agreed period has elapsed. The unbonding or lockup period describes the time it takes to withdraw funds. 

These limits help protocols maintain a good level of liquidity and avoid running out of funds. Lockup periods assure the safety of customers and restrict validator turnover. Moreover, lockup durations are helpful for a wide range of additional purposes.

However, many investors would like to have the possibility to use their staked funds. The solution to this issue comes with the liquid staking technique, as explained in the following section.

Discovering Liquid Staking

You can delegate your tokens to a service that will stake them for you without losing access to your coins. Using liquid staking, you may still access your funds after staking them. There is no “locked” or “inaccessible” money in escrow, unlike with PoS staking.

Chorus One offers the chance to join a liquid staking network on Solana and Ethereum. For example, if you wanted to liquid stake your Solana token (SOL), you’d have to follow the steps below:

  • Connect your crypto wallet to Chorus One.
  • Deposit the amount of SOL you wish to liquid stake on the platform.
  • Receive an amount of stSOL from the portal.
  • Meanwhile, the system will distribute your SOL across all the validators in the network.
  • The value of your stSOL grows over time, bringing you a level of rewards.
  • You can use your stSOL as collateral in multiple DeFi applications.

According to Chorus One, liquid staking is on the verge of becoming a significant trend on the market. As a result, the team argued that Proof-of-Stake protocols should not fear liquid staking. On the contrary, they think they should embrace it. 

According to Chorus One, liquid staking may speed up innovation and open the door to new business models. Decentralized exchanges are becoming increasingly powerful, and this method may offer a decentralized way to grow even more.

What Does Chorus One Promise?

In order to ensure that Chorus One’s nodes operate reliably, the team has specialized its infrastructure and processes. The group wants to ensure that its infrastructure manages to safeguard cryptographic key material. 

The team supports various decentralized networks, an operation that lets them acquire experience with different blockchain systems.

Newsletters and other network-related information often inform Chorus One’s community of important announcements. On top of that, Telegram is a channel the team uses to provide support to its users. 

The project’s staking services are a source of confidence in this ecosystem, according to Chorus One’s founders. The team frequently mentions that its staked funds amount to millions of dollars.

Custodian and Non-Custodial Services

Non-custodial usage of Chorus One’s services is possible by setting up a wallet and owning your private key. You’d need to transfer your tokens to your wallet if you purchased them on a centralized exchange site. 

In order to understand more about wallet choices and non-custodial staking, consult the platform’s staking documentation.

However, if you prefer to use a custodian system, Chorus One also offers this possibility. Customers of Finoa, a German-based cryptocurrency custodian, may now stake their coins with this initiative.

Coinbase Custody (and other custodians) typically allow anyone to employ the services of Chorus One.

An Eco-Friendly System

One of the many reasons the Proof-of-Stake became so popular is its lower environmental cost than the Proof-of-Work system. In order to safeguard decentralized networks, Chorus One aims to build a long-term sustainable infrastructure. 

No energy-intensive mining is necessary for the company’s support for Proof of Stake networks. In addition, the team members said that it continuously offsets its carbon output.

Chorus Ventures

Chorus One has refined its decentralized network skills to an unmatched level over the years. This success was possible thanks to the launch and operation of some of the most widely used protocols. 

The team has seen what works and what doesn’t regarding decentralized networks. This team worked intensively on tokenomics, node operations, and other blockchain-related operations.

As a result, these professionals chose to introduce Chorus Ventures. The operation aims to invest $30 million in notable decentralized initiatives.

Chorus One Vision

Token holders and blockchain users may count on the team to provide as many options as possible in decentralized services. 

Protecting their rights, encouraging open access, and empowering users to influence protocol governance are all part of Chorus One’s plans. 

Chorus One also pledges to provide investors with products of the highest quality and security. This group’s goal is to create a dependable and secure system. Chorus One refuses to follow the decentralized trend of sacrificing quality for speed. 

Finally, the group dedicates its activity to positively impacting the networks with which it works in the long run. Chorus One strives to strike a balance between its business goals and those of the broader ecosystem.

Our Last Thoughts on Chorus One

Since the PoS system replaced the energy-intensive PoW protocol, staking has become a common practice in crypto. However, the staking world is evolving in new directions, as the liquid staking practice shows.

Solana live price
Sol
Solana
$33,1
price
2.44008%
price change
BUY NOW

Chorus One is one of the projects researching new solutions in this rapidly evolving market. You can find out more about the project on its website and Medium page.

Stay up to date with our latest articles

More posts

CryptoCompare Review – The Power of Crypto Data in a Comprehensive Platform

CryptoCompare is very proud of how good its statistics are and how much ground it covers in the crypto world. The technology and API of the project want to make sure that its infrastructure is safe. The platform wants to give both individual and institutional investors access to information that will help them better manage their investment portfolios. CryptoCompare guarantees the accuracy of its data and follows the strictest rules.  The initiative conducts frequent audits of crypto exchanges and is…

Bitsgap Review – Investing in Crypto with a Comprehensive Trading Bot Set

Founded in 2018, Bitsgap went live with the emergence of the cryptocurrency trading bot sector. There was a substantial surge in the number of persons investing in crypto as the general public learned about cryptocurrencies. Institutional investors typically employ automated strategies in the traditional financial market. With the help of Bitsgap, small crypto investors too can introduce automated trading strategies into their wallets. Today’s review will list the main features of Bitsgap to provide you with the key details you…

Argentina Goes After Crypto Wallets of Non-compliant Taxpayers

The Argentinian government has ordered the seizure of 1,269 cryptocurrency wallets of taxpayers with outstanding debt obligations, according to iProUP. The announcement comes after the country’s Federal Administration of Public Income outlined plans to crack down on cryptocurrency wallets of the tax evaders in May. The regulator also ordered the digital assets exchanges and crypto firms to submit monthly user reports. Crypto service providers are now required to run KYC processes and maintain a register of their users. The companies…

El Salvador Buys the Dip; Adds 80 BTC to Its Balance Sheet

El Salvador, the first country to make Bitcoin (BTC) legal tender, has purchased an additional 80 BTC. The country’s president, Nayib Bukele, announced via Twitter earlier today. According to him, the Salvadoran government bought the tokens at an average price of $19,000. This means the government spent around $1.52 million on this purchase. [embed]https://twitter.com/nayibbukele/status/1542672286490271744?s=21&t=tNewbes_XFcRtaHCIDnHdg[/embed] This news comes on the heels of Bukele announcing the purchase of another 500 BTC on May 9. This purchase brought El Salvador’s BTC holdings 2,301…

SEC Rejects Grayscale’s Spot Bitcoin ETF Application

Grayscale has failed to convince the Securities and Exchange Commission (SEC) to accept its spot Bitcoin ETF application. Following months of negotiations and campaigning to kindly persuade regulators, the fund will now take legal action against the commission. Why the Rejection? According to the SEC’s filing on Wednesday, Grayscale failed to prove that its product could protect investors, or prevent market manipulation. “As the Commission has explained, an exchange that lists bitcoin-based ETPs12 can meet its obligations…  by demonstrating that…

OpenSea Warns Users of Attacks Due to Data Breach

NFT marketplace OpenSea informed its users of possible phishing attacks, following a data breach exposing customer emails. Notably, the company has been at the center of attacks and controversies in recent months.  Concerns over Customer Security Open Sea in a blog post revealed that an employee of Customer.io, OpenSea’s email vendor, abused their privileges. The errant employee downloaded and shared customer data with an authorized third party.  In light of the development, OpenSea warned its customers of the potential vulnerability…

Researchers Claim N. Korea is Likely Behind 100M Horizon Attack

North Korean state-backed hackers were likely behind the latest crypto attack that saw Horizon lose approximately $100 million. CNBC reported earlier today, citing analysis from blockchain researchers Elliptic and Chainalysis. Per Elliptic, there are strong indications that Lazarus Group was behind the attack. The company added that the Horizon attacker converted most of the stolen funds into Ether (ETH). Following the exploit, the hacker’s address held 85,867.25 ETH. Elliptic claims that the hacker started laundering the funds through Tornado Cash,…

TradeSanta Review – A Solution to Automate All Your Crypto Investments

Trading techniques are easy to automate using TradeSanta, a cloud-based software platform.  Plug-and-play, active Telegram community and round-the-clock customer assistance are features of the system. In order to give you a rough understanding of how this system operates, we'll focus on the platform's most essential aspects in our review below. What Is TradeSanta? A crypto trading platform for automatic trading, TradeSanta launched in 2017 and is now available to everyone willing to automate their crypto investments.  A social trading marketplace…

CoinFLEX CEO Postpones Plans to Lift Withdrawal Freeze

CoinFLEX CEO Mark Lamb has pushed back plans to resume withdrawals at his exchange on Thursday. The company must first wait to complete its fundraising process, which Lamb claims is making significant progress. The CoinFLEX Debacle Speaking with MarketWatch on Wednesday, Lamb said that his exchange has been discussing his insolvency problem with distressed debt funds. He is attempting to bring them onboard his novel yet controversial token sale solution, alongside existing customers and investors. As CoinFLEX explained on Monday,…

Three Arrows Capital Falls Into Liquidation Amid Worsening Bear Market

Leading crypto hedge fund Three Arrows Capital (3AC) has fallen into liquidation. Sky News reported today, citing a person with direct knowledge of the matter. The source requested to remain anonymous because they do not have the clearance to discuss the matter publicly. According to the source, a British Virgin Islands court ordered the liquidation. Partners of New York-based Teneo Restructuring will handle the company’s insolvency, the source added. The restructuring company is, however, in the early stages of the…