Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Flits Wallet – The First Decentralized Masternode and Staking App
Flits is a mobile dApp that allows users to earn passive income by staking their crypto or by hosting decentralized masternodes. The platform introduces a variety of new protocols that raises the bar in terms of flexibility and functionality. Here’s what makes the Flits Wallet one of the most interesting projects in the sector.
Interestingly, Flits originates from the Dutch word ‘flash.’ Developers felt this name properly described the goal of Flits, to make staking coins easier and faster than ever. To accomplish this task, developers needed to figure out how to streamline the current processes of setting up masternodes and staking tokens.
What Problems does Flits Solve?
Today, masternode and staking blockchains are very popular in the sector. The problem is that each coin has its own network, wallet, and staking protocol. This situation leaves investors at a disadvantage. The sheer amount of time required to set up multiple masternodes across different blockchains and then monitor these wallets is ridiculous.
Traditionally, to set up a masternode, you must lock up a specific amount of cryptocurrency in a network wallet for a predetermined amount of confirmations. Once these confirmations pass, you begin earning your staking rewards. While this process isn’t unreasonable for one or two coins, it’s nearly impossible to do with any success with four or more coins.
Streamline the Market
Flits wants to simplify this process for you. The platform is the first passive income app combining wallets, masternodes, and staking. As such, Flits is the market leader in this sector.
The company provides users with a multi-staking platform. Here, a single user can stake a variety of coins, and monitor their investments, all from an intuitive interface. Keenly, anyone can become a masternode and stake their favorite PoS coins using Flits. In this way, the firm pushes the boundaries of the crypto sphere to new heights and offers more inclusivity in the sector.
How Flits Works
To use Flits you just need to go to the platform and set up your wallet. Once you have your wallet setup, you may deposit Bitcoin and then buy the number of PoS coins you want directly. You can use your Bitcoin to invest in any of the 86 staking coins supported by the platform currently.
Notably, you must decide if you want to participate in a shared masternode, start your own node, or stake your coins. This decision shouldn’t be too difficult because all of these activities pay rewards. Amazingly, you can set up the system to automatically sell your rewards. This strategy is helpful because it removes the need to use exchanges, and saves you on fees and time.
Features of Flits
The Flits Wallet is far ahead of the competition. This wallet is packed with features that are exclusive to this platform. Here are the top benefits of the network:
You can use your Flits wallet to invest in Bitcoin directly. You can make deposits and send Bitcoin in minutes. Your balance updates after just two confirmations. In comparison, most wallets require six confirmations.
If you participated in a masternode, you receive your rewards directly in your wallet. Interestingly, these rewards come in the form of Flits (FLS) coins. FLS is the native utility token of the Flits platform. You can also set up your account to automatically trade these FLS rewards for Bitcoin if you desire.
FLS tokens are how users interact within the Flits ecosystem. Users can pay fees, set up masternodes, and trade tokens using FLS. In this way, FLS provides more flexibility to users. Flits will issue 10,000,000 FLS in total. Crucially, the FLS token continues to gain value as developers add to this ecosystem.
Users have a variety of ways to spend their crypto using Flits. You can of course send and receive crypto from your wallet but that’s far from it. You can also choose to spend your funds via the Flits card. This crypt debit card allows you to spend your crypto as easy as using a traditional debit card. Users also gain access to the Flits gift card store where they can find cards for top retailers at discounted rates.
Your Keys – Your Crypto
Keeping in line with the DeFi approach to the market, Flits users retain control of their assets at all times. Your private keys remain safe in a cryptographically protected protocol on your smart device. This strategy keeps your digital assets where they belong – in your possession.
Flits allows you to deposit your coins and start your own masternode. Users that operate masternodes receive rewards for their efforts. Masternodes earn around 100% ROI on their holdings. Users can start a masternode with only 1000 FLS. In this way, Flits provides users with access to passive revenue streams.
You can also choose to participate in a shared node. These nodes consist of multiple parties that split the rewards. Each person receives a share of the rewards proportionate to their holdings. These rewards are paid out 4x daily.
Cold staking involves locking your crypto assets to receive rewards for supporting the network.
While Flits Wallet may not allow cold staking for all the supported coins, there are still pleanty options to choose from. Cold staking is simple: the more you deposit and hold in your wallet, the higher the changes and rewards you get. Flits rewards are given out four times every 24 hours. What’s more, they only charge between $1.13 to $1.99 per month.
Flits uses the Quark consensus algorithm to maintain network security. This Proof-of-Stake consensus mechanism adds a block to the blockchain every 60 seconds. In comparison, Bitcoin only adds a block once every ten minutes.
How to Get FLS
FLS is available for purchase at Flitswallet.app. You can also find this versatile coin at a variety of reputable exchanges. Specifically, FLS trades on CREX24, STEX, and BIRAKE. Developers expect more exchange listings in the coming weeks as the platform takes flight.
Flits – Ahead of the Curve
Flits is one step ahead of the competition with this concept. PoS coins continue to enter the market in droves. Flits allows a single investor to maximize their staking strategy without investing tons more time. In this way, Flits streamlines the entire PoS sector in new and exciting ways. For that reason, Flits is sure to see success.