Bitcasino World Cup Raffle Campaign - Win the VIP World Football Championship Experience
333
views

Using Figment.io to Stake Cryptos – A Practical Web3 Guide

Crypto staking is the most straightforward approach to passively building your crypto holdings. It entails dedicating your digital assets to sustain a network and authenticate transactions. 

Instead of obligating blockchain nodes to use expensive computational machines, the Proof-of-Stake (PoS) protocols propose an eco-friendly approach. PoS demands you to stake (delegate) your digital assets and compensate you for doing so.

Figment.io (or, simply, “Figment”) is one of the platforms that created strong market traction in the staking field. What does Figment offer? What does the team wish to achieve? Let us learn more information on this platform in today’s guide.

About Figment

Figment’s goal is to boost the use of Proof of Stake (PoS) blockchains in the future generation of the internet. Investors may assist in protecting the blockchain and earning a return on their investments, thanks to the team’s efforts. 

Using Figment’s protocols, token holders may study and monitor their tokens and make educated decisions. Figment aims to be a catalyst for Web3 innovation and growth. 

According to the founding team, Figment has earned the trust of more than 150 institutions. Some of these businesses include venture capitalists and asset managers. 

Staking Cryptocurrencies with Figment

Figment is one of the self-proclaimed market’s top suppliers in terms of blockchain infrastructure. As mentioned above, more than 150 organizations, including a wide range of major players, make up the company’s clientele. 

This list includes venture capital businesses, cryptocurrency wallets, exchanges, custodians, and wealth management organizations. 

App and service developers from various industries may use Figment’s platform to construct Web3 applications. 

The security of the staked assets of Figment’s clients has top priority in the architecture and deployment of the company’s infrastructure.

The system’s Prime dashboard enables comprehensive reporting of rewards and positions for different assets. This feature aims to make portfolio administration as simple as possible, including the ability to delegate tasks efficiently.

The Protocol Specialists at Figment have a close relationship with the networks the project helps to build. An essential goal of this group is to offer regular updates on network advancements, governance issues, and larger market trends. 

An in-depth understanding of the client’s aims and objectives is achievable using dedicated Client Success Representatives.

The Staking Infrastructure

Public and private sentry nodes connect to the project’s physical infrastructure. AWS, Google Cloud, OVHcloud, Digital Ocean, and other popular public cloud providers host the nodes. 

Figment pledges to restrict access to its physical validator nodes from the internet for the benefit of the general public. The Figment facilities also link to AWS GCP via direct connections with VPN backup and safe systems. 

A Tier 3 IDC with 2N power and cooling provides space for the project’s validator nodes. A+B power/network pathways, smart temperature management, and biometric access control are all included in the system.

Figment allows users to connect to other validators using a private peering network securely. Hardware Security Modules (HSM) let Figment protect private keys and prevent double signing. 

Figment also emphasized having redundant backups and redundancy for many on-premise and off-premise secure servers. In order to monitor how the system is behaving, the development staff works 24/7.

The Project’s Staking API

Slate, Figment’s “universal staking API,” is one of the latest announcements of this team. Traders can manage staking services with ease using Slate’s features. 

Why is an API necessary for a staking portal? The team outlined three main reasons why this functionality was necessary:

  1. The time to market decreases by roughly 90% when we use APIs.
  2. Scalability, one of the primary goals of any decentralized system, is at hand through the use of APIs.
  3. APIs are cost-effective, which means that they reduce the expenses of engineering and maintenance operations.

The process of integrating and staking additional coins can be lengthy and costly. Because of the lack of engineering resources and protocol understanding, it is challenging to implement staking successfully. 

Over fifty different protocols are accessible using a single interface in Slate. Slate, according to Figment, allows companies to add staking to their list of capabilities in only a few days. 

In order to simplify the user experience, Slate reduces network-specific operations by translating protocol-specific material into a standard API. 

Slate accepts a standardized input for each transaction type and produces a protocol-specific transaction object. This output is ready for the user’s signature, which is necessary to enter a decentralized network. 

Sending, depositing, staking, un-staking, re-delegating tokens, and collecting rewards are possible operations with Slate.

Advanced Features – Figment Prime

Figment’s most valuable customers have access to the company’s Prime service. Access to an industry-leading portfolio management dashboard is the core of this professional package of tools. 

Figment Prime’s ultimate goal is to make asset management and decision-making more efficient and informed. According to the company, the Figment Prime creators imagined a product for VCs, Custodians, Hedge Funds, and other industry professionals.

The following is a partial list of the Figment Prime program features:

  • Multi-address network management capability on one network.
  • Multi-network portfolio tracking, even on multiple networks.
  • You may delegate the selected networks with one click.
  • Detailed reporting of staking rewards and validator performance.

The team wishes to add other features to this suite of tools, such as diligence reports on PoS networks. This list includes 24/7 private support, monthly analyst calls, and other premium features.

Supported Protocols

Figment dedicated a detailed page on its website to find all the supported protocols in this ecosystem. You can visit this page and browse the complete list of supported systems for staking your tokens.

Once you find the token you wish to stake, you can simply follow the instructions on the website to proceed.

Figment’s Governance

Over time, Figment has developed several services related to the governance matter. Many of the most complicated and dynamic blockchains require enormous time and effort in administration. 

By providing services and developing software, Figment makes it easy for many stakeholders to participate in blockchain governance.

Figment’s goal is to enhance blockchain governance, whether you’re seeking a personalized service or not.

Handling Crypto Custody

Figment’s goal is to make blockchains easier to use, construct, and administer for token holders, developers, and other network members. 

The project partnered with custodial service providers to ensure your tokens are safe and secure. These partners will act ethically and legally, as Figment promised.

Figment’s custodial partners plan to help you stay compliant with all the latest regulations in the crypto world. Blockchain regulation is rapidly evolving, and keeping up with all the requirements can be complex.

Educational Content

Figment’s team is sure that the knowledge you can acquire in the blockchain industry is limitless. In this context, the project has created a learning platform dedicated to the web3 world. 

The team frequently posts educational content, such as tutorials and videos. Most of the material targets inexperienced crypto enthusiasts. However, advanced traders can find helpful information here too.

Final Thoughts on Figment.io

Trusted by BitGo, Ledger, and Fireblocks, Figment is one of the major suppliers of blockchain-based services. The project’s goal is to enable investors and developers to construct Web3, the next generation of the digital world.

Bitcoin live price
Btc
Bitcoin
$19.271,63
price
0.68519%
price change
BUY NOW

Figment’s official website and blog are available for anyone wishing to learn more about this company.

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…