Unlike its predecessor, the Proof-of-Work (PoW) consensus algorithm, which has been made popular by Bitcoin, PoS does not require machines to make energy-intense calculations to solve a puzzle. Block rewards are attributed to stakers using a combination of random selection and the size of the stake (measured by the number of tokens) that have been provided. Proof-of-Stake requires network participants to stake the network’s native asset to achieve distributed consensus. Staking is an integral part of a Proof-of-Stake (PoS) consensus mechanism. In exchange for helping to secure the network, participants who stake their coins receive a share in the block reward in the form of newly minted coins. In the cryptocurrency world, staking refers to “locking up” a digital asset by “staking” it to secure a blockchain network. In this article, you will be introduced to the concept of staking, how staking-as-a-service platforms work, and a guide to the best staking service providers in 2021. Staking cryptocurrency has become a popular method for crypto investors to earn “interest income” on their digital asset holdings. Click to share on Telegram (Opens in new window).Click to share on Twitter (Opens in new window).Click to share on LinkedIn (Opens in new window).Click to share on Facebook (Opens in new window).
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