Staking - An alternative to mining

[Dmasked 1840]

Imagine being able to take part in mining without buying expensive and extensive hardware and software. Crypto currency is about making the daily lives of people easier, so why should mining be such cumbersome. The good news that many of us already know is that there is an easier way to mine crypto currencies without much hassle. You can easily earn interests monthly on crypto currencies through staking.

 

Traditional mining is very heavy in the pockets and are based on Proof of Work ( POW ) protocol.

 

POW = Proof of Work is a system or protocol that requires feasible amount of effort to prevent malicious use of computing power. The most widely used POW system is SHA-256 which is used in bitcoin. In simple sense it prevents any person from adding fake blocks and double spending.

 

But the major pitfall of POW system is that its only useful to keep the cryptocurrency system clean from spammers and all the computing power used for it becomes wasteful anywhere else.

 

That is when Proof of Staking ( POS ) comes to action. It is an alternative consensus system that rivals bitcoin's POW. Basically in POS you can just stake your coins and earn interests proportionate to your staked coins. It is an eco-friendly method that doesnot require large energy consumption. The only thing you need to do is choose a coin and download the wallet. You do require a system and 24/7 connection to the network. 

 

Popular coins to stake :

COSMOS
DASH
TEZOS
TRON
NEO 
PIVX

 

Ethereum also plans to launch its own Proof of Staking system soon and POS has emerged as a healthy alternative to POW.

[magd 5231]

My friend, the way you talk about mining is not a good way, and the reason is the large number of fake sites that ask you to deposit a large amount in the site to upgrade your mining plan and then take the coins and without achieving any gain in my opinion, traditional mining despite the high costs, but it is more credible And trust

[bliznec 22267]

Pos algorithm, today is a very effective environment to get profit. Staking coins, especially through online services, is a common variant of coin mining. 

[ETheHedgehog 3104]

having constant connection to the network is a bit irritating, but this is still a great opportunity for HODLers to gain some profit from what they're holding

[iloveyobit 6599]

Thank you for the topic, as for me, I think stacking is just another aspect of mining as it only uses different mechanisms, for the time being I am using nbx  browser and stacking nbx coin

[Brand1 1336]

It is very difficult for mining to become without the use of equipment. As for the equipment, the higher the price and the greater its capacity, you will be able to achieve greater profits. As for the way you talk about it, I do not think it is as profitable as mining. Also, this method is full of risks and fraudsters who try to steal on a daily basis.

[lharost 1526]

Staking is a lower risk and reward form of mining, you can start staking with very small amount of capital and you don't have to pay for expensive equipment like for mining, but on the other hand staking is a lower profit investment and the highest return for reputable coins in a year is just 20-25% which is really not that much but it's a great way of increasing your money for long term holders of different coins.

[BitcryptoHan 2557]

I think staking is the best, you can easily hold the coin and the coin stained will be generating a reward in form of making. Ethereum will soon implement such an this will really help ethereum. 

[BTC Future 3946]

It seems that staking will become dominant mining method in Ethereum 2.0 and PoW will gradually decline. Bitcoin community also understands that PoW cannot simply go on forever and that a new system is needed. 

Staking will probably be the future for blockchains.

[Raqeebzy 6456]

36 minutes ago, BTC Future said:

It seems that staking will become dominant mining method in Ethereum 2.0 and PoW will gradually decline. Bitcoin community also understands that PoW cannot simply go on forever and that a new system is needed. 

Staking will probably be the future for blockchains.

It's much more than just a probability but certainty. Proof-of-Stake is much preferred blockchain consensus algorithm in lesser work on just transaction validation which solves the high cost and need for constant upgrade of mining (electricity and hardware) in PoW and scalability is much more guaranteed.

[BitcryptoHan 2557]

6 hours ago, Majeshi said:

Staking its just like investing our coins in the investingbox and earn interests daily according to our capital. We should find a better coin and a better staking plan so that we can earn good profit.

Yes but some coins make use of it to give mining reward, I think it is better than using mining equipments which are more expensive and not easy to do. Even ethereum has propose PoS which we all believe will help ether price to rise. 

[Yomose 3704]

23 hours ago, BitcryptoHan said:

Even ethereum has propose PoS which we all believe will help ether price to rise. 

The proposed ethereum 2.0 which was the proposed PoS, but it is already getting long. It is better than real mining that required buying of expensive hardwares when the algorithm can be changed to PoS. 

Edited June 7, 2020 by Yomose

[Calvinpriva 17296]

I agree with you, staking is just like mining but its more safe. Because there are many exchanges where we can stake our coins and earn interest with them, some of those exchanges is yobit! We can stake our coins and earn interests in the investbox.

[Honny143 13612]

President mining is not profitable so now everyone try alternative way staking, to earn daily % percentage to earn from staking but invest only valuable coin and select reputed exchange to investment, because so many exchange gives high commission offers but in reality they still our money.

[Yomose 3704]

17 hours ago, Honny143 said:

President mining is not profitable so now everyone try alternative way staking, t

Staking is still making but hardwares are not used for the mining as it is not PoW but PoS. 

17 hours ago, Honny143 said:

but invest only valuable coin and select reputed exchange to investment, because so many exchange gives high commission offers but in reality they still our money.

You are so right, because some coin could be bought and staked but fall in a way you can not get the investment capital back in 50 years or more. 

[Dmasked 1840]

On 6/8/2020 at 5:19 PM, Calvinpriva said:

I agree with you, staking is just like mining but its more safe. Because there are many exchanges where we can stake our coins and earn interest with them, some of those exchanges is yobit! We can stake our coins and earn interests in the investbox.

I would not exactly suggest to stake cryptocurrencies in exchanges. Binance is alright if you enable 2fa and all security features but even then there is a risk of being hacked. So if you want to stake any currency, do it in its official wallet like Neo, Tron and others have their own wallets for staking. Its much more secure than staking on exchanges.

[houhou11 2]

Staking is a lower risk form of mining but its rewards are lousy and it takes a long time to harvest them

[DiamondBit 720]

On 4/28/2020 at 4:36 PM, Badman001 said:

yea I also think it , staking is best alternative of mining by staking if we invest a good amount of money in good coin then we can accept a good amount of return by it . generally I used dash coin for staking purpose. 

PoW is better, this create a means companies produces miners and more miners and many others hardwares, from there these compares will employ workers and reduce unemployment. PoS is shit. 

[Yomose 3704]

On 4/28/2020 at 4:36 PM, Badman001 said:

yea I also think it , staking is best alternative of mining by staking if we invest a good amount of money in good coin then we can accept a good amount of return by it . generally I used dash coin for staking purpose. 

There is not other alternative other than  proof of service, so, I do not see any reason why it is the best alternative when there is no other, pos will only have negative effect later but reducing miners in the world, mining industry will reduce, miners manufacturing industry will reduce. 

[keton_double_k 10]

then this topic was just gaining momentum, it was not so popular. But now everything has changed, literally for half a year - uniswap showed what steak can be. Over the past month these defi projects have attracted a lot of money. If I had known then, I would have invested half of all the bitcoins I had.

[ahmedmhom 28]

It is a process of holding the currency for a long time and taking benefits on it, which is a process that helps to raise its price

[ceob68 97]

 

When Bitcoin was conceived it was designed in such a way that a decentralized consensus mechanism was needed to verify or validate transactions without relying on a centralized authority such as a bank, the proof of work method is gradually becoming obsolete. This is largely due to the centralization of hardware and mining pools. In essence, staking is a mechanism that forces all the validators of the network to have participation to validate the transactions.

[Abdulrahman3 1252]

Your idea may be valid as a new idea and benefit the use of the mind so that it does not always continue to think the same thing but rather thinks outside the box, but at this time there is nothing better than electronic mining, and mining currencies that have a high value exclusively, because if you produced a small portion of it, you will get On big profit.

[geezer 7582]

Most of the POS coins are shitcoins, so buying those for staking profits is risky and stupid. But staking Ethereum seems a good solution. Binance and other exchanges provide such an opportunity.