Proof of Stake Wallets, Where to Store and Earn

Bitcoin came and took the chunk of everything. From having the highest market capitalization to now being the most widely known cryptocurrency. Bitcoin continues to reap the perks of being the first in the industry. It is obvious then that crypto accessories such as wallets would tend to be synonymous with Bitcoin.

There are hundreds of easily available bitcoin wallets, not so much for altcoins. It gets a little more difficult when it comes to relatively new entrant concepts such as Proof of Stake. Proof of Stake borrows from Bitcoin’s Proof of Work. Similar to PoW, PoS is a consensus algorithm that verifies cryptocurrency transactions for altcoins in the same way that miners verify Bitcoin transactions on its blockchain. It not only is a cheaper and more environmentally friendly alternative, it also enables coin owners to store and earn interest from their assets stored in a POS Wallet.

The POS Wallet

This kind of holding to validate transactions means coins cannot be held in ordinary wallets. Several altcoins that use PoS concepts create wallets specifically meant for their PoS cryptocurrencies. PoS as a route for validation on the blockchain may soon take over from PoW. Ethereum, the second largest cryptocurrency by market cap, is currently developing a protocol known as ‘Casper’ to help it transition to PoS. Other smaller currencies such as Dash and Neo have already adopted it. Dash desktop Wallets for staking and Neo wallet, are designed for Dash coin and Neon cryptocurrency respectively.

Neo, both a cryptocurrency and a blockchain network, allows Neo owners to earn through their wallet without having to be online all the time. This is a departure from similar wallets that have to be open at all times. Private Instant Transactions (PIVX) also employs PoS through its PIVX desktop wallet. PIVX is a privacy oriented blockchain platform that forked off Dash in 2016. Other cryptocurrencies with a desktop wallet are Nav Coin and Stratis. Built on Bitcoin’s code, Nav sells itself as a dual blockchain. OkCash, a micro transactions cryptocurrency, has its specialized staking wallet. These coin-specific wallets are generally sanctioned by the coin creators and are only useful to holders of the said coins.

However, there are general PoS wallets that cater for the overall specifications of common virtual wallets that support the storage of several coins. Cobo Wallet is one such store. It combines the capabilities of regular coin wallets to create a more wholesome wallet that holds PoS and non PoS cryptocurrencies. The Cobo wallet offers cloud wallet storage as well as Hard Drive (HD) wallet. Users have the option of choosing either according to their preference.

The availability of HD options puts it above other wallets as it offers higher security and gives absolute control of assets to the user. As seen, most coin specific wallets available are only offered on desktop. Cobo wallet operates its application for both IOS and Android. Security is further intensified through Multi-Factor Authentication with login and payment passcodes. It also employs KYC compliance. KYC has been one of the biggest move in the crypto space, allowing cryptocurrencies and their derivative services meet legal and regulatory requirements.

Cobo also has a DApp store. Its DApps are available for both users and developers. This gives Cobo a more than ‘just a wallet’ outlook as it can be used for entertainment purposes as well as acting as a payment gateway besides coin storage. In a nutshell, Cobo is a progressive PoS wallet with a functional ecosystem. So far, it supports more than 20 chains including TRX, ETH and EOS. It further supports over 500 cryptocurrencies with more advances expected in the future.

In 2016, one of the then ‘most versatile’ PoS wallet, CoinWallet, had to shut down after a security breech. At the time, it supported 58 cryptocurrencies with 34 of them being PoS cryptos. This was quite a setback in an already needy sphere. Even so, the future of PoS indicates at an exponential growth and will see an increase in PoS wallets and improvements in the already existing ones.

The post Proof of Stake Wallets, Where to Store and Earn appeared first on Bitcoin Garden.

Komentar

Posting Komentar

Postingan populer dari blog ini

Blockchain Supply Chain Forum will be held on January 10th in Hong Kong

Gambar
The concept of a blockchain – a distributed, tamper-proof and time-stamped database of transactions that can be managed without intermediaries – is highly attractive in the supply chain domain, and the industry has launched a number of proof-of-concept initiatives. However, awareness of how blockchains work and what they can accomplish for supply chain is still relatively low. The lack of knowledge is exacerbated by the fast pace at which the technology is evolving. A success Blockchain Supply Chain Forum was held on October 24th in Shanghai, professional blockchain organizer EventLinker and Global Supply Chain Council will organize the Blockchain Supply Chain Forum on January 10th in Hong Kong, it is the forum connecting blockchain experts, supply chain and logistics decision makers and tech innovators. This intimate gathering will explore how companies are investigating the use and deployment of the technology to help their supply chains in China. Organizer: EventLinker EventLin
Baca selengkapnya

Transformation of education in post-industrial society

Gambar
Education has always been an expensive privilege; and the education sector has always been one of the most conservative. People chose profession once in their life and did not change it until retirement. Usually education meant studying at a university; self-taught people were rare. However, in the post-industrial society changes in the shape, sense and affordability of education finally began. According to Alvin Toffler, a well-known US sociologist, the emergence of the post-industrial society is a consequence of the intellectual revolution. The possession of knowledge and information will replace financial capital as the biggest value. Development of innovations, empowered by the most educated, will become the most important sector of economy. It means that high-quality affordable education will become even more important than now. The last time when the global education experienced a serious transformation was at the very beginning of the 21st century when the wide access to the I
Baca selengkapnya

After GDPR effect? In A Post Cookie World, Blockchain Is Rising

Gambar
The European General Data Protection Regulation (GDPR) was rolled out in May this year. It introduced far-reaching implications for companies which process personal data related to EU citizens. Even those far outside the EU could not fail to notice this change. Email inboxes were overflowing with opt-out reminders. Cookie banners now obscure many websites, forcing users to agree to a privacy policy so that they can browse the content on the site. Although the GDPR document itself clocks in at 88 pages, the majority of what it covers can be summed up in one word — consent. If companies are processing personal data, it must be done with the explicit, informed consent of the individual. For some forms of marketing, such as email subscriber lists, this involved minimal changes. Individuals already have to take the active step of providing their email addresses, and usually it is pretty clear why they are asked to do so. However, for the digital advertising industry, consent is far less
Baca selengkapnya