This forum is brought to you by POS Bakerz, a company specializing in cryptocurrency staking, operating infrastructures for Proof of Stake (PoS) blockchains and offering delegation services for Tezos (XTZ) holders, Cosmos Network ( ATOM), Icon (ICX), Algorand (ALGO), Iris (IRIS) and Terra Money (LUNA).
Good morning all,
In today’s column we will talk about the launch of the staking offer by Trust Wallet.
After the announcement of several large players having joined this industry (Coinbase Pro, Bitgo, Binance or OKEX), the staking functionality is now implemented on one of the main cryptocurrency wallets: Trust Wallet.
POS Bakerz is very pleased to be among the first validators to be offered on it.
As a reminder, staking consists of generating interest on its cryptocurrencies.
With Proof of Stake (PoS) protocols, actors no longer need significant computing power to validate blocks. So, in staking by simply holding cryptocurrency you will be able to generate an interest rate ranging from 5 to 15% or more depending on the protocols.
To be able to obtain protocol inflation and therefore receive the interest rate, people can either operate a server themselves or delegate their voting rights to a specialized company called a validator like POS Bakerz or others.
Trust Wallet is a non-custodial cryptocurrency wallet known to have been the first acquisition of Binance.
The Trust Wallet app is available on Android or iOS.
In addition to being able to store its various ERC20 tokens from the Ethereum network or the BEP2 tokens from Binance Chain, Trust Wallet clearly has certain advantages compared to other cryptocurrency wallets.
For example, some very cool features of Trust Wallet are:
- Integration of Binance Dex or Kyber Network into the application, allowing instant swaps between your favorite cryptos
- being able to buy your cryptocurrencies directly with your Visa card thanks to the integration of Simplex
- the functionality of a Web browser 3 which allows you to interact directly with several Dapps without leaving the application
Recently, Trust Wallet has also integrated a staking platform, allowing holders of Cosmos ($ ATOM), Tron ($ TRX) and soon Tezos ($ XTZ) and Waves ($ WAVES) tokens to token their tokens and generate interest.
How it works ?
Once the application has been downloaded and your private backup keys in a secure way (preferably offline), you will be able to access the application, create different wallets (see the list of supported tokens) and interact with the different Dapps.
By clicking on Dapp, you will be able to find the platform for staking.
Above you will find the different tokens that you can staker, as well as the different services operating servers on these blockchains and offering delegation services including POS Bakerz.
Just click on the cryptocurrency you want to staker and then choose the service you want to use, preferably POS Bakerz;), and TADA you can start earning interest.
All protocols have their own characteristics (inflation, tokenomics, block time, etc.) and these are subject to change from one to the other. For example, on Cosmos, your tokens will be blocked on the blockchain for a period of 21 days after your request to stop a staker. On the contrary, on Tezos, you will only receive your rewards from the 7th cycle (around 21 days), but you can withdraw them at any time, hence its LPoS (Liquid Proof Of Stake) model …
It is also important to note that on certain protocols like Cosmos, the delegates also have a risk of loss of 6% in the event of failure of the server to which they delegate.
Do not hesitate to follow this forum, which will regularly publish content on the theme of Proof of Stake cryptocurrencies (Cosmos Network, Tezos, Polkadot, Ethereum 2.0…) but also more detailed information and guides to allow individuals to navigate more easily in the world of staking.
Disclaimer : This is not an investment advice. Cryptocurrencies are a highly volatile product. Delegating your cryptocurrencies involves risks (volatility, cyberattacks, etc.). Please conduct your own research before choosing a service.
POS Bakerz is a European company specializing in the staking of cryptocurrencies and based in London. We operate secure nodes for various Proof Of Stake cryptocurrencies such as Cosmos Network, Tezos, IRISnet, Terra Money and others.