Migration From Mining Environment to Cross Staking
Throughout the fourteen years of cryptocurrency emergence, the certain canons have established, indicating the most popular token, which is Bitcoin, the most widely known method of obtaining cryptocurrency, which is mining, or the biggest issue of the crypto industry, which is environmental damage caused by mining due to high electricity consumption.
With the rapid development of digital assets, such canons are comparingly soon to change, and now the offered options are ready to get replaced due to the existence of the modernized analogues with better characteristics. In similar way the Bitcoin is almost in tie with Ethereum or Tether stablecoin, the issue of ecology preservation is soon to be solved with the dominance of another, “greener” method of getting reward for activity within blockchain, and mining is gradually getting replaced with staking that has more benefits in the activity.
The advantages of staking over mining
Between the two native for crypto industry methods of obtaining tokens, the staking has much more potential to work for attracting more people to the cryptocurrencies and their benefits. First of all, it gives the participants the transparent and equal rules of getting the most out of staking – whether it is the reputation rate, staked number of tokens or the delegated right of taking part in the process.
Secondly, staking does not require that much of preliminary investments as mining does – the equipment for creating the decent mining tool takes quite a lot than an average crypto enthusiast is ready to give without receiving immediate results.
As for the third statement, the staking is ecologically safe, requiring much less energy for running the process – in comparison to mining that scales from computing power and requires a lot of energy resources for maintaining the calculations for Proof-of-Work consensus mechanism, staking requests the energy just for giving the validation to operation, deciding on the right to participate in transaction by the assets locked within the system.
But with the acceptance of staking over mining, another issue has appeared: what will happen to the platforms that cannot or do not want to change their consensus mechanism? As the segment for mining is quite big, there will be many blockchains losing their activity despite the potential held, and it will be a pity to simply let it go.
So, the company known as Matrix Network developed the technology that gives an equal access to any consensus mechanism, allowing to stake any cryptocurrency – the cross-chain staking or simply cross staking. Already two providers are working with this technology: Prime Stake and Oreol Staking.
The dignifying alternative for mining
With the help of second-layer protocol, the coins of either Proof-of-Work or Proof-of-Stake principle are equally staked inside the created over sidechain, which enhances the security while not losing in efficiency of data processing.
Due to the way of working, the cross staking allows to enhance the benefit level up to ten times when choosing the right cryptocurrency. So, for getting started with cross-chain staking, just use one of two authorized cross staking providers: Prime Stake or Oreol staking.
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