Crypto Currency Staking
First generation crypto currencies like Bitcoin are based on a concept call proof of work. In a proof of work based blockchain, transactions are randomly processed by a mining node that is the first to solve a complex algorithm at the end of a time frame. Unfortunately, investors holding currencies like Bitcoin have no say in which network operator validates the transaction. This also leads to a certain level of centralization because proof of work based protocols take huge amounts of resources to operate and are usually dominated by just a few large companies.
In contrast to these first generation crypto currencies, a much more efficient and distributed method of securing a blockchain has been developed, called Proof of Stake. Proof of Stake protocols dramatically improved the efficiency of securing the blockchain because they don't require massive data centers preforming useless calculations to operate effectively. This new approach secures the blockchain by randomly selecting miners or validators from a pool of operators based on the amount of digital currency that's been assigned to them. This process is called Staking, and has many advantages over proof of work based systems. Instead of wasting energy and computational resources, Proof of Stake systems are more efficient, salable, and democratic.
Proof Of Stake Systems We Support
There are a number of Proof Of Stake systems that have been developed or are in development. Currently, we're focusing on the Cardano blockchain because it has one of the strongest technical foundations is the industry, has Wyoming roots, and gives us the ability to provide our customers with the best available technologies and methods. In the future, we will continue to evaluate and offer our customers additional high quality options.
What Is Cardano - ADA ?Cardano is home to the Ada crypto currency, which can be used to send and receive digital funds. This digital cash represents the future of money, making possible fast, direct transfers that are guaranteed to be secure through the use of cryptography. Cardano is more than just a crypto currency, however, it is a technological platform that will be capable of running financial applications currently used every day by individuals, organizations and governments all around the world. The platform is being constructed in layers, which gives the system the flexibility to be more easily maintained and allow for upgrades by way of soft forks. After the settlement layer that will run Ada is complete, a separate computing layer will be built to handle smart contracts, the digital legal agreements that will underpin future commerce and business. Cardano will also run decentralized applications, or dapps, services not controlled by any single party but instead operate on a blockchain.
This is the first blockchain project to be developed from a scientific philosophy, and the only one to be designed and built by a global team of leading academics and engineers. It is essential that the technology is secure, flexible and scalable for use by many millions of users. Consequently, considerable thought and care from some of the leading experts in their fields has been devoted to the project and informed design decisions. The scientific rigor applied to mission-critical systems such as aerospace and banking has been brought to the field of crypto currencies, with a high assurance implementation. We believe this is the first time that this has been done.
A major innovation of Cardano is that it will balance the needs of users with those of regulators, and in doing so combine privacy with regulation. The vision for Cardano is that its new style of regulated computing will bring greater financial inclusion by providing open access for all to fair financial services.
This photo was taken by Matt Anderson in Wyoming, and displays some of the beauty that it has to offer.