Binance Staking: launch of the platform with 8 cryptocurrencies

A very recent post published byExchange Binance (see the Binance guide) announced the launch of the new platform Binance Staking.

It will be a great value-added service for Binance users. With Staking, Binance users will be able to receive monthly rewards and distributions by depositing and holding funds on Binance.

Binance Staking: what is it and how does it work?

Binance will launch the platform that allows users to earn dividends or interest on their digital assets only by depositing their funds on the platform.

According to the announcement, the new platform offers its users a way to "earn rewards without the need to set minimum bets ".

The concept of staking it is closely related to the mechanism Proof of Stake (PoS). Lo staking with Binance it is allowed for several cryptocurrencies including: NEO (NEO / GAS), Ontology (ONT / ONG), Vechain (VET / VTHO), Stellar (XLM), Komodo (KMD), Algorand (ALGO), Qtum (QTUM) and Stratis (STRAT).

Binance explains that, through the new platform, users can earn rewards and rewards by contributing to the operations of one blockchain.

Unlike blockchains Proof of Work (PoW), that rely on mining to verify and validate new blocks, PoS blockchains produce and validate new blocks through the staking.

This allows the production of blocks without the need for mining hardware (ASIC).

The decision to launch this platform came almost suddenly, given that the Exchange has previously launched a loan platform.

The Malta-based Exchange added that it will update its calculation methodology by October 1.

Staking: other platforms

Binance isn't the only platform running it staking. In March of this year, as reported by Coinspeaker, Coinbase Custody has introduced a service of staking for Tezos (XTZ).

This decision was taken by institutional investors open to the idea of ​​earning interest on their investments in cryptocurrencies.

Staking tezos

Although it was a surprise, we cannot say that we were not warned.

A few days ago Binance officially announced the listing of tezos and launched three new currency pairs to trade: Bitcoin (BTC), stablecoin Tether (USDT) and Binance's native token, Binance Coin (BNB).

According to Binance's blog, Tezos is a self-modifying, self-evolving blockchain that updates itself.

The protocol can evolve by updating its code after the token owners have approved the changes.

XTZ is the native cryptocurrency for the Tezos blockchain. With Tezos, token holders can participate in the validation process by making a security deposit.

Users receive a reward for ensuring their safety and for contributing to the network.

However, they can lose their deposit if they show incorrect behavior.