Staking is a popular way to earn passive income. However, the amount of reward depends not so much on the coin and platform chosen, but rather on the technology that is used to provide the staking feature. CROSS-СHAIN STAKING is a second-tier solution that supports the Plasma framework. The network is the epitome of a Plasma implementation, providing sidechain scalability for public blockchains.
Technically, CROSS STAKING is a breakthrough technology created and supported by the developers of Matrix Network that allows staking providers to perform Proof-of-Work staking. The principle of its operation is that the staking provider has the ability to freeze crypto coins in the main chain and activate them in the additional one, exactly where the staking takes place.
Thanks to CROSS STAKING technology, token holders are able to delegate PoW (Proof-of-Work) coins and get higher returns compared to the income from standard staking.
Two staking providers are already working with this technology. These are PRIME STAKE and OREOL STAKING. Where you can already receive passive income from your crypto assets.
Global Mission
CROSS STAKING is an alternative whose global mission is to help the whole crypto industry to switch to a green way of functioning and development. This is especially relevant in 2022, as many organizations, including those with great political influence, have taken the initiative to ban mining. In fact, it is already banned in many countries including China, Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh, and others.
It is assumed that by the end of the century mankind risks to face a climate catastrophe, as the planet is gradually heated by greenhouse gases. The implementation of CROSS STAKING completely solves this problem, as it minimizes the use of energy resources, while providing high performance and security.
Improved Staking Speed
Despite anonymity and other advantages, the speed of transactions and staking in many cases leaves much to be desired.
When it comes to CROSS STAKING, it is 2.5 to 3.5 times faster than standard proof-of-stake blockchains. Thus, this technology is attractive both for providers offering staking services and for tokenholders, because it allows them to pay out a high reward. The real growth of tokenholder income can be 200-300% compared to alternatives. This is accomplished by the fact that, from a technical point of view, the sidechain is not involved in forming blocks as such.
CROSS STAKING does not block data and does not waste time on unblocking, that is, the time between the receipt of the previous record and its validation by the node is practically zero – the record is confirmed immediately. This results in high performance of the entire network.
By opening up the possibility of mining PoW coins using staking, CROSS STAKING solves the problem of purchasing and upgrading expensive and energy-consuming equipment, thus significantly increasing the profitability of Bitcoin and other PoW coin mining.
Safety and Protection of Funds
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One of the drawbacks of blockchains based on the Proof-of-Work protocol is that they are in a never ending competition for resources. Therefore, until such blockchains have formed a significant community to support their network, they are an easy target for an attack.
When a CROSS STAKING sidechain is deployed, it provides a high degree of security for the primary and secondary chains. Technically, this is achieved by notary nodes that add information from the first blockchain to the second.
High Energy Efficiency
The very existence of many cryptocurrency networks causes great damage to the environment. This refers both to the costs needed to produce more and more high-performance equipment and to the burning of huge amounts of electricity.
In particular, according to statistics, the Bitcoin network’s electricity consumption quadrupled in the previous three years. Researchers from Cambridge University predicted that the Bitcoin network will need 239.65 terawatt-hours of electricity in 2022, although back in 2018 the number was only 29 terawatt-hours. If Bitcoin were a country, it would be among the top 20 countries in terms of annual electricity consumption.
The shocking thing is that today the Bitcoin network alone is responsible for 0.5 percent of the world’s energy consumption!
Despite the advantages, can we consider a particular technology to be revolutionary if its energy consumption is higher than of a country with a population of tens of millions of people? Also, we should not forget that Bitcoin is not the only network that attracts miners.
The fact remains that global energy consumption by mining is actively growing. This leads to overconsumption of resources and emitting large amounts of carbon dioxide.
This problem is relevant not only for Bitcoin but also for a large number of other cryptocurrency networks.
Versatility
CROSS STAKING is a Layer 2 protocol that can be applied to any PoW network. The staking provider only needs to deploy sidechains with an improved Proof-of-Stake consensus algorithm, which are linked to the corresponding Proof-of-Work networks by a two-way connection, thus providing the opportunity to engage in staking.
Any technology is useful only if it is widespread. As of today, the major networks are already available:
- Bitcoin (BTC),
- Ethereum (ETH),
- Tron (TRX),
- Dash (DASH),
- Litecoin (LTE),
- Dogecoin (DOGE),
- Tether (USDT),
- BNB (BNB),
Therefore, CROSS STAKING can confidently be called innovative since it allows blockchain technology to scale ecologically across networks without any particular complexity.
There is no doubt that the cryptocurrency industry is entering a new era of staking. One of the main features is that a staker’s portfolio can now include a large number of popular coins, each of which will provide higher rewards.
Relevance
The emergence of CROSS STAKING technology is a natural evolution of the crypto industry.
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CROSS STAKING was first discussed back in 2016 at an international conference. This technology did not gain popularity, because staking itself was not as widespread as it is nowadays.
Nevertheless, over the next few years, Matrix Network worked hard to make all the processes not only safe and decentralized but also as fast as possible.
The success achieved should not only be measured in terms of any technological advances, in particular the ability to pay higher commissions, but also by the fact that Matrix Network representatives have now reached an agreement with prominent staking providers.
Conclusion
Nothing stands still. Bitcoin is no longer a technological marvel; the opportunity to earn passive income through staking is available to everyone.
Now it’s the time to optimize and improve processes that have already become commonplace. Since CROSS STAKING is being actively implemented at the moment, it won’t be long before we see the real feedback from real stakers about whether they are really seeing the promised increase in rewards. The representatives of Matrix Network are doing their best for that, but most importantly – they strive to make the existence of the crypto industry green and safe both globally and for every cryptocurrency user – professional and beginner alike!