Two of the main projects that saw light from the Binance IEO Launchpad, launched their own Staking
The growing interest in staking has led the blockchain-based Harmony project to start implementing it as well. Interestingly, another popular project that had its IEO on Binance Launchpad, namely MATIC Network, also recently shared about the developments of its staking service.
Harmony used the Binance Launchpad to have its IEO almost a year ago. Now, in a press release, the company announced the update of its mainnet to support staking. MATIC Network, which also had its IEO launch on Binance last year, and announced the launch of its mainnet just a few days ago. Proof or Stake is a proof-of-stake algorithm, also known by the acronym PoS. It consists of a distributed consensus protocol that secures a cryptocurrency network by requesting proof of possession of said coins.
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Harmony and Matic will endure Staking
Reported that Blockdaemon, Stake.fish, and Figment Network will serve as validators, while launch partners include Binance, Huobi and BitMax. Users who choose to stake Harmony can “expect to earn annual returns ranging from 15% to 45% in the first year.”
The RP also revealed that Harmony's staking mechanism, called "Effective Proof-of-Stake» [Effective Proof of Stake] will counter a major problem that appears in most PoS blockchain projects that supposedly allow bigger stakers to earn more. In the case of Harmony, the new system will increase the rewards of smaller stakers, while at the same time limiting those of larger stakers.
On the other hand, Matic Network started testing staking mechanisms a while ago in a “Staking House” environment in preparation for the launch of its Mainnet, now that this has happened, the project formally announced that MATIC holders will be able to “delegate their tokens for staking.” Sandeep Nailwal, Chief Operating Officer of Matic Network, said that primarily delegation will only be available to foundation nodes.
The network will start with step 1 with 10 nodes, 4 basic nodes, and 6 partner validation nodes DApp. In step 1, there will be staking only for foundation nodes. Then for 1-2 weeks the mainnet will be observed and if all goes well we will randomly include 10 validators, then in two more weeks 10 more. Once the network is stable for 4 weeks, we will shut down the foundation nodes and open up public participation and delegation, and the network will be fully decentralized. That's the delegation flow from step 1 to step 3.
Sandeep nailwal
