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What Are the Top 5 Best Coins for Staking in 2021?

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Since the emergence of cryptocurrencies and blockchain technology, the interest in the industry has only gone up and up and up. More and more investors, traders, and holders have emerged over the past few years. Analysts expect that this is only just the beginning.

At first, the only crypto blockchain was Bitcoin (BTC). This blockchain used a Proof-of-Work (PoW) consensus to confirm the transactions on its blockchain. PoW consisted of a lot of energy and proved a bit of a burden to its miners. Not to mention, the equipment needed to mine Bitcoin with PoW was another hurdle on its own.

This is where Proof-of-Stake (PoS) consensus came in, it offered a much cheaper and sustainable way of confirming transactions on the blockchain. Additionally, users can earn passive income with this algorithm as well. Thus, holders can participate in crypto staking to become active members of the crypto community.

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Staking could also give hodlers many other additional benefits. For instance, this could include governance. All in all, stakers can stake part of their crypto assets to earn more cryptos in return. The more they stake, the more they earn and the more say they have in the blockchain’s decisions for its own future.

Top 5 Best Coins for Staking in 2021

Now that we know what staking is and what it can do for the blockchain and its users, let’s have a look at which cryptos are the likely option for staking in 2021.

Cardano (ADA)

This project is one of the crypto community’s favorites. Cardano (ADA) aims to be the best smart contract platform. It is an open-sourced, decentralized, public blockchain. Additionally, it runs on the Proof-of-Stake algorithm. Also, its native cryptocurrency — ADA, facilitates peer-to-peer transactions on the Cardano blockchain. 

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The project is led by Charles Hoskinson, a visionary leader who is also the co-founder of Ethereum. Due to differing ideologies, Hoskinson set off to create Cardano. After laying its foundation in 2017, the platform has been rapidly gaining momentum.

Cardano’s roadmap has five stages known as Eras. Currently, on its road to completion, the blockchain is in its third era — Goguen. This era confirms smart contracts functionality. In detail, it is in thanks to the Alonzo hard fork.

After a series of testnet launches, the Cardano Alonzo mainnet finally went live just recently. Hoskinson and his dedicated community are now looking forward to the next phases. The Cardano community has much faith in this project, by the time the last era — Voltaire, rolls around, the community should have full control over the blockchain.

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Cardano’s steady growth and expanding community make it one of the best options for staking. With a simple series of testnet launches alone, the price of Cardano hit a new all-time high. Imagine the possibilities as the network completes all of the milestones on its roadmap!

Staking Cardano (ADA) can happen via many crypto exchanges like Crypto.com and Binance. Although for those looking for a more isolated place for staking can give Yoroi Wallet or Daedalus Wallet a shot.

Polkadot (DOT)

This project has yet another similar tale. Polkadot (DOT) also comes from the mind of another Ethereum co-founder — Gavin Wood. The Polkadot Protocol aims to fix Bitcoin’s limitations such as interoperability and scalability.

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The underlying problem with all the new blockchains popping up was the fact that they could not communicate with one another. Polkadot solves this issue. With its Relay Chains, Parachains, Parathreads, and Bridges, Polkadot truly offers an astounding solution of interoperability. Users from different blockchains can now complete transactions with Polkadot playing the mediator.

Meanwhile, the platform’s native currency — DOT, plays very many important roles on the blockchain. These roles include governance, staking, and bonding. With governance, users can vote, with staking users can earn a passive income and confirm transactions, with bonding, they can connect their platform to Polkadot. 

Polkadot is also home to many DeFi projects. Most of these are very notable and helps bring more users and activity onto Polkadot’s platform. Some of the more prominent projects include Acala, Phala, Centrifuge, Akropolis, and Kusama.

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As these projects grow popular, so do their native tokens, and eventually — DOT. The price of DOT shot up when Polkadot’s Rococo testnet went live a few months ago. At the moment, Polkadot is currently on its Parachain rollout phase.

Just recently, Acala Parachain went live. Next on the list is the Kusama rollout and slot auctions. So forth, the roadmap will go on. One thing is for certain, DOT’s potential is immense and it still has a long way to go. Staking this asset can be a great option as the platform will continue to expand as more projects enter its space.

VeChain (VET)

VET or VeChainThor is a public blockchain. VeChain’s vision is to enable establishments and businesses to adopt blockchain. In fact, it is one of the first blockchains built to exclusively cater to the needs of enterprises. VeChainThor aims to use DLT or distributed ledger technology in improving supply chain and product lifecycle management.

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VeChain uses a wide range of technologies to streamline the supply chain sector. A good sample for this is VeChain’s RFID tags and sensors in monitoring critical data during shipment. This information is broadcasted in real-time, across the blockchain.

Although, VeChain did borrow a thing from Ethereum — the dual token strategy. This kind of blockchain ecosystem has two tokens. One for public investment and/or digital cash, and the other for programming and smart contract execution.

The VeChain token or VET is the cryptocurrency needed for investing in the exchange. Users use this token to transfer values, for transactions, and to trigger smart contracts. Moreover, the second token used in VeChain is the VTHO or VeChainThor Energy. This token functions as gas and powers smart contract transactions. However, VTHO is not open to the public. Only developers use it to cover their contract execution costs.

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VeChain ensures timely and secure consensus. It has a proprietary consensus mechanism called Proof-of-Authority (PoA) which provides efficient means to maintain system continuity. It is built to improve the shortcomings in Proof-of-Work (PoW), Proof-of-Stake (PoS), and Delegated Proof-of-Stake (DPoS) mechanisms.

At present, VET ranks 23rd in CoinMarketCap with a value of over $0.09.

Solana (SOL)

Solana is an open-source project relying on permissionless blockchain technologies to provide DeFi (decentralized finance) solutions. Founded in 2017 by Anatoly Yakovenko, SOL is a fourth-generation blockchain and cryptocurrency that gives greater scalability through leveraging an open infrastructure. Today, it is considered one of the fastest programmable blockchain in the crypto industry.

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The objective of SOL is to enhance the scalability of the blockchain by combining Proof-of-History and Proof-of-Stake consensus. With this, it is said that SOL can actually assist nearly 50,000 transactions per second — without sacrificing decentralization.

Presently, Solana is considered one of the fastest programmable blockchains in the crypto industry, which also runs various decentralized applications. As a matter of fact, reports say that Solana rivals Ethereum. However, Solana has a larger theoretical throughput than Ethereum. Meaning, Solana can handle more transactions compared to Ethereum.

More so, in Solana, users use SOL to interact with decentralized apps. Most of these DApps are present in the finance sector — like crypto platforms and NFT platforms. Currently, it showed a rapid advancement in the cryptocurrency industry.

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With this, experts conclude that the platform has decent yields for users who plan on holding them for the long term. Reports say it will continue to be among the top crypto rankings and that it might even replace Ethereum.

Cosmos (ATOM)

In simple terms, Cosmos is a network of blockchain networks. It is an ‘ever-expanding ecosystem of interconnected apps and services’. For developers, they refer to Cosmos as the ‘Internet of Blockchains’.

The apps and services in Cosmos are connected using the IBC — Inter-Blockchain Communication protocol. With this, users are allowed to exchange assets and data across decentralized blockchains, freely. More so, Cosmos uses the ATOM cryptocurrency.

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For cosmos, its goal is to ‘allow separate blockchains to communicate with each other in a seamless manner’. In detail, to communicate means to share and transact data with each other. More so, Cosmos can transform friction in the market and make it a positive driving force for development.

However, Cosmos does more than just bridging blockchains. The platform also offers features and products that entice users in the market. More so, it has the capability to solve today’s challenges for blockchains like scalability and interoperability.

Along with this, the platform is also fully customizable. Meaning, developers can freely create and issue new blockchain apps and platforms easily. Furthermore, in the Cosmos ecosystem, each network is called ‘zone’ and the Cosmos Hub is where all the blockchains meet.

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Additionally, the entire ecosystem has three layers — Application, Network, and Consensus. Along with this, Cosmos uses the Tendermint BFT engine, which is a Proof-of-Stake governance mechanism. Here, network users act as validators and can earn rewards by staking their crypto on Cosmos.

To conclude, the market needs some unification — which is exactly what Cosmos is built for. This kind of strategy will benefit the entire blockchain ecosystem greatly. Fostering the networks that can share data and tokens programmatically with no central facilitator is the goal of Cosmos.

Conclusion

In conclusion, Staking some crypto-assets can be a very rewarding decision. Either in terms of actual financial gain or in terms of being a part of something revolutionary that could change the world for the better. Certainly, staking coins is a big decision and should not be taken lightly.

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Therefore, users should do their own research before choosing to buy or stake their cryptos in any scenario. The best advice would be to study the technology behind the platform, research the team and its leaders, and choose an asset with solid use cases.

Most crypto assets are created to fulfill a purpose. Choose one that you believe in, a project that holds the same values and is working towards the same goal as you. Overall, be vigilant and gather knowledge to make informed decisions. Happy Staking!

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Cryptocurrency

Deadline for withdrawing from a Chinese cryptocurrency broker that will close in Brazil ends today

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Today, November 30th, is the last day that Coinbene’s clients can withdraw their funds from the platform that will permanently cease operating in Brazil as of December 1st.

The Chinese brokerage firm decided to close operations in the country in October this year, after attracting Brazilian clients to its trading platform for about four years.

The decision to close its doors in Brazil was justified by a series of operational restrictions that the company began to suffer from the increase in the Chinese government’s ban on the crypto market. As it is a Chinese exchange, operations on the global platform depended on the central in the Asian country.

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On that occasion, an employee of the brokerage provided the Bitcoin Portal that the operational problems at Coinbene were not limited to Brazil and that the company would soon close its operations in the rest of the world.

Later, the information was confirmed by Coinbene’s official channels when the brokerage firm announced the permanent closure of its services in all jurisdictions in which it operated until then.

Also in the October announcement focused on the Brazilian public, the company had set today, the last day of November, as the deadline for all customers to withdraw the balance that was still stored on the platform.

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Although November is a day off, at the time the Coinbene team warned users: “After November 31, there will be no customer service staff to accept the withdrawal request. Users need to bear the property losses caused by not withdrawing money in time”.

The process of withdrawing funds, however, may not be so simple as the broker’s website is having problems in the user login area.

complicated withdrawal

In Coinbene’s official Telegram group, focused on Latin American customers, company support confirmed that the problem at login time: “Due to the maintenance of CoinBene’s global server, the page www.coinbene.com/br/ is presenting a problem that is making login impossible. We are very sorry for that.”

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To be able to enter the platform, users are required to fill out a form with their personal information such as CPF, address and date of birth and send a photo of their identity card or CNH. In addition, users must also submit a selfie holding their official document along with a paper written “CoinBene” and the date of request.

Only after completing all these steps, the user can have access to a customer service service dedicated to granting withdrawals.

Since the exchange confirmed the departure from Brazil, at least 15 users have complained on Reclame Aqui about the difficulty of withdrawing funds from the platform in this final stage.

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A client from São Paulo, for example, wrote last Saturday (27) that he had been trying since the end of October to withdraw the balance in bitcoin he had left standing at Coinbebe for three years, but without success.

“I followed the guidelines, sending the necessary documents and selfie to be able to withdraw on 11/30, but as reported more than once to you (10/30, 11/06, 11/09), no matter how authenticator, pin and e-mail code are correct, I can’t transfer and my questions are not answered”.

He reports that he tried the broker’s international support, but he also had no return. “I’m going to claim my rights in other ways since I’m not getting the support I need from the company,” he concluded.

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Another user from Barueri (SP) claimed the same problem, saying that he has more than R$ 10 thousand in cryptocurrencies stuck on the platform and that even after sending more than 50 withdrawal requests, he has not been answered.

The report got in touch with Coinbene representatives in Brazil, but as of this writing, there has been no response.

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Cryptocurrency

CBDC: Japan urged to intensify its development

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  • Japan urged to intensify the development of its CBDC
  • Bank of Japan intensifies research
  • Government officials continue to mount pressure on BOJ

Countries across the world are presently ramping up preparations to create their respective central bank-backed digital currency. Although some countries have launched their CBDC, China still leads in top countries hoping to list the currency. With China and other countries still in the lead, Japan has been urged to intensify its approach towards making its CBDC. According to the report, politicians have urged the finance officers to make haste and debut its digital currency like most countries.

BOJ intensifies research into its CBDC

Japan has been integral in the adoption of digital assets over the years, and the politicians do not want to lose this status. According to many reports, China is still testing as its CBDC is continually being tested across the country. Recently, it inked several partnerships with brands to intensify the testing in major cities. In its race to outpace China, Japan has bolstered its financial officer, which is tasked with researching every aspect concerning digital currencies. Despite its lengthy move to develop its CBDC, the Bank of Japan has preferred to attack it with caution. But with the increased pressure from the top echelons in the country, the bank might be forced to consider a new and aggressive approach.

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Metaverse

WinNow’s cryptocurrency has completed its mainnet launch and looks at a utopian metaverse

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ENEVA, SWISS. It just seems 2021 is the year of the metaverse and more and more companies are positioning themselves to be present in what appears to be a trillion dollar business.

On November 16, a group of European developers and cryptocurrency experts launched WinNow ($WNNW) to act as a DAO token in the Wonniw metaverse, a P2E game with real-world dynamics able to generate yield through the choices of its citizens.

A DAO token is a modern form of democratic representation, the participants in the game will therefore be able, through the WinNow token, to take an active part in the decisions on the dynamics of functioning of the metaverse.

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According to reports from the team’s Medium, the metaverse Wonniw has all the credentials to be able to try to replicate a utopian reality, in which all citizens and mayors elected by the DAO are equally incentivized towards a common goal called “sustainability”.

The development of the metaverse is in the alpha phase, team has already signed an agreement with a European software house, Falcon Interactive, and the launch of a first playable version is currently scheduled for March 31, 2022.

Website: https://winnow.me

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Metaverse: https://wonniw.com

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