A quick background first before we continue. Proof-Of-Stake (PoS) algorithm was first discussed by Sunny King and Scott Nadal as a solution to the ever-increasing daily network costs to maintain bitcoin’s blockchain and minimize the hash rate complexity. Additionally, PoS permits an energy-efficient solution to keep costs of network maintenance down.
In a nutshell, a staking node is a wallet with a certain amount of coins that is weighted against the coins within the network. The more the holder that stakes have on the network, the more their weight and the higher chances of creating the next block. Thus, reaping the reward delivered from the block. Masternodes are no different. A holder keeps a certain amount of coins as collateral, and it maintains network integrity within the chain by keeping a copy of the ledger in real-time.
It goes without saying that with new, evolving technology comes with its own challenges: distribution, monopolization, 51% network attacks, and Nothing-at-Stake (NoS). You may read more into the challenges here.
Regardless of the challenges with PoS, it continues to remain as an attractive consensus for blockchains to consider. Metrix is poised into building up a blockchain hard forked from Quantum (Qtum) that exhibits PoS, Bitcoin’s UTXO (Unspent Transaction Output) protocol, and Ethereum’s EVM (Ethereum Virtual Machine). Metrix wants to offer a blockchain that is effective, efficient, and scalable. The project has not revealed any details as to how they aim to address these challenges, but developers have made small comments to the Metroid Community on their insight to these challenges which are in the pipeline for future developments.
A Masternode, at one point in time, was difficult to set-up. The process was limited to those that understood the coding and hardware needed to set one up. Metrix created MyStakingWallet (MSW) as an accessible method to own a masternode by anyone. MSW is an app available for both iPhone and Android, and it is a turn-key solution to set up a masternode. The project attests that it is a feasible method to own a masternode to which the user has control of their private keys. The way it works is the user pays a monthly fee for a Virtual Private Server (VPS) where it acts as a wallet online operating 24/7, allowing the user to stake up to 4 coins at a time and 1 masternode. The user may even opt for the app to push notification once a reward is received on the go. Check out what one of our supporters shared on a tweet.
A disclaimer that Metrix developers have mentioned is that they will do away with masternodes in the new chain, but will still allow for staking with MRX, stake and operate masternodes from other coin partners.
How many partnerships does MSW have lined up?
It is to no surprise that many other cryptocurrency projects have chosen MSW as a solution to where to harbor their coin project’s cryptocurrency.
Why consider MystakingWallet?
- Maintenance and support provided by the team 24 hours/ 7 days a week
- Energy costs more feasible
- Push notifications to iPhone or Android
We have already touched base on how MSW is secure and eco-friendly. Let’s discuss the costs. A desktop computer that uses about 200 watts per hour, for 24 hours at a cost of 0.13 USD / kWh will equal about $4.80 USD a day. I will let you decide on what is the better option. MSW is a cost-effective solution to users without adding more cost to electricity.
Note: Metrix has confirmed that each dedicated machine may harbor up to 4 coins, and operate 1 masternode per coin.
Visit www.mystakingwallet.com to learn more about MSW.
The Metroid community is excited about what’s on the horizon.
The project has made an announcement of swapping to the new chain as early as October 1st or the week before. Soon thereafter planned listings with exchanges and completing integration with BA Consult, an IT Financial System company based in Italy, will be announced.
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