It got me thinking about the wallet part. How could you store that token if there's no wallet? You mean that you will not create a dedicated wallet for it and just use the existing one?
Just like what's happening with ERC20 tokens which can be stored through an ETH address?
Topic: Is staking possible if the token cant be mined? (Read 217 times)
Hello
Can you offer staking rewards if the token cant be mineable and the project doesnt have its own wallet?
thanks for the info
Nope, If there is no wallet then the tokens can't be mined. Proof of staking (PoS) is based on the token that the miner have. If the holder have more tokens then that means he/she will have more power in mining tokens. Most tokens are compatible in any erc20 compatible wallets but some have their own wallets.Can you offer staking rewards if the token cant be mineable and the project doesnt have its own wallet?
thanks for the info
Nowadays, this is the most common type of "staking" and I've seen a lot of crypto projects most notably those that are ERC20 token implementing rewards for holding your tokens in a wallet.
And if I'm not mistaken, this not in essence a pure staking since these projects don't employ Proof of Stake mechanism to secure the network but is designed as a strategy to motivate holders not to dump their holdings which could otherwise be detrimental to the future of the project especially if its a legit one. Imho.
That's clearly the reason why they implement staking their tokens to not lose their token even if it's legit especially if the token holder is a ICO participant. And if I'm not mistaken, this not in essence a pure staking since these projects don't employ Proof of Stake mechanism to secure the network but is designed as a strategy to motivate holders not to dump their holdings which could otherwise be detrimental to the future of the project especially if its a legit one. Imho.
No. the answer is Nope. you can not stake what is not available. there is nothing to stake when the token is not minted. staking works with available token. same way you can only mine tokens when you have the gadgets or you pay for subscription.
If the coin is 100% premined, no further mining is necessary. You can buy the coin. (Of course then mining rewards cannot exist).
One can offer you some sort of "depositing" rewards which may or may not be related to staking. It can be staking, see LPoS/Waves, staking by leasing; but some others may just use the term "staking" for benefits/rewards.
Nowadays, this is the most common type of "staking" and I've seen a lot of crypto projects most notably those that are ERC20 token implementing rewards for holding your tokens in a wallet.
And if I'm not mistaken, this not in essence a pure staking since these projects don't employ Proof of Stake mechanism to secure the network but is designed as a strategy to motivate holders not to dump their holdings which could otherwise be detrimental to the future of the project especially if its a legit one. Imho.
One project of this kind is POSToken which runs on Ethereum network.
Here is their announcement: https://bitcointalksearch.org/topic/annpostokenfirst-pos-smart-contract-tokenlending-platform-available-2110712
Here is their announcement: https://bitcointalksearch.org/topic/annpostokenfirst-pos-smart-contract-tokenlending-platform-available-2110712
Proof of stake coins can't be mined. Quite a weird question.
Actually there's at least one coin I know of, which used to have some hybrid PoS/PoW. I didn't read their thread much lately, so I don't know if that has change, however, you can take a look there.
It's Magi Coin XMG.
Can you offer staking rewards if the token cant be mineable and the project doesnt have its own wallet?
If the coin is 100% premined, no further mining is necessary. You can buy the coin. (Of course then mining rewards cannot exist).
One can offer you some sort of "depositing" rewards which may or may not be related to staking. It can be staking, see LPoS/Waves, staking by leasing; but some others may just use the term "staking" for benefits/rewards.
A wallet only handles private keys. The coins are still on the chain, with or without wallet. Some sort of wallet is required for the users be able to use the coin. But I am not sure what you mean by "own" wallet. Some coins have developed websites for doing this job, it's still own wallet, but it's less secure imho and not so intuitive to be "own".
Maybe he meant cryptocurrency who have both PoW and PoS (such as Decred) or cryptocurrency who used PoW before change to PoS.
Well, yea. But the answer should also be pretty obvious for both of these examples.
OP you might want to be more specific on your question if you want more specific answers. Your questions are too broad/unclear.
Can you offer staking rewards if the token cant be mineable
Proof of stake coins can't be mined. Quite a weird question.Proof of stake = staking rewards
Proof of work = mining rewards
and the project doesnt have its own wallet?
I don't think you can call a certain project a "cryptocurrency" if it doesn't have a wallet lol. How would the coins exist in the first place if there was no wallet?
Hello
Can you offer staking rewards if the token cant be mineable and the project doesnt have its own wallet?
thanks for the info
Can you offer staking rewards if the token cant be mineable and the project doesnt have its own wallet?
thanks for the info
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