Chorus One is an innovative infrastructure for staking crypto assets outside the Ethereum mainstream. They are self-defined as “community of ambitious, self-reflective people building core infrastructure for blockchain protocols”.
By operating a secure infrastructure where investors can increase their crypto holdings, Chorus One currently has a total of more than $46 million in staked crypto assets.
A Quick Background
In the early days of the cryptocurrency, PoW (Proof-of-Work) was the only way to obtain value from the blockchain (which required a lot of hardware, electric energy, and time applied on mining pools/solo mining).
Nowadays, PoS systems are quickly climbing the ranks as the best approach on how to extract value from the blockchain.
PoS, or Proof-of-Staking, is a consensus algorithm that uses a more decentralized mechanism than PoW, allowing the whole thing to be more democratic and more profitable for everybody involved.
PoS systems use an election process, where one node is chosen randomly amid several others to validate the next block. Instead of miners that are constantly mining new blocks, PoS has validators that mint or forge new blocks.
Although the process is random, it can’t be 100% random. A node that wants to be a validator has to pledge a certain amount of coins into the network, which we call “staking”. Staking is like a security deposit, so the size of the stake has an influence on which node will be the next chosen as a validator.
The more a staker deposits, the more proportional chances his node has to be chosen as the next validator. Despite some criticism, it is not unfair and it didn’t favor wealthy investors at all. PoW would allow wealthier players to earn more, as they would have the best hardware and the best conditions for mining.
How Does Chorus One Work?
Chorus One works as a validator infrastructure to secure PoS networks. The company was designed to track and monitor all nodes throughout partnered networks 24 hours per day, 7 days per week during all year long.
Chorus is empowered by the native OpsCentre, which takes care of this job continuously, enabling the company to respond quickly to potential breaches or flaws within the system. The OpsCentre helps in the process of monitoring all nodes and alerting the team, as well as providing analytic data and automation for processes.
Currently, the platform is already securing industry-leading staking protocols, such as Cosmos, Polkadot, Terra, Kava, Celo, Solana, Centrifuge, Chainlink, and Band Protocol.
There are open plans to assimilate other projects such as Oasis, Skale, Regen, and Kusama (Polkadot’s spin-off).
Experienced stakers don’t need to put too much effort to adapt to the network, as it offers the exclusive Anthem feature. Anthem is an exclusive web interface, where stakers can seamlessly track and optimize their passive income portfolio across different networks.
The Anthem dashboard is still running a beta version, but investors can already access different summaries with performance data about each staking protocol.
Dig Into It
Chorus One runs two different sets for validation, with sentry nodes strategically placed over different regions around the globe to ensure the operations will continue to run nonstop.
The validation of nodes starts in the sentry layer. This layer works as the first defense of the network, reducing latency to make sure that not even a single block is missing. Nodes responsible for this stage are spread around the world, located in North America, Asia, and Europe.
In the second layer, nodes reach the Validator Layer, which records all transactions and signs the blocks. This layer is remarkably important, as it is responsible for preventing double-signing and downtimes.
The last layer of validation is Key Management, where signing keys are stored in exclusive hardware security modules. This strategic set is meant to distribute control over networks’ keys, avoiding risks associated with manual deployment.
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Who Is Behind Chorus One?
Based in Rockville (MD), Chorus was founded by Brian Fabian Crain and Meher Roy in early 2019.
Crain (current CEO) has a strong professional background in the area. He holds different degrees in Economics, including specializations in game theory, econometrics, and others. He played an important role in the birth of Tendermint, the company behind the Cosmos Network, serving as their COO for a year.
On the other hand, Meher has a background in Biochemical Engineering and worked for the health-industry giant Novartis before definitely diving into the blockchain scene.
Several networks recently came live to provide investors with profitable opportunities using staking protocols, which are empowered by PoS mechanisms. Unlike in PoW systems, in this type of mechanism node operators (validators) participate in network consensus to obtain crypto-assets staked with them.
Chorus One is a unique network that operates a powerful infrastructure to help customers increase their crypto holdings across several staking protocols, providing full-time security, transparency, and ease of use.