Stakefish - Learn everything about it

Cryptocurrencies today are a valuable asset for investors who want passive income, which quickly became an interesting niche within the digital asset industry. Today several platforms are offering passive incomes through perpetual futures, lending, and APY returns, as well as staking. Staking is becoming a trending among investors, who use the PoS mechanism to profit as providers of liquidity for several pools across blockchain ecosystems.

Stakefish is a staking specialist platform, where investors can help both to improve security on different PoS platforms and earn rewards by investing directly in the best staking pools.

What is PoS (Proof-of-Staking)?

To solve the centralization issue related to the mining pool’s PoW (Proof-of-Work, a mechanism which requires powerful hardware gear, high electric energy usage, and lots of precious time), the blockchain community had to find a new consensus algorithm that would work better.

In 2011, the concept behind the PoS, an acronym for Proof-of-Stake appeared for the first time. Instead of competing within a mining pool, PoS-based systems use an election process in which one node is randomly chosen to validate the next block, meaning that PoS has validators instead of miners.

In PoS systems, crypto blocks aren’t mined anymore but minted or forged. To become a validator within a PoS-based system, a specific node has to deposit a certain amount in coins into the network (similarly to a security deposit).

Want to mine crypto assets? Check out the best mining motherboards of 2020.

Hence, the size of the stake (amount deposited) determines the chances of the validator to be chosen to mint the next block.

In layman’s terms, let us pick two fictional investors, Neil and Jans. For instance, Neil deposited just $100 DAI into a network, while Jans deposited $1000 DAI. It means that Jans has 10 times more chances to be chosen as the next minter.

Although it seems like a wealthy-favoring mechanism, it is utterly fair. Unlike mining, when a certain user node is chosen for mint a block and succeeds, he will be rewarded with fees associate with this specific transaction.

Since validators whose transactions are proven to be fraudulent automatically lose part of their stake, there is no need to think about this as a scam.

How Does Stakefish Work?

Stakefish Platform

Stakefish is the world’s leading PoS validator today, allowing users to seamlessly stake on several pools and earn returns as validators.

The users (token holders) add up to the platform by helping to secure the networks, earning valuable staking rewards in exchange.

The Stakefish ecosystem consists of several pools of different platforms across the DeFi universe. Using an intuitive dashboard, investors can check and monitor different pools to find the best pools empowered by the best chances of returns.

Further Read: DeFi structure for staking crypto assets

The project operates validators on leading staking-based projects, such as Tezos, Cosmos, Kava, Band Protocol, IRIS network, and others. It gives users the possibility to stake in these pools to help to secure the partnered networks while earning staking returns at the same time.

A great highlight about their official website is multilingual support, including languages like Tibetan, Russian, Hebrew, Ukrainian, Thai, Korean, and Vietnamese.

Dig Into It

Stakefish also operates nodes for important crypto companies such as Chainlink, Algorand, Storj, and Centrifuge Chain, helping to secure these networks directly. Although users can’t stake on these projects so far, there are plans to unblock the possibility of staking on them.

As a professional validator, it is required to run a powerful hardware stack to check and validate blocks non-stop (literally 24/7) to ensure the peace of mind of its users (stakers).

Want to learn more: How to earn Bitcoin without mining?

Their validator nodes, as well as sentry nodes, are distributed globally, which enables the team to be active on the full coverage of all validator nodes. Plus, they work as a unique fast human-based mechanism that monitors and goes straight to addresses prone to potential issues.

Over time, Stakefish wants to operate nodes for many more companies, including leading protocols like the giant Ethereum, Celo, CasperLabs, NuSypher, Solana, and others.

Who Is Behind the Idea?

Stakefish was founded back in 2018 by crypto veteran Wang Chun (current CEO). Chun, a professional software developer, started his journey in the blockchain universe in 2011, discussing Bitcoin in online forums.

In the same year, he started mining BTC on his own, acquiring hardware at the local market. After gathering some experience, he co-founded F2pool, which is one of the biggest mining pools ever.

After discussing the possibilities of PoS with Ethereum co-founder Vitalik Buterin (which advised him about the potential of PoS), Chun decided to establish Stakefish, leveraging his previous extensive experience with operating mining pools.

Final Words

Following the success behind the rise of PoS, Stakefish is the world-leading validator in the niche. It is a reliable Proof-of-Stake infrastructure provider and validator, where users (stakers) have the unique possibility to sit down, seamlessly staking their coins to earn valuable rewards throughout several blockchain protocols and platforms.

So far, Stakefish allows investors to stake on Tezos, Cosmos, Polkadot, Cardano, Kava, Band Protocol, Kusama, IRIS Network, The OAN, and Edgeware.