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Staking Explained. Looking for a way to put your crypto to… | by Blockchain.com | @blockchain | Sep, 2022

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Looking for a way to put your crypto to good use? Staking makes it possible to earn passive income with crypto you already own. Here’s what you need to know about it:

Staking is the act of pledging your crypto to help secure and verify transactions on a blockchain. In return for this, you earn rewards from the network.

There are several benefits to staking your crypto:

  • Passive income. Staking is mostly a passive activity, which means you can earn rewards without having to do much (or any) work.
  • Returns. Staking typically offers a higher return on investment (ROI) than simply holding crypto, especially if the staking wallet compounds your interest.
  • Participation. You can support the network you believe in and help it grow.
  • Low cost. Staking can help you earn rewards more cheaply than mining, as staking requires less computing power and no specialized equipment.

There are a few risks to consider before staking your crypto:

  • Volatility. The value of your staked assets can go up or down, just like any other crypto asset.
  • Loss of control. Once you’ve staked your assets, you won’t be able to access them until you unstake them (which usually takes a set period of time).
  • Slashing. If a validator sends invalid transactions, the network may penalize, or “slash,” parties who would otherwise receive rewards. This is meant to discourage bad behavior on the network.

Staking only happens on cryptocurrency networks that use the proof-of-stake model as their consensus mechanism. A consensus mechanism is the process that a blockchain network uses to process payments, confirm transactions, and add new blocks to the chain.

The two most common consensus mechanisms used by cryptocurrencies are proof-of-work (PoW) and proof-of-stake (PoS).

PoW is the method of choice for early cryptos, including Bitcoin.

In PoW systems, participants compete to solve complex mathematical problems. The first person to solve the problem adds the next block to the chain and receives a reward. PoW is a very energy-intensive process, as it requires miners to run powerful computers 24/7.

Winning the block reward comes down to “outcomputing” others.

PoS is a more eco-friendly way to verify transactions.

In PoS systems, participants pledge their crypto assets to help secure and verify transactions on the network. The more assets you stake, the higher your chances of being chosen to add the next block to the chain.

This process requires neither specialized hardware nor additional computing power.

PoS systems also have different staking rules than PoW systems. For example, some PoS networks require participants to lock up their staking rewards for a set period of time, while others allow stakers to claim their rewards as they earn them.

In sum, staking lets you support a blockchain network — and get passive rewards for doing so — without expending large amounts of energy.

When you stake your crypto, you’re essentially holding it in a wallet that’s connected to the network called a staking wallet.

Once your staking wallet is set up, and you’ve deposited your crypto, a “bonding period” sets in, during which the crypto is locked and ineligible for rewards. After this window, you’re securing the network, so the reward distribution begins.

The size of the rewards will depend on the staking rules of the network you’re helping to stake.

For example, some networks give stakers a fixed reward for each block they add to the chain, while others give stakers a share of the transaction fees associated with the block.

Most staking wallets will let you know how much you can expect to earn in rewards, as well as how long it will take to earn them.

The amount of rewards you earn depends on how much you stake and the token’s specific staking program. Many estimate Ethereum’s rewards at around 5–6% as of a few days before the Merge.

Many cryptos — such as bitcoin, dogecoin, and litecoin — don’t use proof-of-stake to verify their network, meaning you can’t stake them. Those cryptocurrencies get secured through proof-of-work processes like mining.

Many cryptocurrencies support staking, such as:

  • Ethereum — made possible by the Ethereum Merge
  • Avalanche
  • Solana
  • Polkadot
  • And more

In most places, staking rewards are taxed as income. Consult an accountant or other financial professional for the specifics of your region.



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WhalesNight AfterParty 2024 – Blockchain News, Opinion, TV and Jobs

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Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH 96960, MH 96960, April 26th, 2024, Chainwire

A Glittering Moment: BloFin Shines at TOKEN2049 

BloFin, a fastest-growing exchange platform, proudly announces its platinum sponsorship of TOKEN2049 Dubai and its exclusive SideEvent: WhalesNight AfterParty 2024. Following our previous role as the Gold Sponsor at TOKEN2049 Singapore, the BloFin team, now the Platinum Sponsor of TOKEN2049, continues to shine on this stage with its enthusiasm and original dedication to contributing to the cryptocurrency industry. 

BloFin successfully sponsored TOKEN2049 Dubai, which witnessed an extraordinary gathering of industry leaders, enthusiasts, KOLs, and innovators. Blofin’s participation in this prestigious event not only reaffirmed its commitment to fostering innovation within the blockchain ecosystem but also demonstrated its dedication to driving industry development forward. 

An Unforgettable Night: WhalesNight AfterParty 2024

As part of the conference, BloFin hosted the highly anticipated WhalesNight AfterParty 2024, promising an unforgettable evening of networking and celebration. 

Gratitude in Spotlight: Heartfelt Thanks to Valued Partners and Media

BloFin extends its gratitude to its esteemed media partners, including U.Today, BeInCrypto, CoinTelegraph MENA, Crypto.news and Chainwire, whose support has been instrumental in promoting this event. Additionally, BloFin appreciates the steadfast support and participation of its significant partners, KOLs, and attendees.

The Dubai Whales Night offers the BloFin team a valuable opportunity to meet with users and friends.

Matt, CEO of BloFin, shared his insights and expressed his excitement at the WhalesNight AfterParty. He stated “We understand the importance of trust. We will continue to provide our users with safe, reliable, and fast services.”

As we continue to expand our reach and enhance our offerings, Blofin remains steadfast in its mission to empower individuals and institutions to unlock the full potential of blockchain technology.

About BloFin:

As the fastest-growing crypto exchange, BloFin offers premium perps & futures trading services with over 320 USDT-M trading pairs and 100X trading volume. Now, it provides more high-quality products including spot trading, copy trading, earning, API access, and more. Ensuring utmost user fund security, BloFin has partnered with Fireblocks to safeguard users’ assets.

Contact

Head of Marketing and Public Relations
Annio Wu
BloFin
annio@blofin.io



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The AI-Based Smart Contract Audit Firm “Bunzz Audit” Has Officially Launched – Blockchain News, Opinion, TV and Jobs

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Singapore, Singapre, April 9th, 2024, Chainwire

  • Comprehensive security checks are now possible at only 10% of the traditional cost
  • The price and report creation is 10 times faster and cheaper than traditional firms
  • This firm optimized for projects that “want to audit contracts but have limited budgets” or “wish to conduct an initial audit during the development stage”

Bunzz, a Singapore-based web3×AI tech startup launches “Bunzz Audit,” an AI-driven smart contract auditing service offering fast, cost-effective audits with actionable insights for security improvements, scanning contracts from over 100 perspectives using AI and an extensive database.

Overcoming the Challenges of Traditional Smart Contract Audits in Blockchain Projects

Blockchain-related projects trade users’ assets on-chain, and the smart contracts governing this logic are at risk of being attacked. As a measure, “smart contract audits (Audit)” are conducted, but users of existing major audit firms face the following challenges:

  • The cost of traditional audit firms is very high (from 10K to 1M of USD).
  • Emphasis is placed on the “seal of approval” from major audit firms, making the original goal of “improving security” a mere formality.
  • Engaging an audit firm can delay product launches or token listings due to the time taken for audits.
  • The accuracy of reports and the cost of communication can be unstable depending on the audit firm’s personnel.

As an approach to solve these issues, Bunzz, the smart contract development infrastructure, has researched and developed an AI-based audit service, “Bunzz Audit.”

In the open beta version in January this year, Bunzz received a lot of positive feedback, and it has now officially launched “Bunzz Audit” as a formal version.

Product page: https://www.bunzz.dev/audit

The Significance of Using AI for Smart Contract Audits

The tasks performed by audit firms can broadly be classified as follows:

  1. Comparing clients’ contracts with previously identified vulnerability patterns to detect vulnerabilities.
  2. Detecting vulnerabilities derived from project-specific logic or operational inconsistencies.

For the first task, vulnerabilities in smart contracts are normally checked by humans reviewing the source code. However, due to variations in auditors’ knowledge of vulnerability patterns and their detection capabilities, oversights due to human error are a current issue.

In this regard, Bunzz Audit owns a database of previously discovered vulnerability patterns and adopts an auditing method that scans code from over 100 perspectives. This approach allows for comprehensive coverage and accurate, omission-free vulnerability identification, which is physically impossible for humans.

From the results obtained through research and development, Bunzz believes that for detecting vulnerability patterns as in the first task, a database + AI approach is more suitable than a human approach.

Regarding the second task of detecting vulnerabilities specific to a project’s logic, this is not addressed by the above approach but rather by professional auditors from the Bunzz Audit team (as an option). Clients can choose between two types of audits: one that only reviews the code and another comprehensive audit that includes both the code and the project-specific logic.

Bunzz are currently distributing a promotion code for Bunzz Audit

Currently, Bunzz is distributing a 10% discount promotion code for free. Using this code, audits are available for 1,791 USD. The fee remains constant regardless of the amount of source code or the level of vulnerabilities found, allowing for the highest level of ROI in the industry. Please give it a try.

Users can get their promotion code here: https://www.bunzz.dev/audit

About Bunzz

Bunzz is a leading company in Web3×LLM, operating Asia’s largest DApps development infrastructure. We develop and provide various Web3 infrastructures and services aimed at realizing “smart contracts as a public good.”

Shareholders: Arriba Studio, Coincheck Labs, DG Daiwa Ventures, gmjp, East Ventures, GMO AI &Web3, GREE Ventures, Hyperithm, Kotaro Tamura, Kazutaka Mori, mint, SPIRAL VENTURES, 01Booster Capital, Ceres

For more information: Bunzz Blog | Twitter(X) | Discord | Youtube | Linkedin | Luma

Bunzz Projects

Contact

Devrel Manager
Trust Oyafemi
Bunzz
info@bunzz.dev





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Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

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By&nbspClark

  • Packed TOKEN2049 Dubai conference proves the resilience of the global crypto community, with attendees overcoming travel disruptions to participate
  • Going from strength to strength, TOKEN2049 Singapore will return in September 2024 as the industry’s largest international gathering of the year, with 20,000 attendees 

Photo caption: ‘Pavel Durov, CEO of Telegram, onstage at TOKEN2049 Dubai’

Dubai, UAE — April 23, 2024 — TOKEN2049, the premier crypto event, saw record-breaking success for its inaugural Dubai conference, which took place from April 18-19, during TOKEN2049 Week.

Throughout the event, attendees experienced an impressive range of panel discussions, keynotes, workshops, and exclusive networking opportunities, overcoming torrential rain to show up in force. Tickets for TOKEN2049 Dubai sold out nearly three weeks prior to the event, with 10,000 attendees expected. Despite the UAE’s heaviest rainfall in 75 years, the conference opened to a full-house. 

Alex Fiskum, Co-Founder of TOKEN2049 said: “This week we witnessed the determination of the crypto industry first hand. Our team worked around the clock to ensure that the conference proceeded without any disruptions, maintaining the highest standards of hospitality for our attendees. Our programme proceeded and our doors opened as planned, welcoming attendees to a comfortable, immersive, and action-packed event. We are immensely proud of everyone who contributed to making TOKEN2049 Dubai an overwhelming success.”

TOKEN2049 Dubai was host to 90% international attendees hailing from over 160 countries worldwide. The global crypto community came out in full strength to participate, showcasing the growing reputation of Dubai as a hub for crypto innovation. The global representation also cemented TOKEN2049 as the marquee industry event in the crypto calendar, not to be missed. 

Travel disruptions early in the week saw large numbers of speakers and attendees diverted across the Middle East, all of whom surmounted significant obstacles to attend and participate at TOKEN2049 Dubai. Amongst the 200+ leading industry voices who took to the stage to share their insights, discuss the most prevalent topics in Web3, and unveil exciting news announcements were Pavel Durov, the visionary CEO of Telegram; Richard Teng, CEO of Binance; Paolo Ardoino, CEO of Tether; and Arthur Hayes, Co-Founder of BitMEX. 

Some standouts include a joint announcement onstage by Tether and Telegram that USDT will launch on The Open Network (TON) and Telegram wallet; Polkadot’s Gavin Wood introduced a new JAM chain graypaper; Berachain announced a collaboration with Google Cloud; and Telos unveiled a partnership with Ponos Technology to develop a hardware-accelerated Ethereum L2 zkEVM network, amongst many more ground-breaking announcements.

Fiskum continued: “We have received overwhelmingly positive feedback from all participants across TOKEN2049 Dubai. Energized by this success, we now shift focus to prepare for the industry’s largest event of the year — TOKEN2049 Singapore, taking place on September 18-19 before the Formula 1 Grand Prix weekend. TOKEN2049 Singapore will welcome 20,000 attendees to the iconic Marina Bay Sands, continuing to set new standards for the industry.”

TOKEN2049 Dubai will return in 2025, promising an even more immersive experience for prolific industry leaders, Web3 builders, global entrepreneurs, and tens of thousands of crypto enthusiasts. 

TOKEN2049 is hosted annually in Dubai and Singapore. For more information and updates on TOKEN2049, please visit: https://www.token2049.com

###

About TOKEN2049

TOKEN2049 is a global conference series, where decision-makers in the global crypto ecosystem connect to exchange ideas, network, and shape the industry. TOKEN2049 is a global meeting place for entrepreneurs, institutions, industry insiders, investors, builders, and those with a strong interest in the crypto and Web3 industry. TOKEN2049 is hosted annually in Dubai and Singapore.

Media Contact

E: [email protected]

Clark

Head of the technology.

#Press Release

This is a paid press release. Btcwires does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.





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