Guide to betting with Trust Wallet
All blockchains have one thing in common: transactions must be verified. The Bitcoin network uses algorithmic decoding and Proof-of-Work (PoW) consensus to do this. But now there is another preferred mechanism, namely the Proof of Stake (PoS) consensus mechanism. In this mechanism, the blockchain network processes transactions by verifying the masternodes. And for the sake of simplicity, let’s call it lurking.
Staking returns decision-making power to network coin holders. Staking allows you to choose masternodes and generate your own income by investing coins in network block producers. This process is compared to a process where you deposit money in a bank and earn interest over time.
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Betting on trends and pioneers
The trend of staking to compete with nodes or masternodes is very clear, many blockchain platforms using this consensus mechanism have emerged. Competition occurs here when many people want to combine power between nodes, masternode positions in the blockchain network.
But for those who just need to bet to make money, things just got easier
And to make things easier for users, cryptocurrency wallets introduced an in-app staking service and growing since late 2018. This service seems efficient as most people use it to store large amounts of their coins in the wallet.
Some of the wallets that support this service can be mentioned as: Cobo Wallet, Haskey Wallet, Trust Wallet, Coinomi, Crypto… Wallets are integrated into the staking project to lock coins and allow users to directly stake the wallet.
Now, in this article, we will cover detailed instructions on how to keep using Trust Wallet, one of the most popular wallets today.
Guide to betting on the Trust Wallet Platform
Step 1: Go to App Store and search for Trust Wallet app, download and install it on your personal device. Register a wallet account (note: do not share the security part when registering on the web).
B2: Enter the main interface and click on the D-App item. Applications associated with TrustWallet will be displayed. The staking app is at the top of the page.
Step 3: Click “Staking Platform”
B4: Click the project you want to bet with Trust Wallet.
B5: Enter the number of coins you want to bet and press “Stake” to complete the process.
*Note: You can select TrustWallet or WalletConnect to connect to this staking platform.
TrustWallet Perspective
Crypto wallet service TrustWallet’s goal in integrating a betting platform is to expand its connections to more people in the crypto community. TrustWallet has simplified its tutorials and resources. In addition to the two projects currently supported by Cosmos and TRON on the staking platform, TrustWallet intends to support more projects such as Tezos, IoTex, Compound, Waves in the near future. Note that TrustWallet does not control or select Nodes, it only provides tools for investors to engage in staking.
Today, trusted platforms allow you to verify transactions and earn interest through the staking process. However, going forward, TrustWallet could be the only solution you can trust in the world of decentralized finance. That means it becomes a token liquidity provider through integration with the decentralized exchange DEX, and users can participate in blockchain monitoring on the decentralized lending network. As the industry evolves, TrustWallet will always be at the forefront.
Is staking the same as keeping money in the bank?
Comparing these two forms, it is easy to tell at first glance that they are very similar. Users participating in betting must “deposit” a certain amount of coins and will be informed by the project of the appropriate interest rate. However, if you look closely, the nature of these two forms is different.
When you participate in the PoS mechanism, the coins you deposit directly contribute to the process of executing transactions and generating blocks, which directly affect the functioning of the blockchain. At the bank, however, the user has no “participation” in the processed transactions, because the bank itself is an authorized third party.
WARNING: Investing in financial products involves many risks which may not be suitable for some investors. Therefore, please think carefully and check yourself before you decide to link to this website. CryptoViet.com.