Celsius Network understands the importance of expanding its footprint in order to continue providing the best yields and performance to its growing community. As we continue to lead the charge in unbanking everyone, we’re pleased to announce that moving forward Celsius is incorporating staking coins into its platform.
The cryptocurrency and digital asset space is evolving and as other networks continue to build their own communities, many coins have decided that some variant of staking is the way forward for their project. Some coins simply add it on alongside traditional mining and some replace their entire network operation with it. Staking is rooted in being an alternative to Proof of Work (e.g. Bitcoin) with less power consumption and added governance capabilities. The overhead of traditional mining has brought cryptocurrencies only so far and while mining will continue to be a significant factor in the cryptocurrency space for the foreseeable future, staking coins offer other capabilities which build a bridge to more operational and real-world utilization and engagement.
Celsius itself is staked by its own growing community and in turn, we want to offer our community the option to not only earn additional rewards by using our platform but to enable engagement with multiple coins across many facets of a coin’s operations. The majority of staking coins offer a governance capability to its investors and network operators. What is governance? It is a voice and a vote. The community can voice a proposal and in turn vote for specific proposals and suggestions.
What is staking?
The term “staking” is broadly used to represent a variety of flavors. There are three main flavors though there are many others that we will discuss and potentially introduce in the future. The three main flavors are traditional Staking(PoS), Delegated Proof of Stake (dPoS) and Masternodes.
Traditional Staking (also known as Proof of Stake):
Type of staking where blocks are “minted” by writing the next block and receiving the reward is determined by a mix of coin age (how long the coins have been held), coin weight(how many coins have been held) and some element of randomness.
Delegated Staking (also known as Delegated Proof of Stake):
Type of staking rooted in coin holders voting for a group of nodes or “delegates” to produce blocks and perform other critical network functions or decisions. The idea of one coin one vote is often the root of this model.
Type of staking requiring a minimum threshold of coins to participate in the network as a “node”. Masternodes also have the ability to create and vote on proposals for changes to the network.
How to stake with Celsius Network
When we announce a staking coin you’ll be able to deposit with us just like any other coin we list. The returns percentage will be shown to you and that’s it. We’ll handle the rest. Celsius is committed to providing its community reliable, professional and compliant services. There are other services which exist that do not make this a priority or consideration for their operations. Celsius provides you peace of mind knowing that you’re doing business with a company where protecting the community comes first and foremost.
What are we staking?
DASH is the first staking cryptocurrency that’s been added to the Celsius platform. Moving forward we expect to add many other staking coins as they are vetted through our rigorous and intense grading process. We will only add coins which meet our standards for market liquidity, team make-up, professionalism, network security, fair coin distribution, and delivery excellence.
When can I start staking?
About Celsius Network
Celsius Network is a democratized interest income and lending platform accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 4.95% APR.
Download the Celsius Network app and start earning interest on your crypto today ➡️ celsiusnetwork.app.link