SINGAPORE: OIO Holdings Limited has secured business strategy and IT consulting contract worth $1 million with Moonstake Pte Ltd to further develop more staking opportunities for users on its platform, one of the latest innovations in the blockchain industry.
Moonstake appoints OIO to work on extensive improvements to the user experience and user interfaces (UI/UX)of their mobile and web wallets, and expand the crypto currency types to be made available (through marketing and technology consulting) and promoting to potential partners for staking on their platform.
With more digital asset types available and a more user-friendly platform, Moonstake hopes to grow its user base to tap into the rapidly expanding market for digital asset investments.
Staking has been gaining popularity as an alternative investment tool for investors seeking exposure to the cryptocurrency markets. Staking is a technical feature of blockchains that rely on Proof of Stake (PoS) as the preferred mechanism to manage new blocks in the chain. Proof of Work (PoW) algorithm like Bitcoin relies on mining to add new blocks to the blockchain.
In contrast, Proof of Stake produces and validates new blocks through the process of staking, allowing new blocks to be produced without relying on specialised mining hardware, such as Application-Specific Integrated Circuits (ASICs). While mining requires a significant investment in hardware, under staking, holders participate in generating a block by delegating the cryptocurrencies they hold.
Staking rewards holders who lock up their coins by randomly selecting holders at specific intervals to create a block. Usually, holders that stake larger amounts of coins have a higher chance of being chosen as the next block creator, while some coins choose the block creator based on criteria other than the quantity of the coins.
The currency at “stake” is what incentivises validators to maintain the security of the network. Globally, as real interest rates fall to historic lows following a 700-year trend investors in traditional fixed income securities like bonds are increasingly exploring alternative investments in digital assets like staking to deliver greater yields.
The partnership between OIO and Moonstake aims to enhance Moonstake’s existing platform to provide a fuller range of staking functions, and to serve a larger pool of tokens for holders to stake the cryptocurrencies they hold.OIO and Moonstake will also embark on extensive user interface and user experience upgrade to provide a user-friendly mobile wallet and web wallet with the objective of easing the barrier of entry to digital assets and investments.
With the rising popularity of virtual currencies, and the growing interest in digital asset investments, Moonstake and OIO hope that the increased functionality will grow the user base for the platform, with the aim of becoming a leading digital asset management platform in Asia.
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