IOTA Launches Staking Program to Offer Token Rewards
IOTA recently announced IOTA staking for token holders. The release will allow users to stake the token and earn rewards. It will also help the IOTA ecosystem grow and offer additional earning prospects.
The network will release its whole token supply on its staging platform, the Shimmer Network. Thus, it will transform the IOTA chain into a launchpad of unforeseen token economies possibilities.
The development boosted the IOTA token’s popularity as traders searched for a reliable IOTA prediction. The network is in the process of becoming a completely decentralized, programmable multiple-assets ledger. Merging with smart contracts will allow IOTA to be a robust network that pushes the innovation boundaries for developers.
The network intends to boost the mainstream adoption of blockchain, and its latest announcement displays it as well. The development allows IOTA to tokenize multiple assets, trade, and develop NFTs or mint dog coins without transaction fees.
The Proof-of-Stake mechanism has proven its superiority over the Proof-of-Work on several occasions. It allows validators, users with a stake in the network, to secure the protocol by participating in the consensus. However, IOTA will take a different approach than standard PoS staking.
The protocol will not limit staking’s use-case to network security; instead, it will expand its reach to token distribution. Users who have staked tokens in IOTA can also distribute new tokens to different active, old users. It can even be called rolling airdrops, states IOTA.
Users can stake IOTA tokens via a transaction in the Firefly wallet. It indicates to IOTA the start of the staking process. Every node within IOTA can identify and process stalking data, record them individually and assess rewards associated with IOTA addresses that activate the staking process.
Users merely need to connect a node that operates the plugin for staking. Firefly will guide users from thereon, simplifying the entire process. In return, users can earn more IOTA tokens along with consensus rights.
