Staking pool IOST has added decentralized staking mining service Newpool as a partner node. Accordingly, Newpool will launch the IOST PoS staking pool on November 30. Newpool will work for the ecological development of IOST.
Proof-of-Stake (PoS) was developed as a consensus mechanism as the carbon footprint of Proof-of-Work (PoW) was growing with a growing number of cryptocurrency users. In PoS, users have to stake their coins and more coins staked greater are the chance of a user being selected for block verification. Staking pools consist of several users who stake their coins collectively; thus, increasing the chances of their staking pool being chosen for block verification. The profits are distributed among the member of the staking poll, and the mining pool administrators are also allocating a percentage of the profits.
Newpool is a subsidiary of decentralized cryptocurrency exchange Newdex. It is decentralized and uses staking on-chain method to generate revenue without transferring coins. It is a zero-risk method of staking.
Newpool hosts mining for EOS and BOS. It is the world’s largest decentralized EOS mining pool with the largest entrustment volume. Newspool plans to add more blockchains in the future like COSMOS, TRON, TEZOS, POLKADOT, and VSYS.
Newpool and IOST will be working together on new modes of mining to ensure the ecological mobility of IOST blockchain. To achieve this objective, Newpool will launch new methods of mining like mining by computing power, mining by locking or mining by voting. It will further reduce the carbon footprint of the mining and staking process.
IOST has over 300 partner nodes globally, and its partners include staking pools like Huobi Pool, HelloPool, HashFin, CoinInn, etc.
IOST will work with Newpool parent firm Newdex to boost its liquidity.