After extensive research and testing, Vancouver-based iMining has decided to launch a staking service for Cardano (ADA). This is an additional service to what they currently offer and will focus on Ethereum’s proof-of-stake concept.
The company behind Cardano had earlier announced that an ERC20 converter would be coming soon. With the recent move, the iMining company hopes to provide an alternative to the Ethereum network.
Ethereum currently has over 400, 000 contracts based on the token standard that has made using the network expensive. Cardano is thus an apparent attempt to create the needed competition for the benefit of users on both platforms.
Contrary to blockchain that relies on individual staking nodes, but Cardano makes use of staking pools. Thus iMining introducing a staking pool will help token holders participate in a secure and reliable platform.
Khurram Shroff, the chairman of iMining’s board of directors, believes that users can easily delegate their funds through iMining’s stake pool instead of being required to purchase special equipment for the newly minted token.
Cardano gives users the privilege to continue spending their tokens while staking. Other digital tokens require users to lock their tokens for a certain period. This privilege makes Cardano an option for users looking for flexibility.
Cardano has recorded over 3 percent growth in the past seven days. The green cryptocurrency could continue to grow in the coming months and possibly continue to offer greater products