More

    InfStones Staking as a Service Startup in Silicon Valley Secures $2 Million to Expand PoS Networks

    Maintaining an efficient blockchain requires companies to find consensus protocols that work with their needs. There has been plenty of debate between proof-of-stake and proof-of-work protocols, but a recent statement from the CEO of InfStones says that the key to progress for the blockchain industry will be proof-of-stake.

    • InfStones received $2 million in investments during a seed round with Plug and Play Ventures, among others.
    • The firm believes that PoS implementation on networks will be crucial to the progress of blockchain technology.

    Proof-of-stake networks are becoming more popular, leading to a recent funding round for InfStones. InfStones is a Silicon Valley staking startup, and their seed round brought in $2 million to work on the block-producing capacity involving PoS networks.

    An announcement on Wednesday indicated that the investors to participate in this round included venture capital firms like Plug and Play Ventures, which was an early investor of PayPal and Dropbox. The funding round also included Danhua VC (DHVC). The company itself was only founded last year, working as a full node and block producer for PoS blockchains.

    With the new equity, InfStones said that they will be financing the expansion of their team, which only has five people at the moment. They will also be adding the services they offer to other PoS chains. The founder and CEO of InfStones, Jonathan Shi, previously worked as an engineer for Oracle.

    Shi explained that proof-of-work protocols have established their stability as a result of the earliest participants. However, InfStones believes that the driving force behind blockchain tech’s progress will be the implementation of PoS protocols on networks.

    Right now, there are nine PoS blockchains that already use the firm as a block producer, including Cosmos, EOS, Tezos, and Tron. To engage in the block producing process, the company collects votes from token holders, which allows them to receive mining rewards. The rewards are then given to holders by InfStones that typically cast votes, while automatically taking between 10% and 30% for their commission. The percentage that they take depends on the design of various chains.

    As an example, the full node for InfStones has over 90 million votes, according to the EOS blockchain. There are approximately $450 million worth of EOS on the node, which is calculated by using the current price of EOS.

    Along with the investments, much of the reason that bigger EOS holders chose to use the service for staking EOS is due to the encouragement of DHVC, according to Shi.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,365FansLike
    2,781FollowersFollow
    4,135FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BTC Isn’t a Hedge Against Stock Market’s Poor Returns or Coronavirus But US Dollar & Inflation: BitGo CEO

    In 2020, Bitcoin has been following stock markets religiously, so much so that their correlation went to a new high. But now, the flagship...

    Netflix's ‘Tiger King' Villian, Carole Baskin at The Big Cat Rescue Accepts Crypto Donations

    With the Coronavirus (COVID-19) running rampant in the United States, Americans are drooling over the hot new docuseries on Netflix; “Tiger King: Murder, Mayhem...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.