Vancouver-based iMining announced after extensive research and testing that they are set to launch a staking service for cardano (ADA). This will be in addition to the staking services they currently offer, focused on Ethereum’s (ETH) proof-of-stake concept.
This news comes on the back Input Out – the company behind Cardano – announcing that an ERC20 converter would be coming soon. With this announced, they hope to finally provide a viable alternative to the Ethereum network. With over 400,000 contracts based on this token standard, using the network has become more expensive. Therefore, enabling migration to Cardano will apparently create much-needed competition and benefit users of both platforms.
iMining certifies Cardano
Compared with other blockchains that depend on individual staking nodes, Cardano relies heavily on staking pools. As a result, with iMining launching a staking pool, this will help ADA token holders to participate through a secure and reliable infrastructure. Chairman of iMining’s board of directors, Khurram Shroff, had the following to say on the matter:
“Instead of needing to purchase special equipment to compete for newly minted network tokens, users can easily delegate their funds through iMining’s stake pool.”
Also, Cardano allows users to continue to spend and use their tokens while staking. Most other digital assets make users lock up their tokens for a certain period while staking. This makes Cardano an option for new users looking for flexibility.
While other cryptocurrencies have been trending downwards over the past seven days, cardano has seen just over 3% growth during the same period. More encouraging news for the “green” cryptocurrency could see it continue to grow over the next few months with more expansions and greater product offering. One such improvement will be the long-awaited addition of smart contracts to the network.