Mumbai-based cryptocurrency exchange CoinDCX launched its new product on Friday, allowing its users to stake three cryptocurrencies:
1.Harmony (ONE),
2.Qtum (QTUM) and
3.Tron (TRX)
Users with a minimum balance of 100 ONE tokens, one QTUM token and five TRON tokens will be eligible for staking.
An alternative to proof-of-work, or mining, proof-of-stake is a system used by some blockchains enabling users to hold coins in a cryptocurrency wallet to support the operations of the network in return for newly minted coins.
In effect, staking is similar to buying government bonds in return for a fixed yield. This new initiative will introduce more Indians to the crypto Space as the Indian crypto community now has the opportunity to earn passive income merely by holding cryptocurrencies – an activity known as staking.