Bitcoin News · June 30, 2021 0

Can Staking Pools Ignite Cryptocurrency Participation for People of African Descent?

Bright Enabulele, Launches the First Staking Pool for Oduwacoin (OWC) called Oduwa Pool

An innovative Staking Pool for people of Africa and underserved communities around the world has been launched by the renowned Blockchain Strategist, Bright Enabulele, Co-founder of Oduwacoin.

This is another major milestone Oduwacoin’s innovation is delivering to the global digital economy. Oduwa Pool is here to solve a major problem for people of Africa and other underserved communities around the world, who have challenges mining cryptocurrency in these digital times because of lack of electricity and high-cost equipment. Bright Enabulele’s mission has always been to create viable solutions on blockchain for underserved communities and also create a gateway for the common man to safely participate in the global digital revolution.

How does the Staking pool function with Oduwacoin?

History

Bitcoin (BTC), the first generation cryptocurrency, that started its own incentivized consensus-protocol mechanism known as Proof of Work (PoW), to validate transactions, mint new coins  and reward users on the network, revolutionized our world. However,  it failed to address the issue of high energy consumption and the impact it has on our environment. This is due to the nature of Proof of Work (POW).

As the world of cryptocurrency evolves, Proof of Stake (PoS) mining protocols have become very common, with the cryptocurrency domain advancing, we have numerous projects  joining the competition. Proof of Stake is one such newcomer that has been gaining a cult following among its users. POS solves the energy consumption issue as it does not require energy for verifying transactions and has low entry barriers, anyone can make a huge profit out of staking the POS coins. Anyone can stake as a solo miner  or join a pool of other miners

A pooling mine is a mining method in which more than one client contributes in the creation of a block and later the block reward is split among the clients in accordance with the investment made by them. Staking pools work similarly to this pooling mine process. It focuses on bringing the highest output out of the Staking process. Staking pools enable investors to earn passive income by validating blocks and receiving rewards. Investors combine their staking power and share the block rewards proportionally according to the member’s contribution.

The general concept is that the bigger a staking pool is, the higher the chances of picking this staking pool and verifying a block.

There are two varieties of staking pools

  1. Single-chain staking pools or In-house is directly specific to single blockchain cryptocurrency designed to support only the native token. These pools are decentralized and support a single currency.
  2. Multi blockchain staking pools, deal with staking in more than one cryptocurrency.

Is staking solo better than staking pools?

 Well, to know the answer to this question, let us consider the following example. John is staking solo, contributing over 2000 coins. John’s competition is a staking pool investing millions of coins. In this case, we can say without a doubt that John’s coin weight has zero chance of being selected to validate the block.  The bigger the weight of the coins the higher chance of being selected. The profits gained are higher in staking pools than in staking solo.

Why staking pools?

  • Selecting a large staking pool generates consistent rewards with no fluctuation because they have a larger probability of getting selected in order to validate a block. So your income is always steady and predictable.
  • Staying connected to the servers could prove challenging for the participants who are staking solo as it requires a consistent high-speed internet connection. Staking pools promise a consistent and continuous connection to the servers using their own hardware.

How do staking pools work?

Basically, the larger the staking pool, the higher the chances of getting picked and validating a block. Consider that there are 3 users: X, Y, and Z. User X is a Staking wallet with 1000 OWC coins. User Y is a staking wallet with 10,000 OWC  coins. And finally, user Z who understands the staking pool very well takes part in the staking pool. User Z invests 100,000 OWC coins into it. When a block should be mined, the blockchain attempts to find the best-suited staking wallet.

User Z who has taken part in the staking pool has the highest possibility of making the most profit among users X, Y, and Z. The final pool reward will be partitioned among the users and the pool service claims a small percent of the reward as charges.

Mr. Enabulele is a co-founder passionate about getting  Oduwacoin in the hands of the people who will truly benefit from it. Blockchain technology is new and has provided lucrative benefits to millions of people, but many people are still in the dark and do not know how profitable it is. Innovative minds such as Mr.Enabulele have paved the way so that those who are truly in need may benefit from the possibilities of this technology.

The pool is now running at oduwastakingpool.com, we urge the Oduwacoin community to start delegating their OWC to the pool and earn instant rewards. No waiting and lock periods.

 

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