The year 2019 witnessed the transition of the crypto ecosystem from the proof-of-work (PoW) to proof of stake (PoS) based consensus mechanism.
And, because of its economic advantage, it soon attracted the interest of major players in the cryptosphere. The staking market was soon dominated and controlled by the whales.
But, now as the staking economy is expanding with greater participation from small investors, it is going to be the next big thing in the cryptosphere for 2020.
Therefore, let’s look at some of the best staking wallet options, through which you can stake coins and earn a stable passive income periodically.
Best Staking Wallets In 2020
#1. Ledger Wallet
Ledger wallet is one of the most popular, trusted and secure crypto wallets in the market for storing cryptocurrency. And, also it allows you to stake more than 10 coins securely.
You can stake coins either using Ledger Live, the desktop application, or through your Ledger device. However, Ledger Live is only compatible with Tezos (XTZ)) and for other coins, you need your Ledger device with third-party apps.
Unlike other exchange wallets which offer limited control and transparency, Ledger offers users more control over the staking.
By using Ledger Live, the user can select validators from a long list based on their preferences and continue to process transactions in the right way. Also, it helps to keep the blockchain decentralized and safe.
The other advantage of staking with Ledger is, you receive rewards while holding the coins securely on your Ledger wallet.
#2. Trust Platform
The Trust Platform from Trust wallet is a staking and governance platform for token-based communities. Its primary aim is to make the staking economy more accessible and become a one-stop solution for the new decentralized financial world.
Currently, the Trust Platform supports staking in VeChain (VET), TRON (TRX), Callisto (CLO), TomoChain (TOMO), Tezos (XTX), Cosmos (ATOM), IoTeX (IOTX), and Algorand (ALGO).
The support for the hardware wallet will be added at later stages, that will allow you to stake right from your hardware wallet.
Staking using Stakebox is a bit different, but is a more efficient system compared to the processes followed by wallets like Ledger or Trust wallet.
Instead of a staking application, Stakebox offers customized cryptocurrency Raspberry Pi staking devices. In short, it offers coin specific staking device with the flexibility to use as per your convenience and without the need to connect it to your PC or MAC.
Stakebox devices are low energy consuming devices, that are suitable for running 24/7, thus making the staking process more profitable. And, with minimal human interference, it is very easy to use and operate.
It offers custom branded staking devices of 17 coins including QTUM, Reddcoin, PIVX, CloakCoin, BitBay, Pinkcoin, Whitecoin, Denarius, etc.
Huobi Wallet is another suitable option for staking PoS coins and offers stable and safe coin-based returns from staking to investors.
Staking with Huobi has multiple benefits like there is no need to move out coins from address for staking, all operations are conducted on-chain, no-extra fee & redemption penalty, etc. And, all this while maintaining the safety and independence of coins.
To maintain the security of coins and safe staking operations, it has multiple configurations for monitoring process, multiple entry nodes, powerful DDos defense systems, and a dedicated security operation team.
With Huobi, you can stake 8 different coins including ATOM, Ontology (ONT), IOST, Tron (TRX), Cardano (ADA), IRISnet (IRIS), IoTeX (IOTX), and Loom Network (LOOM).
#5. Binance Exchange
Binance recently launched its dedicated staking platform allowing users to deposit PoS coins and earn staking rewards. It offers the simplest way to stake and earn rewards.
The main advantage of using Binance exchange for staking is, the user can start staking without having to set up their nodes. The users can simply earn rewards from the supported coins just holding the coins in their Binance account.
To make staking attractive with Binance, it offers additional promotional rewards to users and also doesn’t charge any fee on any staking operations. Also, Binance allows you to trade against your staked coins, and the coin balance and reward will get adjusted accordingly.
Currently, it offers to stake in all major PoS coins including TRON, NEO, ATOM, Tezos, Algorand, QTUM, Stratis, Stellar, Ontology, etc.
Mining and staking are both essential functions for maintaining the stable and safe operations of different blockchains. And, staking cryptocurrencies is surely going to surpass the popularity and size of mining operations in 2020 and beyond.
With more and more cryptocurrencies are getting launched with PoS consensus mechanism (even Ethereum is moving towards PoS based consensus mechanism), the benefits of staking cryptocurrencies can hardly be ignored.
Although many wallets support staking PoS coins, the discussed wallets and platforms offer the best security and functionalities. And, if you are a beginner in staking, then the Binance exchange looks the best option.
If you have any questions or want to share any experience regarding staking, do write it in the comment box below.