Studyum is an advanced knowledge matrix that fully uses the power of blockchain technologies to establish a secure and transparent framework in line with our vision of making high-quality learning globally accessible. By basing the Studyum ecosystem on the blockchain, we can enable people to earn while they learn, reward them for their involvement in the system’s enhancement, and ensure their voices are heard every step of the way.
Blockchain technologies made Studyum possible – from the IDO to the learn-and-earn reward system and the building of Studyum’s entire infrastructure. Now, they will drive further project development through staking.
Mining in a nutshell
Even if you’ve just stumbled upon the crypto world it is likely you’ve heard about mining. Blockchain networks are basically interconnected systems of distributed ledgers that track and update changes in real-time, multiplying them across interfaces and making them instantaneously accessible at any given moment. To be capable of doing all that, the entire network needs to agree to any changes imputed in the ledger before they are added to the chain and become immutable. So it all comes down to transaction verification.
When the crypto world was in its nascent phase, this was done most efficiently by running the Proof-of-Work (PoW) consensus algorithm, i.e. verifying transactions and adding them to the chain by solving a series of complex computational problems. This requires a lot of resources. In fact, it requires so many resources that it has become one of the main reasons why graphic cards (and, by extension, game consoles) are so expensive and inaccessible. To sum up, it didn’t take long for mining to become unprofitable for small investors and investor laymen.
You might wonder, why would anyone spend so much money only to verify transactions for blockchain networks. Well, the answer is rather simple – to those who had the resources to participate, the rewards were more than worthwhile. Each time a miner would add a block to the chain, they would get actual crypto as a reward. However, with immense growth in the number of transactions, the PoW mechanism has turned out to be increasingly unsustainable. It will need even more processing power and time than now, making it fatally harmful for the environment. Because of this, people started developing alternatives to the PoW algorithm until, in 2012, the Proof-of-Stake (PoS) algorithm entered the stage.
Is Proof-of-Stake better than Proof-of-Work
The Proof-of-Stake protocol is evidently the more environment-friendly transaction verification method, as it requires minimal resources and boasts a low entry barrier. Its functioning allows any member to become a validator and reap the benefits by pitching in, adding to the community’s sense of unity and encouraging participation. The inclusivity that this new consensus mechanism brings is revolutionary and crucial for the further development of the crypto community. Ethereum, the second-largest coin by market cap, has long since announced the planned switch to the more accessible PoS protocol, and many of the top-ten blockchain networks, like Solana and Cardano, have already integrated the algorithm.
But does all this make PoS superior to PoW? Many would argue that it does. Not only does the PoS protocol require only the possession of coins, but it also allows more people to participate and benefit, which means centralization is less likely to occur and, as a result, the network is more secure. Because of this, some believe that cryptocurrency staking will completely replace PoW mining.
What is crypto staking
Crypto staking is a way for blockchain networks to verify transactions. It is a concept introduced to replace mining which needs powerful (and expensive) hardware, has high energy consumption, and is more competitive.
Staking is an option only in the case when the consensus mechanism for transaction verification is based on the Proof-of-Stake (PoS) algorithm – hence the name. Most crypto networks today are opting for this verification method since it can bring the community closer. Staking allows even people who don’t have so many coins and tokens to participate.
To stake a token, you need to have it in your wallet first, essentially deeming them unusable for a specific period of time. You can stake any amount of tokens and get selected as the validator, which is done at random. However, you improve your chances considerably the more tokens you stake. Validators receive rewards (sometimes as many tokens as they have staked!) for assisting the functioning of the network and many even earn a passive income this way.
Staking $STUD – the next step
Soon, you will be able to stake your STUD tokens. $STUD is the driving force of Studyum – it is a multi-utility token that can be used both within and outside the system. It will help you fully unlock Studyum’s capabilities, obtain the highly coveted holographic collectibles, and it serves as proof of mastery within a course. Beyond that, STUD tokens have real-life applications – they can be staked, increasing the number of tokens you hold, and with them, your earnings.
As a token of appreciation for our community (pun intended!), we will offer worthwhile rewards for the most active members and early adopters. The staking pool will open at http://staking.studyum.org. Follow us on social media to learn more about the process and the rewards!
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