Stakemine: Stake EOS And Earn Dividends Risk Free Without It Ever Leaving Your Custody

Stakemine: Stake EOS And Earn Dividends Risk Free Without It Ever Leaving Your Custody

By Eosmastering | EOSmastering | 9 Apr 2019


Stakemine is the brainchild of a guy by the name of Fuzzy! For those who don't know who Fuzzy is, he is the Co-creator of Bitshares, Whaleshares, the Beyond Bitcoin podcast, AND he coined the term Exponential Operating System - also known as EOS. Other than that he is a character (we like those in EOS) and all around active, approachable and cool guy. This is mentioned just so you as a potential user know who is behind this. Obviously he got help from other skilled people as well who deserve much cred! Pop in to their Telegram channel and ask any questions you might ponder.

So what is Stakemine and what does it solve?

 

Stakemine is a tool made with the purpose of creating a middle ground wherein everyday investors and creators can leverage their primary resources for lower-risk token offerings via bandwidth-offering contracts for tokenized DApps

For anyone outside EOS and crypto in general, this sounds pretty alien. And I do understand. Let's try to break it down. I might miss some technicalities, but my purpose in EOS is to make all this understandable to normal people like myself.

By owning EOS you own a share of the resources of the Network. Your EOS can be staked in CPU or NET. These resources are needed in order to build Dapps on the Blockchain. A new project wants to build something on EOS - they need resources, and to get those resources they need to buy EOS. However, not all projects can afford to buy all the EOS needed, especially as EOS goes up in value. They could borrow it from holders of EOS which then can earn interest. That is the what the REX (Resource Exchange) will be for. Chintai is another website who offers this. The only issue with these solutions is that you have to lock your tokens for a certain time.

Stakemine goes a step further. It basically makes it possible for you as an EOS holder to DELEGATE to a Dapp without risking your EOS. I'm personally familiar with this from Steem blockchain where you can delegate your Steem to whoever - content creators or even Dapp teams.

The problem we faced during the "gambling phase" of EOS was that a lot of us invested (speculated is a better word) into these projects by mining their tokens, thus risking our EOS. We ended up with a lot of tokens eventually, but now as most of the gambling dapps have died (perhaps some are only in hibernation - who knows) we lost our EOS.

What if you could just delegate EOS to the Dapp, and then receive dividends in form of their native token instead? Well..that's what Stakemine allows you to do.

By using Scatter the site is safe, the team is well known in the crypto-space as idealists and creators. Right now, there are few supported Dapps and the rewards are low - but once people see the potential of this I suspect it will be VERY popular. Why risk your EOS when you don't have to?

Read the full Stakepaper here

 

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Eosmastering
Eosmastering

Writing about the blockchain protocol EOS mostly. Tutorials and interviews with people in the EOS space.


EOSmastering
EOSmastering

Writing about Blockchain and Cryptocurrencies, mainly EOS.

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