Future of staking (POS) on Transcendence blockchain! Introducing Piggybank 2.0

At the beginning of this text, for those who still don’t know, we are going to explain what is Staking (POS)?

Proof of stake (PoS) is a type of consensus algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In PoS-based cryptocurrencies, the creator of the next block is selected through various combinations of random selection and wealth or age (i.e., the stake). Source: (https://en.wikipedia.org/wiki/Proof_of_stake)

The distinctive feature of each POS cryptocurrency, and thus a Teloscoin (TELOS), is that one who holds a certain amount of money in his wallet, which is always online (on), gets a part called Stake.

Depending on the many parameters, the amount of coins obtained through Staking can be different.

From the very beginning, it was possible to get Teloscoin (TELOS) by Staking at the Transcendence blockchain. Over time, users were looking for the best combination for a more efficient POS until it turned out that it is best to have as many as possible coins at one address in a wallet, which only guarantees the incremental gain (Stake).

POS devices (How the first Piggybank appeared)

One of the first devices announced by the Transcendence blockchain team is Piggybank. It is actually a OrangePI device with a special operating system called “PiggyBank-OS” and a Teloscoin wallet.

First PiggyBank with own OS

The device itself is designed to function by being always online, connected to the network, and a special benefit is given to the ARM CPU that consumes very little power. For this reason, OrangePI can also be powered by a smaller solar panel.

The Orange Pi can be operated via a USB port that can supply at least 2.0A too.

When we consider all of this, Staking (POS) has never been easy like this, especially suitable for people who do not want an engagement to install masternodes and care about the servers.

What does Piggybank 2.0 bring us?

The previous text has explained to us all the news that will be applied from July 18, 2019. and TELOS 2.0 in a new, tiered dress. (Are you ready to moon with us!? TELOS 2.0 will happen this month!)

Piggybank also has an upgrade and this time will be much more interesting to those who intend to deal exclusively with Staking.

Piggybank 2.0 comes with a completely new operating system that includes two wallets. TELOS 2.0 wallet and Bitcoin Subsidium wallet. And the main novelty is the design of the armor that is golden in color and interesting shape.

PiggyBank 2.0 with new design

A serious problem is the cooling because Piggybank warmed up when working with the wallet on (which is necessary for Staking), so now with the new armor there is an air passage and it has passed all the temperature tests.

Piggybank 2.0 will be more attractive for use with TELOS 2.0 because Transcendence blockchain with new parameters will enable much more efficient Staking (POS) than it was up to now.

It can be ordered on: https://www.ares-shop.eu/rapidcartpro/index.php?product/page/19/TELOS+Piggybank

Working with Bitcoin Subsidium wallet:

Source: https://medium.com/transcendence-blockchain/future-of-staking-pos-on-transcendence-blockchain-introducing-piggybank-2-0-bb7fbb164f44

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