Recently, staking has attracted more and more people. Experts say that staking has replaced coin mining to some extent. Staking coins is quite profitable, which is why many crypto industry users have become interested in it. Recently, the Eno platform launched token staking in its protocol. In this article we will take a closer look at such a phenomenon, for you to understand its relevance. And most importantly, why exactly the staking of ENO tokens made a breakthrough.
What is Eno?
Blockchain and Wine. ENO is currently creating the first decentralized wine movement to unite and spread wine culture around the world. The project is a combination of two attractive segments: blockchain and wine. In this way, ENO unites the entire ecosystem of wine production and the entire community in its project, bringing together farmers, vineyards, exporters, importers, consumers, hotels, sommeliers, and crypto users from all over the world.
Blockchain technologies and cryptocurrency projects can find wide applications, including products. In addition, new ideas and concepts can boost the industry. An excellent example is ENO, a symbol of the wine industry. This is one of the interesting use scenarios that customers can explore.
ENO is the first wine token that helps to preserve the traditions of winemaking and unite the community. The project is carrying out a digital revolution, combining winemaking with the crypto world.
It is important to note that a part of the ENO goes to charity. The project supports wineries, farmers, and the entire community. The ENO token entered decentralized exchanges and trading platforms by the end of July, including Uniswap and 1inch. You can purchase a wine token on these exchanges.
This asset has several benefits. Among them are:
- Token holders will receive benefits and preferences for each new wine harvest from each producer.
- ENO customers will have discounts.
- The coin can bring new players to the industry.
Thus, it will increase the competitiveness of the field and provide consumers with the opportunity to try new flavors and enrich their collections.
ENO has exclusive partnerships with famous vineyards worldwide: Chateau Camou, Marques de Griñon, Viña del Cielo, Bodegas del Viento, Parvada, Agua de Vida, Viñedos de la Reina, etc. The team is confident that in the upcoming months, it will announce more collaborations.
The token will also be useful for collectors. Users can also exchange the best bottles directly from vineyard producers, complete with verification, authentication, and provenance. This information will be kept in a transparent, no ‘trick’ blockchain.
The benefit of staking ENO tokens
Staking represents a simple and less arduous alternative to cryptocurrency mining. Investors see in Staking, the possibility of using their cryptocurrencies to generate additional passive income. An attractive proposal, which will allows you to generate extraordinary stable amounts while maintaining the ownership of the crypto assets. In addition, it remains independent to the possible increase in the price of the coin or token.
How does it work?
Staking describes the process by which we can maintain and store our cryptocurrencies in order to receive a reward in the form of additional tokens.
These currencies are stored within a liquidity “pool” where they stay for a defined period of time. These coins will serve to be used within tests called “proof of participation” or proof of funds and involvement within the project and provide liquidity to the project as well as protection to the market of the same cryptocurrency.
The difference between staking and mining
Traditional mining is the process of supporting the operation of the network, based on the use of the Proof of Work (PoW) algorithm. Participants are called miners. They generate ‘blocks’ that are necessary to store information about accounts and transactions. In order to get a new block, the user needs to make certain calculations and find a secret combination of symbols.
Now, ordinary computers can no longer maintain the necessary level of computing power to receive ‘blocks’ of the bitcoin network. In order to gain access, it is necessary to invest in expensive equipment designed specifically for mining. One example of a suitable technique is specialized integrated circuits (ASICs).
Blockchains based on the Proof of Stake (PoS) algorithm, relieve network participants from such difficulties. All you need to get a passive income is to keep coins in your wallet (or on a special platform).
The number of assets in the account can be accumulated, thereby increasing the chances of mining the block. This process does not require the connection of powerful equipment, which makes the threshold entry into staking much lower than mining. In addition, most coins are affordable, and people with a small capital can earn money from storing them.
The most important advantage is that the system offers guaranteed performance and even a predictable source of reward. In the case of the ENO Token, it also gives our partners the opportunity to grow projects by staking their own cryptocurrencies with rewards.
The staking pool serves to continue strengthening the business ecosystem through the token. A wine charity is chosen by the partners, to be awarded 2% of the fees collected from the ENO Pool.
Eno is the best investment
The Eno project expands through boundaries of the crypto world that are familiar to us. The team has developed an amazing project and is already making a revolution.
Old meets new. The ancient wine industry is finally entering the digital world. You have the opportunity to support the industry and get bonuses from the project. We are sure that other wine companies will enter the crypto world, but we will always remember ENO as first. And now you can join the token staking on the platform and start earning.