Chorus One, the leading staking services provider that develops cross-chain communication technologies for PoS (Proof-Of-Stake) blockchain networks, will now be offering staking services to SKALE.
SKALE is an elastic blockchain network that provides a cost-efficient way to transition Ethereum based dApps to their chain without the need to hire a validator set or paying any fees on the Ethereum platform.
However, the Chorus One team will have the same effect as a Validator’s, which helps develop more confidence in the users who are thinking of staking their SKL tokens. Chorus One already has two inbuilt sets of validators set in different geographical locations to provide continuous validation services, and therefore it does not need to hire a separate validator. The validators are also protected by robust audit security setups that protect them from any kind of physical or cyber-attacks.
On August 17, 2020, SKALE announced the token sale for its mainnet launch on the ConsenSys Activate Platform. Its unconventional sidechain approach that follows the Cosmos ecosystem has enthused the Chorus One team to offer its staking services to SKALE.
This sovereignty will benefit many other decentralized applications to follow the same path.
As a result of this integration, SKALE token owners (SKL) can earn rewards by staking tokens to the Chorus One Platform starting from September 1, 2020. Chorus One has been providing staking services to other decentralized networks like Terra, Chainlink, Celo, Kava, Centrifuge, and Band. It has been operating nodes for PoS from as early as 2018 and has already secured more than $50 million in staked assets, and therefore staking services to such a platform are reliable.
Apart from operating nodes on SKALE, Chorus One will also be launching SKALE on its staking platform, Anthem. Anthem is a web application that can track the users’ portfolio of the PoS (Proof-Of-Stake) assets. Before Anthem, there was no public tool available that would allow the users to see their historical staking rewards.
This collaboration will allow the SKALE users to stake as well as track their transaction history on the Chorus one platform. The users can now track and manage how their staking assets are utilized across different blockchain networks. The support from the Anthem platform will enable the SKALE token holders to decide with whom to delegate their tokens. With collaboration with Chorus One, SKALE users can now also securely increase their crypto holdings.