Betting is a more efficient and environmentally friendly alternative to digging . It is based on the progressive consensus mechanism Proof-of-Stake (PoS) and is very suitable for passive crypto profits. Let's discuss which PoS cryptocurrency is best to choose in 2024 to maximize profits with minimal risks.
Bet, win, proof of bet: what is the relationship?
Betting mechanics involve users earning passive income by storing their funds in crypto wallet or on a dedicated platform, thus ensuring the activity and security of the blockchain network.
Cryptocurrency is necessary for the blockchain to maintain stable operation. Its inflow can be provided by crypto asset holders and, of course, not on a gratis basis. Smart contracts lock a certain amount of coins, the choice of whose coins will be locked and subsequently compensated with prizes is random. The only thing that can influence is the total amount of crypto assets in the user's account. The more they have, the more likely they are to participate in the operation. The PoS algorithm in this case becomes the most convenient solution.
Which PoS crypto is considered the most popular in 2024?
There are currently several dozen PoS assets on the market with great potential. The current market cap leaders are as follows:
Ethereum ( ETH )
The second most popular blockchain platform in the world and one of the leading platforms for creating decentralized applications . The market capitalization of ETH coins currently exceeds $276.5 billion.
In 2022, a major network upgrade of Ethereum - The Merge , which includes a transition from PoW to PoS mechanisms. It changed the conditions for betting. In 2023, the Shapella upgrade was successfully activated, creating convenient conditions for withdrawing funds from the deposit contract.
To become a validator on the Ethereum platform, a user must:
- Have at least 32 ETH in their account for deposit into a smart contract;
- Ensure their hardware is connected to the network around the clock.
Ethereum Prospects:
- Over 29.1 million ETH are locked in the deposit agreement;
- 914,828 validators work in the blockchain;
- The staking royalties amount to 3.6% per annum;
- Prize payments are completely stable.
Solana ( SOL )
This open source blockchain platform outperforms its competitors due to its high performance. The network functionality is supported by users owning the native SOL token .
Solana runs on the DPoS consensus algorithm. This means that anyone can participate in the betting by delegating their tokens to a delegate. The statistics for Solana in early 2024 are more than promising:
- Approximately 385 million native SOL tokens are locked into the deposit contract;
- 1,782 validators are involved in the blockchain operation;
- Wagering rewards for consumers amount to 7,85% per year;
- Reward payments are estimated to be stable in 98% of the cases.
Cardano ( ADA )
The Cardano blockchain platform runs on the Haskell programming language. Among its main advantages are reduced load on programming memory, high computational speeds and code simplification.
The Cardano network is suitable for anyone to bet on, everyone in the network can participate in the betting and win from it. Cardano allows betting pools to be created and shares to be delegated for income and liability sharing. To get started, users must have 500 of their own ADA tokens in their account as well as funds to pay initial fees.
Cardano Prospects:
- There are currently over 3000 betting pools in operation;
- The staking remuneration is estimated at around 3% per annum;
- The award payout stability is 94.4%.
Polygon ( MATIC )
Polygon is a network for L2 solutions on the Ethereum platform. It was originally developed to solve network scalability problems. Users have access to delegated staking. There is no minimum threshold to enter the platform, which means anyone can participate.
In 2023, the number of Polygon users will approach the number of Ethereum users. By the beginning of 2024. Polygon has the following perspectives :
- Over 3.6 billion MATIC tokens are locked in the deposit agreement;
- 105 validators support blockchain operation;
- Users are rewarded with 4,95% per year for wagering;
- Prize payments are completely stable.
Open Network ( TON )
Open Network is a decentralized network with the internal cryptocurrency Toncoin. In the summer of 2022, the network completely switched to PoS algorithms. Compared to Solana and Polygon, not every user can participate in betting on The Open Network. To become a validator, one must have at least 300,000 TON of their own tokens in their account and high-performance equipment.
Perspectives on The Open Network at the time of writing:
- Over 437.5 million TONs are locked up in the deposit agreement;
- More than 300 validators are involved in the blockchain;
- The staking remuneration is estimated at 7% per annum.
Conclusion
The cryptocurrency market betting landscape for 2024 looks incredibly promising, offering multiple opportunities for investors to generate passive income. The transition to Proof-of-Stake (PoS) consensus mechanisms is revolutionizing the way blockchain networks operate, making staking an efficient and environmentally friendly alternative to traditional mining.
Among the top PoS cryptocurrencies to bet on in 2024, Ethereum, Solana, Cardano, Polygon and The Open Network stand out as leaders in terms of market cap, network performance and betting rewards. Each of these platforms offers unique features and benefits, serving a diverse set of investors and bettors.