What are the best wallets for staking cryptocurrencies in 2021?

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Satoshi Nakamoto introduced proof of work (PoW), the world’s first and popular consensus mechanism for blockchain development. In this method, a network of computers solves a puzzle known as a cryptographic hash function for the generation of a new block. In this whole process, thousands of computer work to find out a solution which needed a massive electricity consumption as well. Proof of work also suffers from security issues like 51% attack.

Proof of Stake (PoS)

Proof of stake algorithm was designed to overcome the issues of Proof of work. Instead of the requirement of investment into mining hardware and electricity consumption, in this method participants make invest in the token itself. Proof of stake is highly energy-efficient as it eliminates the high-powered computing requirements from the consensus algorithm. Due to the efficiency and advantages to PoS over PoW, Ethereum announced “Ethereum 2.0”, the migration from PoW to PoS.

Staking complexity: How does it work?

In PoS, “Staking” is a mechanism that enables users to earn passive income just by storing them. There is a complex mechanism behind why and how it works, but to keep it simple, you can understand it like earning rewards for “storing cryptocurrency in your wallet.”

Here is the article explaining PoW.

Best Staking Wallet To Stake Cryptocurrency

The field of cryptocurrency is a war and everyone aims to win this battle. Tools such as cryptocurrency wallets are adding more and more functionality like builtin exchange, staking, etc. to attract more audiences to use it. We are listing secure, trusted, easy to use, and popular staking wallets supporting the “one-click” staking mechanism so that users can earn more while storing them.

Atomic Wallet

Atomic wallet is one of the most secured, decentralized, and anonymous multi-cryptocurrency wallets where users can store various coins and tokens. It enables users to buy cryptocurrency in USR, Euro, and local currency as well. Atomic wallet is currently available for desktop and mobile platforms like Windows, macOS, Ubuntu, Debian Fedora, Android, and iOS. Users can delegate their crypto assets to validators to earn staking rewards with no fee. Atomic wallet is equipped with builtin exchange to swap cryptocurrency.

Binance Exchange Wallet

Binance is the world’s largest cryptocurrency exchange that has launched many cryptocurrency products including, Binance Dex, Biance saving, Binance Launchpad, Binance Staking, and many more. Binance staking platforms enable users to stake a few popular cryptocurrencies and earn regular passive income. Since Binance is an exchange platform it allows users to trade cryptocurrency against the staking coin balance and the balance and rewards will be adjusted accordingly. Though it is a little risky to store massive funds in online exchange storage but users can make it secure using the activation of 2factor authentication by Google authenticator. 

Guarda Wallet

Guarda is an easy to use, secure, multicurrency wallet that supports more than 100 crypto assets. It is a non-custodial, multi-signature wallet available for web, desktop, chrome browser (extension), and mobile platform. Guarda wallet enables users to have complete control over their private keys while the multi-signature feature allows more than one users to sign transactions. Guarda wallet supports staking for PoS coins so that users can earn while holding them. IT is also equipped with features such as buy, and exchange cryptocurrency within the wallet.

AirGap Wallet

Airgap wallet is a secure multi-currency wallet that can be used as an alternative to hardware wallet. It allows users to use their smartphone to act as your hardware wallet. As of now, the AirGap wallet supports Bitcoin, Ethereum, Cosmos, Tezos, Aeternity, Groestlcoin, and ERC20 tokens. AirGap wallet is also equipped with an exchange so that users can exchange coins within the wallet. 

Airgap wallet also support baking and delegation service for Tezos (XTZ). It supports tezosAirGap baker as a validator or Tezos PoS algorithm. Users holding XTZ can delegate to tezosAirGap to earn the PoS validation rewards.

Ledger Hardware Wallet

Ledger Nano S/X is the most popular and secure hardware wallet. It enables users to store multiple coins and currently supports more than 10 coins for staking. Ledger app is available for desktop and mobile devices which allow users to earn passive income through staking. Beginners may find it little complex, as ledger live app is only compatible with Tezos staking while for other coins users need the support of third-party apps. 

Trust Wallet

Trust wallet is a popular, trusted, and safe crypto wallet. Backed by Binance, the wallet supports various cryptocurrencies and available for mobile platforms only. Trust wallet supports Staking of multiple coins including Tezos (XTX), Cosmos (ATOM), VeChain (VET), TRON (TRX), IoTeX (IOTX), and Algorand (ALGO), Callisto (CLO), and TomoChain (TOMO). Trust wallet also equipped with builtin exchange so that users can exchange cryptos within the wallet itself.

Huobi Wallet

Backed by the Huobi group, the Huobi wallet is a multi-crypto wallet that supports various coins and tokens. It has a simple and easy to use interface and the wallet has also partnered with Changelly so that users can exchange cryptocurrency within the wallet. Huobi Wallet is available for Android and iOs platforms only. IT support staking as well and available skating options are ATOM, ONT, IOST, TORN, Cardano (ADA) IRIS, IoTeX, and LOOM.

StakeBox

Using StakeBoxis the more efficient way to stake cryptos and earn reward. Stakebox is an efficient less energy-consuming device so that you can use it 24×7 while earning your PoS coins. They have partnered with QTUM, Pinkcoin, Whitecoin, Denarius, Reddcoin, CloakCoin, and Neblio so that users can get their customized branded kit for staking coins. Currently, there are more than 15+ Stakebox available for various altcoins. The disadvantage of Stakeox is that in case users aim to skate with multiple cryptocurrencies then they should have to get multiple devices customized for each coin.

Magnum Wallet

Magnum wallet is a decentralized, multicurrency wallet for mobile platforms. The wallet is equipped with instant exchange so that users are able to exchange their coins within the wallet. Magnum wallet offers time to time multiple airdrops to benefit their users. As of now, it supports more than 40 coins and 2000+ tokens. 

Magnum wallet also supports DPoS (delegated proof of stake) so that users can earn extra by storing their coins. As of now, it is supporting only Tezos (XTZ) for staking. 

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