Vulcano PoS Coin - The Strongest Force in the Universe is Compound Interest
Did someone say Proof-of-Stake?
The idea behind Proof of Stake (PoS) was introduced in 2012 by Sunny King and Scott Nadal with the intention of solving the high energy consumption by Bitcoin and other Proof of Work coins. It’s estimated that the cost to maintain the Bitcoin network is around $6.7 million (56.2 million KWh) per day.
I am a firm believer in Bitcoin and Blockchain technology. However, I am slowly but surely leaning towards PoS as my preferred method to validate transactions on the Blockchain.
This article will cover some of the basics regarding PoS but will focus on how I earn an income from staking on SimplePoSPool and why Vulcano coin is my number one choice at the moment.
Proof of Stake (PoS) in a Nutshell
The process called Proof of Stake can be defined as a method used to achieve distributed consensus by holding your PoS-compatible coins in a staking wallet. You can host your own wallet or you can make use of a staking pool.
Unlike Proof of Work (PoW) mining, a person doesn't have as much expenses when staking so the profits are also greater. You do however have to own some PoS-compatible coins in order to start staking. I prefer pool staking because I’m able to earn more staking rewards due to the pools enormous network weight. The more PoS coins you have in your staking wallet the greater your network weight thus allowing you to earn more stakes per day.
Please take some time to understand some of the advantages and disadvantages associated with staking pools and remember to never invest money you can’t afford to lose. Read here!
Interested in staking but not sure what it is? Read an in-depth review on proof-of-stake and how pool staking can be more profitable: Everything you need to know about earning a passive income through proof-of-staking
Staking Rewards since June
I first started staking in June 2018 when I stumbled upon a staking pool called SimplePosPool. I was drawn to pool staking mainly because I didn’t have the hardware or the time to setup staking wallets which can be a daunting task if you don’t know what you’re doing.
The table below shows all my PoS coins currently staking through SimpleposPool and how many stakes each coin earned since I joined the pool. The table also shows the coin rewards earned from staking through the pool. Table ordered in terms of total BTC earned.
Coin | Stakes Earned | Coins Earned | BTC Earned |
---|---|---|---|
VULCANO | 654 stakes | 1457.2835023005 | 0.00007286 |
LINDA | 1010 stakes | 103.1598410984 | 0.00003817 |
MMO | 1311 stakes | 7.09081074 | 0.00000730 |
RAIN | 267 stakes | 1.5452018778 | 0.00000105 |
XP | 1423 stakes | 8.38111110 | 0.00000008 |
DUTCH | 4843 stakes | 1.3638036809 | 0.00000007 |
XGOX | 248 stakes | 0.3078189205 | 0.00000003 |
NMD | 5639 stakes | 0.0960169564 | 0.00000001 |
XAP(m) | 102 stakes | 0.0011361710 | 0.00000001 |
CROP(m) | 2450 stakes | 0.0057094480 | 0.00000000 |
BITB | 81 stakes | 0.0018099417 | 0.00000000 |
PURE(m) | 38 stakes | 0.0002238804 | 0.00000000 |
KB3 | 15 stakes | 0.0001701568 | 0.00000000 |
TRATIS | 7 stakes | 0.0000000071 | 0.00000000 |
Based on the data above it is clear that Vulcano has been performing better than all other PoS coins in my staking account. With an annual return of 950% it is no wonder this coin is performing so well. What makes the Vulcano coin even more interesting is the fact that the price has been trading between 3-8 satoshi for the past month. I intend on purchasing more Vulcano coins in order to increase my daily earnings.
If we break down the 950% staking rewards per annum then that will equate to 2.67% staking rewards per day in the form of newly minted Vulcano coins. This means that if I invest 1,000,000 coins into my pool staking account then I will essentially earn 26,700 Vulcano coins, compounded daily. This equates to 0.001335 BTC at the current price of 5 satoshi per coin. My daily staking rewards will also increase due to the effect of compounding interest.
Compounding interest simply means whatever interest earned from your stake will be entered into the staking pool thus allowing your interest to earn interest consistently. Wouldn't you agree when I say this is a great way to grow your investment?
Day | Coin Balance | Interest | Coin Rewards |
---|---|---|---|
1 | 1,000,000 | 2.67 | 26700 |
2 | 1,026,700 | 2.67 | 27412 |
3 | 1,054,112 | 2.67 | 28144 |
4 | 1,082,257 | 2.67 | 28896 |
5 | 1,111,153 | 2.67 | 29667 |
The table above shows the effect that compounding interest can have on an investment. Take the above example for instance. If I hold 1,000,000 Vulcano coins in my staking wallet with a daily interest of 2.67% then after 5 days I would have earned 111,153 Vulcano coins. That would equate to 0.005557 BTC over a course of 5 days.
The only concern I have at the moment would be the low volume. This is essentially the driving force behind ever cryptocurrency. If a coin doesn’t have volume then users won’t be able to sell their coins. However, I do believe this is possible with the new management and the expected release of a new whitepaper in the coming weeks. Vulcano should become a force to be recon with in the coming months.
Vulcano Coin Overview
Token Symbol: VULC
Maximum Supply: 12,000,000,000
Coin Standard: Scrypt POS/POW
Cryptocurrency Type: Coin
Website: https://www.vulcano.io
Wallet: https://github.com/vulcanodev/Vulcano/releases/tag/1.2.1.1
Bitcoin Garden: https://bitcoingarden.org/forum/index.php?topic=18163.0
Bitcoin Talk: https://bitcointalk.org/index.php?topic=2202326.0
CoinMarketCap: https://coinmarketcap.com/currencies/vulcano
Market: https://www.coinexchange.io/market/VULCANO/BTC
Whitepaper: Still in development phase
Connect on Social Media
Discord: https://discordapp.com/invite/YTHKAS3
Telegram: https://t.me/vulcanocoin
Twitter: https://twitter.com/vulcanocoin
Hopefully this article will get more people excited about Vulcano and its future. I intend on publishing follow-up articles to show the progress of my staking account. Don’t forget to participate in my giveaway for some free PoS coins!
Free Vulcano Coin Giveaway
The first 2,000 users who registers on SimplePosPool with my referral link will each receive 500 FREE Vulcano coins. You will only receive your 500 coins once you have a balance of $5 worth of Vulcano coins in your account. Comment your SimplePosPool username and a screenshot of your account balance in order to qualify for this giveaway. Referral link: https://simplepospool.com/?ref=bitcoinkings
Please follow @Bitcoinkings on Steemit for updates and don't forget to donate some crypto:
- VULCANO - VZqGbTMA9t1GPD3GE45QJuZjFjG52FNBmx
- RAIN - RNJdLE9kJMR6WVX93Jk6Z7GTKksKqV1Cxi
- CROP - cG1sdSrL36jPbLhQqcYT8G5mrjKnWhQNFK
- XAP - AeJD7FzvTWF9Gs9JPYmRfDg82oGWcuwmLi
- DUTCH - DAxngxXUBr812757gjLYatSsB4UauAdj8n
Just in case you haven't read my previous post on Steemit: Use FREE income from Mannabase to fund your Cloud Mining account
Coins mentioned in post: