Connect your Ledger wallet to Ledger Live and unlock the device with your PIN.But while they are among the most secure wallets for staking ATOM, they can also be one of the most time-consuming - particularly if you are unfamiliar with using hardware wallets. The Ledger Nano S and X hardware wallets are by far the most popular options due to the wide variety of features they offer and their accessible price points. While early hardware wallets were relatively basic cold storage devices, most popular hardware wallets now operate alongside a dedicated application, which can be used for executing transactions, engaging with DeFi, and in many cases, staking. Hardware wallets are popular among those with sizeable portfolios due to the security they provide to users. Here, we take a look at the six most popular platforms for staking ATOM. Most non-custodial platforms allow users to choose which validator they delegate to, whereas centralized exchanges usually offer their own validator. That said, since Cosmos uses hard slashing to deter fraud among validators, users could see their funds slashed if their chosen validator is found to be operating maliciously.īecause of this, it’s important to make sure you only delegate your ATOM to well-reputed and trustworthy validators to minimize your risk. Since ATOM delegation is a completely non-custodial process, it is largely considered safe (from a security standpoint) - validators cannot spend delegated funds.
That said, some centralized staking platforms do offer liquid staking, which can allow users to bypass this limit (usually in return for lower rewards).
This means the tokens cannot be moved, spent or used in any way during this period. It also allows users to delegate their stake to one of these nodes to earn a share of the token emission.īy default, there is a 21-day lockup period applied to any staked ATOM tokens. Even on blockchains with expressive smart contract support (e.g., Ethereum), our approach reduces the on-chain cost both in terms of transaction size and gas cost.Offering around 10.3% nominal yields per year on average, the Cosmos token ( ATOM) provides some of the highest staking rewards for any proof-of-stake (POS) cryptocurrency.Īs a proof-of-stake blockchain, Cosmos allows validator nodes to participate in network consensus. To demonstrate the practicality of our approach, we have evaluated a prototypical implementation of our protocol for Schnorr/ECDSA signatures and observed that an atomic swap requires below one second on commodity machines. We also show that our protocol naturally generalizes to any cycle of users, i.e., atomic swaps with more than two participants. As a byproduct of our approach, atomic swaps transactions no longer include custom scripts and are identical to standard one-to-one transactions. For the special case when the blockchains use ECDSA or Schnorr signatures, we design a practically efficient protocol based on adaptor signatures and time-lock puzzles. We do not require any custom scripting language supported by the corresponding blockchains, besides the bare minimum ability to verify signatures on transactions. Yet, somewhat surprisingly, no atomic swap protocol exists that simultaneously satisfies the following simple but desired properties: (i) non-custodial, departing from a third party trusted holding the coins from users during the exchange (ii) universal, that is, compatible with all (current and future) cryptocurrencies (iii) multi-asset, supporting the exchange of multiple coins in a single atomic swap.įrom a theoretical standpoint, in this work we show a generic protocol to securely swap $n$ coins from any (possible multiple) currencies for $\tilde$. The security issues observed with centralized, custodial cryptocurrency exchanges have motivated the design of atomic swaps, a protocol for coin exchanges between any two users. Trading goods lies at the backbone of the modern economy and the recent advent of cryptocurrencies has opened the door for trading decentralized (digital) assets: A large fraction of the value of cryptocurrencies comes from the inter-currency exchange and trading, which has been arguably the most successful application of decentralized money.
#ATOM COIN SOFTWARE#
Pedro Moreno-Sánchez, IMDEA Software Abstract
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