iMining Technologies Launches Staking on the Avalanche Blockchain

By November 25, 2021Layer2
Click here to view original web page at finance.yahoo.com

CanETH Staking Services Inc. a wholly owned subsidiary of iMining Technologies Inc., enables Avalanche ("Avax") token staking. The staking operation will secure the Avalanche Blockchain while generating additional cryptocurrency.

Vancouver, British Columbia--(Newsfile Corp. - November 25, 2021) - iMining Technologies Inc. (TSXV: IMIN) (the "Company" or "iMining") announced today that its wholly-owned subsidiary, CanETH Staking Services Inc. ("CanETH") has launched staking solutions for the native token of the Avalanche blockchain, AVAX.

Recently, Avalanche has outshined its peers, including Ethereum and Bitcoin, as it has been able to further develop its entire ecosystem. Similar to Ethereum, Avalanche also has smart contract capability; however, Avalanche is able to process transactions faster with lower fees. "Avalanche keeps its transaction fees at a low static level by maintaining a balance between inflationary and deflationary functions. It is deflationary because the transaction fees are taken out of the circulating supply (burned) and it is inflationary because the validators are rewarded in Avax for securing the network," said Dwain Pereira, VP Staking Solutions.

Avalanche blockchain received further support when Ava Labs, a team developing on the Avalanche blockchain, highlighted that it has formed a partnership with Deloitte Consulting to improve security and accuracy of Federal Emergency Management Agency (FEMA) funding. Deloitte will implement Avalanche blockchain to build efficient disaster-relief platforms.

Avalanche is the fastest smart contract platform in the blockchain industry, as measured by time-to-finality. Ethereum developers can quickly and easily build on Avalanche to create powerful, reliable, and secure applications. iMining's initiative with Avalanche includes the development of Avalanche staking platform capabilities for institutional customers. Avalanche is the 11th largest blockchain with a market cap of US$26.5 billion.

All Today's Crypto News In One Place