Founders That Stake (Part I): Valid Blocks’ Eddie Nuta & The Early Days of Staking
Welcome to Founders That Stake, a series of stories that talk about the origins of staking in the world of crypto. The first article is with Eddie Nuta, CEO of Valid Blocks, a staking company that validates for Elrond, Solana, and Cudos. Since 2018, the Valid Blocks team has been working on PoS infrastructure. For optimal security, the non-custodial delegation services use dedicated facilities and SecOps procedures. Customer service is available in Spanish, Catalan, English, and Romanian.
Staking inherently means community. It is impossible to have a secure and scalable crypto staking ecosystem without multiple players coexisting together within the same circle. Afterall, cryptocurrency is built on game theory, and the very basis of game theory is strategic interaction between rational decision makers. Crypto is filled with communities of rational decision makers.
The series Founders That Stake is dedicated to the stories of the early days of some of the companies that have created the industry. Feel free to leave a response and tell us what questions you want to see asked!
Some questions in this first edition of Founders That Stake include:
✅ What made you first become interested in staking enough to start a company around it?
✅ What has been the hardest part of running a staking-as-a-service brand?
✅ What are some of the issues with the modern staking industry? Where will it be in 5 years?
✅ Describe what it has been like to work with Elrond throughout the last year? What has the Elrond community been like to work with?
✅ What have been some of the all-time biggest moments in your Elrond crypto staking history?
Starting Out With a Software Background
Eddie Nuta started the Valid Blocks journey with a pre-existing background in software. It didn’t take Eddie long to realize that his background in software would be instrumental in understanding blockchain validation.
“Our validator journey started back in 2018, with the Game of Stakes (GoS) competition that tested the security of Cosmos’ Byzantine-Fault-Tolerance (BFT) based Proof-of-Stake (PoS) consensus algorithm. Over the course of more than 2 months, we have learned that our previous experience in software and hardware is a precious ally in the blockchain validation world,” Eddie said.
Starting the Staking Journey with New Networks
When asked about the challenges of starting out, Eddie pointed to starting with new communities. You have to take a chance on a project in the beginning and grow with them from there.
“As a new staking provider, you need to start with new networks, be there from the beginning, and grow with the projects,” Eddie said.
“We experienced this with Cosmos, Kava, Elrond and Solana. I would not say it’s the hardest part, but it’s the most time-consuming part. Picking the right projects and growing with them, I’d say that’s the key point,” he said.
Improvements Delivered to Staking
There were several upgrades that Eddie felt particularly strong about that have made the staking ecosystem. One of the most significant events that happened was multiple wallets being created that users didn’t have to be technically advanced in order to use. The other improvement Eddie commented on was the validator’s ability to create new ways of staking.
“UX has improved a lot in the past five years. There are multiple wallets that allow you to stake without the need of a science degree. Elrond with Maiar, is the champion in this space, although there are other projects that are working to offer a similar experience. I believe Proof of Stake networks are the future, and for sure, the validators will bring new ways of staking, for instance by offering synthetic assets that emulate stake in one or more networks. The only limit is one’s imagination,” Eddie said.
Working with the Elrond Community
As mentioned earlier, Eddie illustrated the importance of latching on to the right community early in its development process. This is one of the single most important factors in making or breaking a validator. Eddie knows this first hand though. He worked with Elrond from some of the company’s earliest days. Obviously with the phenomenal growth Elrond has had, Eddie being part of the Elrond community proved to be a good idea.
“We’ve actually been with Elrond for the past 2 years. The road to mainnet in July 2020 was truly exciting! All the battle of nodes events, the absolute CRAZY development pace was really inspiring!” Eddie said.
“The last year was really special, since the successful Elrond Mainnet Launch marked the beginning of Valid Blocks, as a staking provider. After starting small with just 5 nodes, we rebranded in March 2021, right before Phase 3 launch. The community has been extraordinary! We started our telegram channel less than 3 months ago, and now have 850+ members,” he said.
“One of our core beliefs is that education is crucial, so we use every opportunity to help people understand more about blockchain, help them grow to a level where they can also teach others!” Eddie said.
Launching Elrond Phase 3
Valid Blocks has had some special moments as a company despite it being still in very early stages. One of the company’s most impressive performances came on the heels of the launch of Elrond Phase. Measured by number of delegators, Valid Blocks was the 3rd most selected Staking provider.
“The network genesis was really special, but the most intensive one was probably the launch of Phase 3, when during the initial 2 hours, Valid Blocks was the 3rd most selected Staking Provider, by number of delegators! Our community is awesome and they demonstrated this, by showing up on March 26th,” Eddie said.
Importance of sPoS for the Progress of Blockchain
A combination of several key parts of sPoS framework make Eddie feel confident in the platform’s ability to be the future of blockchain. One of the single most important components is the adaptive state sharding technique combined with the Secure Proof of Stake. Yet, this process is still very young in its development so there is more research and development that will be conducted to perfect techniques and processes.
“We believe Proof of Stake networks are both the present and the future of blockchain! Elrond’s innovative approach with Adaptive State Sharding combined with the Secure Proof of Stake consensus, with close to 1 year of the Mainnet running without any issues, proves that this is the right path! We are still in the very early stages, and there is a lot of progress to be made, but the path has been chosen, and the future is bright!” Eddie said.
How do you Differentiate as a Staking Company?
Transparency as well as welcoming investors of all types have been part of the Valid Blocks secret to success. The company creates educational opportunities so that their community can further understand the industry as a whole beyond just the blockchains they cater to.
“Our goal at Valid Blocks is to help big and SMALL investors make the most of their crypto assets, by running non-custodial validation services. Transparency is really important for us, as is helping others understand the importance of getting educated on blockchain. This is done by leaving no question unanswered in our Telegram channel, and by initiatives like #elrondTalks on our Youtube channel.”
About Valid Blocks
Valid Blocks helps you, the investor, increase your cryptocurrency assets by participating in staking. “Non-Custodial” means you are always in control of your funds, so you can rest assured, your delegation is safe!
To read more about Valid Blocks visit their website right here.
About Helios Staking
Helios Staking is a Staking-as-a-Service provider strictly dedicated to the growth of Proof of Stake (PoS) blockchain networks. The firm is in direct collaboration with the Elrond Network as one of their chosen and trusted Genesis Launch partners. Services offered include eGLD tokens delegation & guaranteed annualized returns through innovating staking products.
Visit our website here: http://heliosstaking.com.