AMA Recap on Staking Economy In Crypto Serial with Alina Yao, Head of OKEx Pool
Alina Yao, head of OKEx Pool was invited to conduct an Ask Me Anything (AMA) session in the IOST official telegram community on 13 May 2020, as part of the Serial AMA. Here is a summary of the AMA.
Part 1: Introduction of Alina and answer to some questions regarding staking in crypto and OKEx.
After a warm welcome from IOST, the AMA started with an introduction of Alina and the OKEx Pool.
Hello everyone, I am Alina, the head of OKExPool. People call me SisA😜 I feel so glad to join this AMA, nice to meet you guys😀
OKEx Pool is a leading comprehensive mining pool built upon the world’s famous cryptocurrency exchange OKEx, offering a one-stop mining and trading experience for users.
Currently, OKEx Pool supports the mining of a plethora of PoW, PoS, and PoS-variant cryptocurrencies.
Part 1, Question No1: What is staking?
Interesting question! The concept of staking is closely related to the Proof of Stake (PoS) mechanism, which used in many blockchains that are based on PoS or one of its many variants.
In the Proof of Stake protocol, the user takes part in the consensus mechanism, and the wallets that work as staking pools, share a part of their rewards, according to your stake with them.
Staking is the process where a cryptocurrency PoS (Proof of Stake) wallet stakes a sum of coins when broadcasting to the network that the transaction they are processing is true and not malicious. If the network agrees on the verdict, the verifying wallet will receive a reward in the form of coins on the associated blockchain network.
In other words, you will make more money if your staked coins are larger as a percentage of the total staked coins.
Part 1, Question No2: Why is staking important for OKEx
OKEx is the world’s leading digital asset trading platform, with a wealth of product lines such as spot trading, margin trading, futures, options, earn, cryptographic asset tools, colleges, and so on, providing one-stop services around digital assets for 20 million users around the world.
Staking is one of the easiest ways to get the yield arguably. And staking is also recognized as one of the safest ways to obtain passive earnings of digital currency.
The OKEx pool is an innovative pool that provides users with safe, stable, and transparent multi-currency and multi-type mining services. We encourage users to participate in staking and get a higher yield.
Part 1, Question No3: How to stake IOST in OKEx?
Users can use this link https://www.okex.com/pool/lock/process to access the IOST staking page of OKEx Pool.
We provide 4 staking period: flexible, 30 days, 60 days, 90 days, users can choose according to their own situation. The Est. Ann. Yield : flexible-3.35%, 30 days- 4.57%, 60 days-5.71%, 90 days-7.03%.
Users can stake IOST on OKEx official website or APP. In APP, for example:
Step 1: open Open the OKEx APP and go to “Pool”;
Step 2: go to “staking”, select “IOST”;
Step 3: Enter the amount you want to stake and select a staking period
A friendly reminder, users need to transfer their assets to their Mining/Staking Account before staking.
Part 1, Question No4: What is the difference between OKEx pool and OKEx staking?
OKEx Pool supports the mining of a plethora of PoW, PoS, and PoS-variant assets. We continuously enhance the overall safety and stability of our mining pool, while streamlining the process of miner management to offer a better user experience. We also provide personalized customer support to resolve your issues using our services at once.
We support the mining of a plethora of PoS and PoS-variant assets, including IOST, EOS, ATOM, ONT, XTZ, VSYS, CRO, DAI, and YOU.
We constantly excavate quality projects. On the basis of ensuring node security and efficient and stable operation of the blockchain network, OKEx Pool has endowed quality projects and deeply cultivated and prosperous community ecology.
We also offer PoW mining services of BTC, BCH, BSV, ETH, ETC, LEC, DASH, DCR, ZEC, XMR, CKB, BTM, BTG, RVN.
We provide safe, stable, efficient, and low-cost pool services for miners, with daily settlement to ensure that miners can flexibly deal with market price fluctuations and obtain stable income.
Moreover, OKEx Pool supports a maximum hedging period of 180days. Miners can estimate their future output based on the hash rate, sell the tokens at the present price in advance, and return the tokens at a later time.
All you have to do is deposit a certain amount of USDT as collateral and set your hedging amount, and the lowest hedging price, then you will be good to go.
Part 1, Question No5: What are the benefits of staking with OKEx
As mentioned before, we provide 4 staking periods for the user to meet different users’ needs. For the staking yield, OKEx Pool distributes the revenue to users daily.
We are continuing to launch a product promotion campaign to increase users’ yield. OKEx Pool launched the promotion campaign “Staking IOST Double Yield” in this Feb. We offered all IOST staking orders opened during the promotion period a double yield. The highest Est Ann yield reached 14.06%.
Last but most important, OKEx Pool is an innovative mining pool built upon the world’s leading digital asset exchange OKEx, which is the most trusted cryptocurrency exchange.
OKEx offers Secure wallet technology: Cold and hot wallet technology developed by the world’s top security team. Coin loss has never occurred; and a full range of products: Supports spot and derivatives trading, onchain wallets, mining pools. Your entry into the world of cryptocurrencies.
Part 1, Question No6: Will there be any special events for IOST users?
Of course. We take users’ choices very seriously. In the past, we continue to offer promotion events as mentioned before.
In this season, we will bring something new for IOST users. Our colleagues are working on it. Please stay tuned.
In addition, we will continue to contribute to the IOST community. We will continue to optimize our staking products to increase the participation of users and voting enthusiasm; we will continue to contribute to the IOST ecosystem by attracting more community members and increasing the world's influence by high quality online and offline activities and proactive promotion.
We will listen to the community and work with community members to contribute to the IOST ecosystem. If you have good suggestions, please contact us with no hesitation.
Welcome to follow my Twitter https://twitter.com/alinayao4ever
Part 2: Open Q&A session with Alina.
For the second part of the AMA session, we opened the chat for the users to ask questions directly to Alna, however, it was impossible for her to answer all the community users due to the huge amount of questions. In less than 5 minutes, we received more than 1000 questions or even more.
MsKiwi206: How will OKEX target and educate people who don’t know about blockchain and crypto? @AlinaYau
That’s a good question! We have been committed to user education! Users can log into our OKEx College to learn all about blockchain. I will share you the link
typhucrypto: What message do you want to send to the community through AMA today? Do I need KYC to stake on Okex Pool?
We want to express our friendship with the IOST community. It is our duty and obligation to listen to users’ opinions. At the same time, we also believe that listening to users’ opinions can help us become better.
Of course, you need KYC to stake on OKEx Pool. KYC is good for both of us.
KYC makes us safer. Users are also more willing to choose a safe exchange to trade. That makes you have funds guaranteed.
Chase the million dollars: What do you this of IOST brand logo and colors used. Does IOST need to refresh the brand? by in IOST Official International Group
I think the brand is cool. I love the big S and black background. Modern and very technological. What do other people of the community think? Their opinions are very important.
Adialadi: During Covid-19, how many #OKEx projects were affected, and what were the measures to overcome?
OKEx Pool supports the mining of a plethora of PoW, PoS, and PoS-variant cryptocurrencies. So we are more affected in the PoW project, or you can say Bitcoin mining.
Home quarantine restrictions significantly impacted the daily operations of many mining farms and mining machine manufacturers. Deliveries were delayed and mining rigs went unserviced.
But now, things are getting better and better. People can go out to eat at a restaurant and work in their companies.
I hope you guys keep safe in your country! Wash your hands and wear masks! Love you!
typhucrypto: Margin trading is a hot trend now, not only crypto but also forex, stock, commodity, etc. So will Okex have any plan to expand more trading pairs?
As the world’s leading exchange, this is, of course, our future strategy.
More trading pairs are also expected by users. But we are responsible for the users, so we will mainly focus on security. But there is no doubt that we will generally try our best to satisfy our users. So, if you have any needs and suggestions, please contact us.
Rong Joe: Could you please disclose the cooperation between IOST and OKEX in the future?
It will definitely go deeper and closer.
We will carry out in-depth cooperation in all aspects and will also hold various events. Please stay tuned! And please follow my twitter haha!
Oluwamayowa06: What regions of the world is OkEx pool focusing on right now? Do you have plans for global adoption, especially Africa?
We are now mainly focusing on China and Southeast Asia. Of course, we want to expand overseas markets!
Africa is an emerging market. We are very much looking forward to the African market!
Some feedback from the community
Ghen Cô Vy: Thank! Great AMA!
Albert: great AMA
Lee Bero: nice
管理员| | ŘⒺｙ𝓶α𝓻Ҝ | | 让DApps无处不在: thank you @AlinaYau 😊
Jerry: thank for ama
Lucky Cat: great
Lake By The Side: Thanks for AMA admin
Roger 🙌: Good AMA
管理员| | ŘⒺｙ𝓶α𝓻Ҝ | | 让DApps无处不在: Great AMA 😊
From here, we would like to express our gratitude to Alina for her time with us and her detailed explanations, and to the IOST telegram community for the amazing AMA and the questions sent to Alina. As not all the questions could be answered, we welcome everyone who wants to know more about IOST to join us on t.me/officialios and t.me/iost_announcements on telegram. Don’t get lost, get IOST!
