Let’s Talk Staking: An Interview with CryptoStake Co-Founder Andrii Shynkaruk at the 2023 Staking Summit in Istanbul.

Let's kick off with a brief introduction of your product, what your company does, and what you bring to the 'staking table.' 

CryptoStake's flagship product is a mobile application/digital wallet featuring a cryptocurrency staking functionю The primary goal of our project is to simplify the staking process for users - with focus on crypto whales - making it both easier and more secure than other staking methods. Essentially, we aim to transform crypto staking into a 'one-click' operation that users can conveniently perform at any time.

Another thing that characterizes CryptoStake is that we don't need third parties to run our platform since we have developed and launched a proprietary wallet. For instance, in the case of ETH staking, we fully rely on our technical solution while also working on implementing the distributed validator technology (DVT). Thanks to that, we can ensure efficiency at the level of 99.5%-99.7%, which is a solid showing for the Ethereum network that we have been able to maintain for over two years. Our staking options also include Polkadot (DOT) and Cosmos (ATOM), but we plan to expand them in the near future. 

What blockchain are you considering right now for expansion? 

Cardano and Solana are our main objectives - our team is working on their integration right now, and if everything goes well, those PoS coins would be added to the CryptoStake Wallet by year’s end.  

Could you go back a little bit and explain - do you have your own validators or do you also allow people to explore other options? 

Indeed, we have our own validators in each of the featured networks. For Ethereum (ETH) staking, we provide direct access to the validator and assign a unique validator ID, whereas in Polkadot, stakers take up the role of nominators for our validators. As a result,users get the rewards from our validator while CryptoStake charges a really small fee.

When comparing your product to the competition, where do you stand out the most in terms of quality? 

As I already mentioned, our main idea is to streamline the staking experience for users - make it as simple as it gets. If we compare staking on Polkadot to that on the Cosmos network - they differ significantly in terms of the staking mechanism. But the CryptoStake Wallet is designed as a one-stop-shop where you would find Ethereum and Polkadot staking, all done through the same simple procedure. Honestly, I don't know any other app that offers the same functionality. 

CryptoStake has an advantage over liquid staking platforms because it is a gateway to Ethereum (ETH) staking with a real validator, which is why we have a minimum staking threshold of 32 ETH. As already mentioned, a staker gets a personal validator on our hosting platform with full control over it at all times as well as a full control over the stake itself, private keys, etc. We don't offer anything like Wrapped Ethereum (WETH), or any other non-utility tokens for that matter. Users get rewards through CryptoStake only in utility tokens that are native to the corresponding blockchain, thus possessing intrinsic value.

Let's go a bit further into staking with so many innovations that have been coming into staking, such as DVT. What do you think are the best innovations that have come out, and where do you see yourself in terms of integrating these innovations and working with what's coming up to bring more utility? 

I am a tech guy with tons of experience in that field, so trust me when I say that the distributed validator technology (DVT) is the way to go, especially for the Ethereum blockchain network. Nevertheless, decentralization poses an ongoing challenge for Ethereum, and issues related to data centers persist. In response, Distributed Virtual Technology (DVT) has gained prominence as an effective solution. Notably, more than half of the companies at the event dedicated workshops to discussing the enhanced security provided by DVT.

Despite these challenges, I foresee traditional finance companies migrating to the crypto sphere in the near future due to a growing demand for heightened security among their clientele. Staking emerges as an excellent solution in this context, offering not only a streamlined income source but also meaningful participation in blockchain security. That is one of the reasons why we exclusively leverage utility tokens on our platform. Through this approach, our users not get rewards in top cryptocurrencies, but actively contribute to fortifying blockchain security as well.

It's really nice to hear about your product and how you are trying to implement these new technologies while making it simple for the user. It's a high barrier right now to enter crypto, it's hard to set up stuff, so if you can get an easy way to set up a validator and just run it through your own wallet without having to go to outside sources - it's amazing. We are now on the closing day of the Summit, so please share your thoughts on this event. Have you enjoyed it and did you take away from it? 

To tell you the truth, this year's Staking Summit exceeded my expectations—great venue, amazing people, and a lot of great networking opportunities. The members of my team and I made around 50 new contacts-some of them may lead to exciting partnerships and collaborations that would be vastly beneficial for CryptoStake, both technology and marketing wise. As a tech enthusiast, I've always appreciated past Summits, but this one stood out with its significant focus on innovations in technology, DVT in particular. It was a truly special event, and I extend my gratitude to the organizers for making it happen. For the upcoming Summit, expect CryptoStake's new and improved tech features, including fresh additions to our staking options with new PoS coins. We're eager to unveil these advancements, contributing to the tech dialogue at the event.

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18 december 2023