Sometimes being first isn’t a good thing, like being the first person to invest in BitConnect. But usually being first is a good thing, like being the first cryptocurrency wallet to support Loom Network’s Staking dapp.
If you’ve ever tried staking your coins before, you know it can be a convoluted and complicated process. If you’re trying to stake your coins through a web browser using Metmask or other extensions you might even be concerned about security issues and hacks that have resulted in over $1 billion in cryptocurrency being stolen.
We are relentlessly focused on making it easy to keep your assets secure, and we think that a native staking dapp in our wallet is one of the best ways to make crypto convenient without compromising on safety. Learn how you can stake your LOOM in the Cobo Wallet app with our tutorial. (Note: You will need to have your HD wallet set up - please remember to back up your private keys and to never share them!)
Cobo became the newest validator on the Loom PlasmaChain as we brought our support for the Loom Network online on April 2. We added support to Cobo Wallet for Loom Token a few weeks ago, but bringing a Loom Network validator online means we can soon offer native staking in the app. If you’re a LOOM holder that means you can grow your cryptocurrency just by using the Cobo Wallet app to manage your assets.
If you haven’t heard of Loom Network, now is a good time to learn about the project. This ultra-talented team has stayed laser-focused on building great products that promise to resolve scalability issues while lowering the barrier to entry for dapp developers.
The Loom Network is built on top of Ethereum and enables developers to build large-scale dapps. The Loom Network has been live in production since March 2018, and they are building some beautiful dapps. CryptoZombies, for example, is a dapp that teaches people how to code dapps. This is a project that is hard at work building products for a blockchain-powered future, and we’re excited to see where they go.
At Cobo, we’ve also been hard at work! In the first few months of 2019 we’ve brought staking for more projects to our Wallet users, added awesome new features, and optimized our app performance to improve user experience. If you’ve got suggestions on what we should be working on next, send us a message on Twitter!