Figment, one of the leading crypto staking platforms, recently announced that the company has secured $50 million in Series B funding to expand its services.

According to an official announcement, Senator Investment Group and Liberty City Ventures led the latest funding round of the crypto staking firm. Other participants include Mike Novogratz’s investment management firm Galaxy Digital, Anchorage Digital, Declaration Partners, Bonfire Ventures, 10T Holdings, and JPK Capital.

Figment also outlined the importance of the growing  Proof-of-Stake (PoS)  Proof-of-Stake (PoS) Proof-of-stake is a type of consensus algorithm in which a blockchain network aims to achieve distributed consensus. It is also process used to reach an agreement on a single data value. In PoS-based cryptos, the creator of the next block is chosen through various combinations and parameters. In essence, an individual person can mine or validate block transactions based on how many coins he or she holds. Adhering to this concept, the more Bitcoin or altcoin owned by a miner, the greater the mining power he or she has.On a blockchain network, consensus algorithms are used to confirm transactions. They ensure that each block (bundle of data) that is added to a blockchain (public ledger) is the singular version of the truth, which prevents fraudulent transactions and other kinds of tampering. Understanding PoS AlgorithmsPoS algorithms do not select the nodes that confirm transactions based on how powerful their equipment is. Instead, the nodes that confirm transactions (called forgers or minters) are selected randomly from a pool of nodes that continuously hold or stake a certain amount of cryptocurrency in a network. In other words, nodes are chosen to confirm transaction based on their wealth. Most PoS networks have a limited number of crypto-coins, all of which are already in circulation. Therefore, forgers do not receive rewards from an uncirculated supply. Instead, they receive payment in the form of transaction fees.By extension, Proof-of-Work (PoW) are another type of consensus algorithm entirely. These reflect a process that is used to reach an agreement on a single data value. PoW can help deter denial-of-service attacks and other forms of service abuse, most notably spam on a network by requiring some work from the service requester. Proof-of-stake is a type of consensus algorithm in which a blockchain network aims to achieve distributed consensus. It is also process used to reach an agreement on a single data value. In PoS-based cryptos, the creator of the next block is chosen through various combinations and parameters. In essence, an individual person can mine or validate block transactions based on how many coins he or she holds. Adhering to this concept, the more Bitcoin or altcoin owned by a miner, the greater the mining power he or she has.On a blockchain network, consensus algorithms are used to confirm transactions. They ensure that each block (bundle of data) that is added to a blockchain (public ledger) is the singular version of the truth, which prevents fraudulent transactions and other kinds of tampering. Understanding PoS AlgorithmsPoS algorithms do not select the nodes that confirm transactions based on how powerful their equipment is. Instead, the nodes that confirm transactions (called forgers or minters) are selected randomly from a pool of nodes that continuously hold or stake a certain amount of cryptocurrency in a network. In other words, nodes are chosen to confirm transaction based on their wealth. Most PoS networks have a limited number of crypto-coins, all of which are already in circulation. Therefore, forgers do not receive rewards from an uncirculated supply. Instead, they receive payment in the form of transaction fees.By extension, Proof-of-Work (PoW) are another type of consensus algorithm entirely. These reflect a process that is used to reach an agreement on a single data value. PoW can help deter denial-of-service attacks and other forms of service abuse, most notably spam on a network by requiring some work from the service requester. Read this Term) industry. The crypto platform mentioned that the launching of Ethereum 2.0 and other PoS layer 1 protocols like Polkadot, Solana, and Terra indicate that the PoS industry is becoming an integral part of the crypto ecosystem.

The crypto staking industry has seen phenomenal growth in the last few years. According to a recent report published by JPMorgan, staking could become a $40 billion industry by 2025.

Commenting on the latest Series B funding announcement, Lorien Gabel, CEO of Figment, said: “This funding round marks the start of a new chapter at Figment that aligns with the evolution of the industry. PoS has gone from proof of concept to mainstream and is being adopted by investors and developers at a massive scale. Our 100+ institutional clients and billions in AUM are just the beginning for us. Our belief is that the majority of value and data will be exchanged, settled, and stored on PoS blockchains.”

Growth

In addition to the funding round, Figment also highlighted a significant jump in the company’s growth during the last two years. The crypto staking company reached over $7B in digital assets staked to its infrastructure across the 40+ networks.

“We are thrilled to be supporting Lorien, Figment, and their team of  Blockchain  Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term experts. Staking is a massively important and mission-critical part of the blockchain ecosystem and Figment is at the forefront of this technology," Emil Woods, Partner at Liberty City Ventures, commented on the latest funding announcement.