Bitcoin recently took another hit, and dropped below $37,000. However, it's not all bad news in the world of cryptocurrencies. In fact, some are standing out thanks to their utility and investment potential. One such example is POWER.
What is Power Node, though? Well, according to the team behind it, it's a part of a larger platform where users can participate with little to no effort or time investment.
Enthusiasts that trade crypto might want to continue reading to learn more about how POWER works, and the benefits it brings to the table.
Power Node Crypto
POWER is a yield processing node platform for multiple blockchains. It's built and developed on the Fantom Network, and it seeks to create a DeFi as a service. However, it wants to ensure that it works as a platform that does all the work and heavy lifting for its users, instead of the other way around.
Benefits of Power Node
POWER is an ambitious project that seeks to provide a myriad of benefits to its users. The first benefits that stand out the most involve facilitation, time-saving, and reduced fees.
The project makes it easy for newcomers by coordinating protocols across numerous chains. It's also in charge of all bonding, staking, bridging, and swapping, freeing up time for users to engage in other activities. Reduced fees come in the form of pooled resources with charges that are distributed across all user contributions.
The Power Node project states that it is community driven and has a strong focus of openness and transparency. Where other cryptocurrency and DeFi projects tend to provide exclusive benefits to members, this project does not.
Instead, it seeks to provide more perks and benefits over time as its community grows.
Creating a Node
The premise, at least for a majority of users, is to create a node that will generate a passive currency. There are four types of nodes that have different returns on investment. These are the nuclear, hydro, solar, and wind nodes.
The returns, in respective order, are 0.7 tokens per day over 107 days, 0.1 tokens per day over 130 days, 0.025 tokens over 230 days, and 0.003 tokens per day over 367 days.
Energy is considered the governance token for the POWER project. Governance proposals come in the form of invested energy tokens. These have a specific impact on the direction the project can take in various aspects.
The use cases include staking and borrowing, in similar fashion to XRP, and participating in a community driven lottery. However, the governance tokens are also used for making decisions on fees, interface changes, reward distribution, and investment decisions.
Keeping an Eye On POWER
The Power Node crypto has a lot of potential to reduce the effort and time investment required by participants to gain a passive token income. Creating a node also offers investors a passive governance token for making decisions on the very project that the nodes exist. While these ideas have played out in the past, it's interesting to see how this project seeks to load the hard work onto the platform.
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