MinerGate mining pool has become the first in the world to secure an off-chain partnership with a crypto wallet. Through this collaboration the pool is essentially outsourcing their withdrawal and storage infrastructure, a step which allows them to focus entirely on their core business – mining – and improve MinerGate’s position within the global top 10 multi-cryptocurrency mining pools.
In adopting off-chain microtransaction technology, MinerGate is joining a few giant players of the crypto world, such as Coinbase and Liquidity Network. Off-chain microtransactions mean that smaller transactions (usually under 25 USD) will be conducted off the blockchain. Because this alleviates stress on the blockchain, it is being embraced as a solution to permissionless networks’ worst problems: high transaction fees, network congestion, and scalability issues.
Ultimately, this means the partnership will be entirely beneficial for MinerGate’s users in terms of expenses and security. The crypto wallet company chosen for the partnership is Freewallet; a mobile-first, easy-use family of wallets, each specifically tailored for one of 25 cryptocurrencies. Freewallet will introduce a more advanced withdrawal and storage service, as well as safe, free, and instant transactions from the pool to the wallet, and between Freewallet users. This makes the service similar to what a bank does with your salary – you don’t keep your earnings at your workplace, but rather in a separate place that specializes in storing large amounts of money with the necessary infrastructure and security.
“We believe any service is better when conducted by experts”, says the team, adding, “MinerGate specializes in mining, so we feel we are doing right by our customers in relaying the external tasks of storage and withdrawal over to a company that specializes in the field. Freewallet is a reliable service with high potential for sustainable development. Our partnership ensures that our users get the quality and efficiency they deserve.”
With this new partnership, MinerGate’s 3,498,960 users will continue enjoying the same high quality merged-mining service, with 99.97% uptime, withdrawal amounts starting from 0.01 coin, and convenient smart mining feature.