What is a non-custodial staking service provider?

A non-custodial staking service provider is a company that offers staking services without holding custody of the user's cryptocurrency. This means that the user retains full control over their tokens, and the provider (company) only manages the staking process on their behalf.

In a non-custodial staking service, the user's tokens are stored in their own wallet, and the provider acts as a validator node on the blockchain. The provider's role is to help the user stake their tokens by locking them up for a certain period, and then validating transactions and creating new blocks on the blockchain, hence deliver staking rewards to the token holder.

Some key features of non-custodial staking service providers include

1. No central authority: Non-custodial staking providers do not hold custody of the user's tokens, which means there is no single point of failure or central authority controlling the tokens.

2. Security: Since the user's tokens are stored in their own wallet, the risk of loss or theft is significantly reduced as you are the only person with access to your wallet.

3. Transparency: Non-custodial staking providers typically provide transparent information about their staking process, fees, and rewards, allowing users to make informed decisions.

4. Flexibility: Non-custodial staking providers often offer a range of options for users, including different staking protocols, asset pairs, and reward structures.

5. User control: Users retain full control over their tokens at all times, which means they can withdraw their tokens at any time and transfer them to another provider if they choose to

When choosing a non-custodial staking service provider, it's essential to research the provider's reputation, fees, and security measures to ensure that your tokens are secure and your staking experience is smooth.

Myrmidon Staking is an example of a non-custodial staking service provider, as we never hold custody of your funds, making sure you are always the sole owner of your cryptocurrencies.