What Is Staking?

What Is Staking?

By chris04 | Crypto faucet | 11 Feb 2021


What is staking?

Staking is the act of blocking cryptocurrencies to receive rewards and simultaneously contribute to the security of the blockchain.

In most cases it is possible to staking your cryptocurrencies directly from your crypto wallet, personally I use Atomic Wallet or Trust Wallet in addition to the staking services of the famous Binance exchange which allows you to access the staking of many coins in an absolutely simple way, all you need is to keep the coins in the purse.

But to better understand what staking is, you first need to understand how Proof of Stake (PoS) works.

What is Proof of Stake (PoS)?

PoS is a consensus mechanism that allows blockchains to operate more energy-efficient while maintaining a decent degree of decentralization. In the Proof of Stake, the holders lock their coins for certain periods of time in the protocol which assigns them rewards in variable percentage form on the locked coins.

How much do you earn from staking?

On stakingrewards.com you can also find a list of all the main providers of this service.

 

Tank you if you want use my Binance ref link  https://www.binance.com/en/register?ref=QZHRIPXJ

 

Disclaimer: This article reflects its author’s opinion only and is not financial advice. We take no responsibility for the results of any trader’s decision or action.  

 

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chris04
chris04

Enthusiastic about crypto assets since 2017 and youtuber


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