Basic Information

What Is staking ?

Sharing is caring!

Staking is process in which we stake our tokens on a staking pools to get more tokens as per their staking reward rate , every Coin & Token have different staking rate called APY which is defined by the Voting and By the Creator of that Token or Coin.
in other words we can say the staking provide you a option of saving account in which we can put our tokens/Coins and locked them in blockchain for a good interest rate APY in the form of extra tokens .

OR

Cryptocurrency staking has been an increasingly popular topic in recent months as Ethereum announced its consensus algorithm switch from the proof-of-work to the proof-of-stake (PoS) mechanism through the implementation of the Ethereum version 2.0.

Staking is an activity where cryptocurrency user locks their funds to participate in the process of transaction validation. It is similar to cryptocurrency mining in the sense of staking (users that stake their funds) to help maintain blockchain security while validating transactions.

Users that choose to stake their coins to receive rewards in proportion to their stake in the network. Blockchains that utilize the proof-of-stake consensus algorithm remain as safe as the ones using the proof-of-work algorithm, all while drastically reducing their energy consumption and carbon footprint.

Sharing is caring!

CryptoBirb
Cryptobirb Website developer and Admin , We are the team of Crypto Experts , Article writers and Crypto Lovers , always fascinated to find latest technologies related to crypto , Space technology lover , we have 6 professionals in different fields Such as , solidity Developers , Database Engineers , Content writers , Robotic Engineers .
https://cryptobirb.org

Leave a Reply

Your email address will not be published. Required fields are marked *