Topic: what do u mean by staking ??? (Read 249 times)
The bet is to record the number of rewards you can assign after completing the bounty mission! Coins are cryptocurrencies, just not the same name!
Staking of coins i.e. proof of stake is an algorithm in which distributed consensus is the aim to be achieved by a cryptocurrency blockchain network. Staking coins have many benefits. Besides, you can earn just by staking coins.
I'll keep this really simple. Staking is like having a savings account at a bank, you earn interest for keeping coins in your wallet.
Explained in further detail By keeping a crypto wallet open and connected to the internet on your computer with coins inside of it, you support that altcoins network through an algorithm (similar to mining except instead of hardware, a wallet is processing transactions) and are rewarded for supporting the network as well as processing transactions on that network.
Crypto wallets have icons usually on the bottom (when hovered over) which will indicate approximate time until you will earn a staking reward depending on how many altcoins you have in your wallet cooresponding with the current network difficulty for that altcoin.
With staking you can withdraw your "minted" or earned coins and convert them on an exchange to fiat anytime you want. That's why it's like a savings account but usually with a much higher 3-6% interest rate.
Rules of thumb:
1) always always always encrypt and backup your wallet somewhere external (like a cloud based storage) Pcloud work well
2) The more coins you have the more interest you earn for that reason you want a altcoin which represents a solid project with strong fundamentals, which may equal long term value (not financial advise)
3) Try to select a few solid projects, spreading your staking over multiple different coins will decrease your weight in each one and ultimately how often your receive staking rewards (depending on how much you have to invest). If you are investing amounts large enough on each coin to ensure daily staking rewards for each, then that should be fine..but in that case you can also consider running a master node (much like running a wallet, but more complicated and usually require a larger investment).
4) Some coins require running a full node and will use more CPU resources, which is another good reason to only run a couple wallets at a time
5) You want a smarthub or someway to ensure wallets are connected round the clock 24/7 as rewards can sometimes be effected by network downtime.
I run a community CryptoSmartHUB where I teach about trading and crypto, also I run a local crypto meet-up specifically about staking.
Cheers!
Explained in further detail By keeping a crypto wallet open and connected to the internet on your computer with coins inside of it, you support that altcoins network through an algorithm (similar to mining except instead of hardware, a wallet is processing transactions) and are rewarded for supporting the network as well as processing transactions on that network.
Crypto wallets have icons usually on the bottom (when hovered over) which will indicate approximate time until you will earn a staking reward depending on how many altcoins you have in your wallet cooresponding with the current network difficulty for that altcoin.
With staking you can withdraw your "minted" or earned coins and convert them on an exchange to fiat anytime you want. That's why it's like a savings account but usually with a much higher 3-6% interest rate.
Rules of thumb:
1) always always always encrypt and backup your wallet somewhere external (like a cloud based storage) Pcloud work well
2) The more coins you have the more interest you earn for that reason you want a altcoin which represents a solid project with strong fundamentals, which may equal long term value (not financial advise)
3) Try to select a few solid projects, spreading your staking over multiple different coins will decrease your weight in each one and ultimately how often your receive staking rewards (depending on how much you have to invest). If you are investing amounts large enough on each coin to ensure daily staking rewards for each, then that should be fine..but in that case you can also consider running a master node (much like running a wallet, but more complicated and usually require a larger investment).
4) Some coins require running a full node and will use more CPU resources, which is another good reason to only run a couple wallets at a time
5) You want a smarthub or someway to ensure wallets are connected round the clock 24/7 as rewards can sometimes be effected by network downtime.
I run a community CryptoSmartHUB where I teach about trading and crypto, also I run a local crypto meet-up specifically about staking.
Cheers!
The act of participating in the process of how the creator of the next block in a proof of stake cryptocurrency is determined. This is determined by various combinations of random selection, wealth or age of coins in an open wallet. Upon being selected to add the next block to the chain you are normally rewarded with some amount of that coin for doing your part to secure the decentralized network. The cryptocurrency and with it are multiple opportunities for people to make money. One of easiest ways to make money in the crypto space is through staking.
Staking is a mean of reward which is given for supporting the network by coin holding or running a node.
Stalking is a base part of crypto currency. There are some crypto which are mainly based on their proof of staking and if you get stake you can understand that you done right.
I also didn't know about this before. But, gradually reading comment one after another, I get to know about this. This Forum is very useful I must say.
Hello SK Funky,
As this is a bitcoin discussion thread we will try to compare Proof of Stake with Proof of Work. An explanation of the Proof of Work function used in bitcoin can be found in the bitcoin whitepaper here. After years of development on bitcoin some developers came up with the concept of Proof of Stake. This concept revolves around 'staking coins' in order to receive rewards rather than using hashing power to receive a miner reward. For a full comparison between the different methods of rewarding the users of the dedicated network check out the following guide here
After you understand the difference between these consensus systems it is time to look at one of the first applications of it. We suggest you check out Peercoin to see the first coin that marketed itself as a Proof of Stake coin. Understanding the way their 'staking' process looks like will help you understand other Proof of Stake coins on a much higher level as well.
If you have any further questions on this topic, feel free to send us a DM.
With kind regards,
The Anycoin Direct team
As this is a bitcoin discussion thread we will try to compare Proof of Stake with Proof of Work. An explanation of the Proof of Work function used in bitcoin can be found in the bitcoin whitepaper here. After years of development on bitcoin some developers came up with the concept of Proof of Stake. This concept revolves around 'staking coins' in order to receive rewards rather than using hashing power to receive a miner reward. For a full comparison between the different methods of rewarding the users of the dedicated network check out the following guide here
After you understand the difference between these consensus systems it is time to look at one of the first applications of it. We suggest you check out Peercoin to see the first coin that marketed itself as a Proof of Stake coin. Understanding the way their 'staking' process looks like will help you understand other Proof of Stake coins on a much higher level as well.
If you have any further questions on this topic, feel free to send us a DM.
With kind regards,
The Anycoin Direct team
This explains everything.Thank you for the explanation.
Staking is a term, commonly used in the market of crypto, which is based on the need to support the network, with our coins and we need to run our nodes based on this. Rewards will be obtained based on this and it is also related with time. Based on this, people can earn a percentage from here.
Actually Staking is a common term of crypto market based on this you need to support the network with you coins and you need to run your nodes based on this you will receive reward its also related with time based on this people can earn a percentage from here.
it may sounds odd to those who does know about it but the truth is the market is based on proof staking, it is the way how can stalk over your coin and for doing this you must have to keep your wallet on running mood it helps you to understand your coin position in the market as well you can also earn reward by doing this.
Proof-of-Stake (PoS) is essentially a lighter and more energy-efficient alternative to Proof-of-Work (PoW). Instead of utilizing mining to discover blocks and validate transactions, PoS forges through a lottery-like process where each staked coin works like a raffle ticket.
???what is staking of coins ?? I'm confused
Staking of Coins are features of a Blockchain to validate transaction by giving rewards to all coin holders during the confirmation and it defends how much quantity you hold/staking. Unlike the proof of work miners get rewards based on the hashing power they contribute. In other words, if you want to stake coins you need to invest a lot of it to have a greater reward.
Some cryptocurrencies are based on proof of stake (POS) to achieve distributed consensus. In those coins, users may receive rewards by leaving their wallet running. The rate of return for each pos-based cryptocurrency differ from one to another. For some coins, users can get 10% of their balance as rewards for the first year of staking.
POW Proof of Work = it mean you're using your PC for mining, then you have reward for it.
POS Proof of Staking = it mean you just stake your coin by unlocking your wallet, but first you need to encrypt your wallet with passphrase, and never forget your passphrase, if you forget then all your coin will loss.
Here's example wallet that have POS
POS Proof of Staking = it mean you just stake your coin by unlocking your wallet, but first you need to encrypt your wallet with passphrase, and never forget your passphrase, if you forget then all your coin will loss.
Here's example wallet that have POS
POW proof of work is like letting your computer work to mine coins but as for bitcoin you use the asic device to solve blocks and mine BTC. Now POS or proof of stake is just staking your coins. To do this is that you just have to turn on your wallet and then you can already earn coins. A derivative of this is DPOS which is voting delegates and so on.
Hello SK Funky,
As this is a bitcoin discussion thread we will try to compare Proof of Stake with Proof of Work. An explanation of the Proof of Work function used in bitcoin can be found in the bitcoin whitepaper here. After years of development on bitcoin some developers came up with the concept of Proof of Stake. This concept revolves around 'staking coins' in order to receive rewards rather than using hashing power to receive a miner reward. For a full comparison between the different methods of rewarding the users of the dedicated network check out the following guide here
After you understand the difference between these consensus systems it is time to look at one of the first applications of it. We suggest you check out Peercoin to see the first coin that marketed itself as a Proof of Stake coin. Understanding the way their 'staking' process looks like will help you understand other Proof of Stake coins on a much higher level as well.
If you have any further questions on this topic, feel free to send us a DM.
With kind regards,
The Anycoin Direct team
As this is a bitcoin discussion thread we will try to compare Proof of Stake with Proof of Work. An explanation of the Proof of Work function used in bitcoin can be found in the bitcoin whitepaper here. After years of development on bitcoin some developers came up with the concept of Proof of Stake. This concept revolves around 'staking coins' in order to receive rewards rather than using hashing power to receive a miner reward. For a full comparison between the different methods of rewarding the users of the dedicated network check out the following guide here
After you understand the difference between these consensus systems it is time to look at one of the first applications of it. We suggest you check out Peercoin to see the first coin that marketed itself as a Proof of Stake coin. Understanding the way their 'staking' process looks like will help you understand other Proof of Stake coins on a much higher level as well.
If you have any further questions on this topic, feel free to send us a DM.
With kind regards,
The Anycoin Direct team
???what is staking of coins ?? I'm confused
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