In the next days we will launch our new ZENIQ App feature staking!
But first, you need to know something significant about our new feature.
Staking cryptocurrencies is analogous to depositing money in a bank in that it entails locking up assets in exchange for incentives or “interest.”
“Staking” is a term that refers “to delegating a certain number of tokens to the blockchain’s governance model and thus locking them out of circulation for a set time,” according to Nicole DeCicco, the creator and proprietor of CryptoConsultz, a cryptocurrency consulting firm based in Portland, Oregon.
Staking cryptocurrencies is the act of committing your digital assets to a blockchain network to help it grow and confirm transactions.
Staking is a technique for confirming transactions in various cryptocurrencies while also allowing users to earn incentives for their holdings.
Simply put, staking is the act of securing cryptocurrency to gain benefits.
Now that you know what it is, it’s time to understand how it works:
The process of adding additional transactions to the blockchain is known as staking. Therefore, it is needed to use cryptocurrencies that follow the proof-of-stake concept to stake crypto.
Participants first make a cryptocurrency protocol promise with their coins. The protocol selects validators from among the participants to confirm transaction blocks. You have a better chance of being picked as a validator if you pledge more money.
Through the staking process, stake chains generate and validate new blocks. Validators who stake their coins lock them up so that the protocol can choose them at random to ally precise intervals.
While each Proof of Stake blockchain has its staking currency, other networks use a two-token structure, with incentives paid in a different token.
Staking implies maintaining funds in an appropriate wallet on a practical level.
The first thing you must do is hold a cryptocurrency that uses proof of participation.
Among them are:
Once you have the cryptocurrency, you must transfer it to your blockchain wallet.
For the next step, there is a concept you need to handle:
A staking pool is a set of coin owners who combine their resources to maximize their chances of validating blocks and earning rewards. They pool their betting power and share the tips proportionally to their contributions to the pool.
Following on from this, you should consider using a betting pool when staking.
Once you have chosen a pool you like, use your wallet to bet your digital assets on it.
All you have to do now is earn rewards.
Knowing the process, now is the time to join and enjoy the rewards of this alliance between ZENIQ and Avinoc. Stay tuned, we will announce the feature release soon! You haven’t downloaded our app so far?
Here is the chance to:
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