Staking crypto assets on the Tokenomy crypto platform can be one way to develop crypto assets quickly.
Tokenomy is a licensed digital asset investment platform offering several crypto-based financial services. You can safely invest crypto assets on Tokenomy to earn passive income. On this crypto platform, there are various choices of types of deposits according to your convenience with competitive interest.
Back to staking, usually, to acquire crypto assets, people will focus more on high-power computing devices that require significant resources.
Other ways or alternative steps exist to get crypto assets without using these high-computing devices. An alternative available and worth a try is staking coins.
So, what are staking coins? Check out his review below.
Staking Tokenomy — What is a Staking Coin?
Apart from mining, staking is a mechanism to get new coins by locking several crypto assets. Staking this coin does not require sophisticated computing devices like mining or crypto mining activities.
On Tokenomy and other crypto platforms, if a user wants to stake crypto, he only needs to deposit his funds in specific cryptocurrencies to support the blockchain network’s security and operation.
Staking can also be done directly by users from digital wallets, including Trust Wallet, MetaMask, and others. Some crypto platforms are known to provide staking services for their users, for example, Tokenomy.
Talking about staking coins, this actually cannot be separated from the Proof of Stake (PoS) mechanism, which means a consensus mechanism that makes the blockchain work with less energy usage.
Staking Mechanisms and How it Works
As mentioned above, staking is storing crypto assets, namely by locking, in a wallet that does provide the service. The mechanism is that the asset is locked into a wallet that is integrated into the blockchain network that uses a consensus PoS algorithm where, over time, the wallet selected as the block validator is entitled to get a block reward.
On the other hand, several specific rules for validators are defined by each PoS protocol, for example, by asset lockout period/setting a certain minimum threshold.
Meanwhile, PoS works to validate and distribute rewards to validators. The yield/interest will be calculated according to the number of locked assets.
About Proof of Stake (PoS)
To understand the PoS mechanism, we can first learn about Bitcoin. This first crypto asset is known to work with Proof of Work (PoW) consensus—a mechanism for mining new coins by solving complex mathematical problems using sophisticated mining tools and computing power. Later, miners will earn coins in return. Accordingly, the more computing power a miner has, the greater the chance of obtaining mined crypto.
Given the use of sophisticated computing and large power consumption, the consensus was deemed not energy efficient, so a new alternative called PoS emerged.
PoS itself is considered more energy efficient because—as already mentioned earlier—users here only need to lock their coins within a specific time limit. The protocol will later give the right to one of the users to validate the next block.
Meanwhile, the probability of being selected will depend on the number of coins locked. The more coins staked, the more likely it is to be chosen as a validator and be rewarded.
How to Staking on Tokenomy
For information, several coins can be staked on Tokenomy, namely ETH, DOT, XTZ, TRX, and ADA. The following is a guide to staking in Tokenomy Earn:
Select the coin you want to stake according to the list available on Tokenomy, for example, the TEN token.
You can buy TEN (TEN/IDR) on the indodax market, then send it to your wallettokenomy.
After arriving at Tokenomy, go to Tokenomy Earn, then click the “Staking” tab. Select the TEN asset, then enter the amount you want to stake.
Happy! You have successfully staked.
Benefits of Staking on Tokenomy
Users will get rewards for crypto assets staked in Tokenomy without worrying about operational costs and thinking about technical issues to participate.
Users can earn daily or weekly staking rewards and more options and flexibility when staking on Tokenomy.
That’s how Tokenomy staking can be tried right now. If you want to earn other income from crypto besides mining or trading, then staking is the answer.