Staking is a way for cryptocurrency holders to earn passive income on their assets without selling it. You can think of staking as putting your money in a savings account generating high yield.
Staking is a Proof-of-Stake consensus mechanism with upgraded scalability that allows blockchain participants to lock away or “stake” a certain amount of coins and get staking rewards.
What makes the Proof-of-Work consensus mechanism so different from Proof-of-Stake is that in PoW creating new blocks on the blockchain requires great electricity supply and resource consumption. In other words, miners provide computational power to the blockchain to get mining rewards.
PoS method suggests increased energy efficiency and allows stakers to be validators without an immense amount of energy consumption.
By staking your coins on the blockchain, you become a validator, which means that you vouch for the transaction accuracy on the given blockchain network. For each successful block validation you get staking rewards in a network’s original coins or tokens.
Staking is another long-term income generation strategy. Chosen ones lock up their funds for 30 days and earn up to 281 % APY on the locked up crypto assets. The deposit can be made in any cryptocurrency.
Deposit Timeframe: 30 days
Rewards Payout time: Every 24 Hours
Rewards Calculation Period: From the day the deposit was made until the end of the staking period (30 days).
Deposit Unlock Period: up to 7 days
Note, that staking rates on Neosify are floating. It means that the rate can change over time.