Dec 7, 2020
What is Cryptocurrency Staking? Explained in Layman’s Terms
Staking means holding cryptocurrency or tokens to support a network operation and getting a reward for it. Naturally, this process is typical for blockchains using the PoS protocol or any of its versions.
Staking brings in the concepts of familiarity, engagement, and reward into the ecosystem.
In this article, we will provide you with the complete guide on Staking and glance at its working, benefits, and much more. Let us look into this review in detail now.
What is Staking?
Staking generally refers to the holding of your cryptocurrency funds in a wallet and hence supporting the functionality of a blockchain system. The cryptos are being locked in their wallets by the stakeholders. They are then rewarded by the network in return. Staking provides a way of making an income.
Staking is a process similar to having a savings account with your bank and earning interest on the deposits. Staking is a great addition to the cryptocurrency space which offers notable applications. Staking also brings the aspects of familiarity, engagement, and reward into the ecosystem. This makes the investment all the more worthwhile.
