Coin staking is the process of participating in the support of the blockchain by delegating and blocking (staking) your coins in the wallet and receiving a reward for it. Different coins may have different rules for staking, but there are general principles.
Coin staking is based on the Proof of Stake (PoS) algorithm, which differs from the Proof of Work (PoW) algorithm used in bitcoin. In PoS, the coins on the wallet are "staked" or blocked in the blockchain network. This demonstrates the user's interest in supporting the network and blockchain security.
For participating in the staking, you can receive a reward in the form of new coins. This reward depends on several factors, including the number of coins staked and the time they were staked. The longer the coins are blocked, the higher the probability of receiving a reward.
To participate in the staking, you will need a wallet that supports the staking of the selected coin. The staking settings may vary depending on the coin. Usually the user has to select the number of coins he wants to stake and confirm the transaction. Then the wallet will automatically start participating in the staking.
However, staking also has its risks. In case of violation of the rules or improper operation of the network, you can lose some or all of your staked coins. Therefore, before participating in betting, it is important to carefully study the rules and risks associated with the selected coin.
How to start staking on the Decimal platform
To start staking DEL coins, you need to:
1. Create your own cryptocurrency wallet on Decimalchain.com (if you haven't created one yet):
See the instructions on how to create a crypto wallet on DecimalChain.
2. In the wallet console, go to the "Delegation" tab:
3. Choose a validator (1), specify the stake amount (2), and click the "Delegate" button (3).
See also:
- How to choose a validator - instructions on the Decimal Wiki.