Passive Income with Cobo Wallet: How to stake PIVX
What is PIVX?
PIVX is technically a derivative of DASH, made to be more private than its predecessor. Both DASH and PIVX runs the Zero-Knowledge protocol, by which reading the name should already give a hint on what the protocol is about. Basically, it allows one party (prover) to prove to another party (verifier) they know the information without revealing the information itself. Applied to blockchains, this means that coins transferred essentially have no transaction history, hence users can be assured that their identity or use of funds cannot be ascertained by a third party.
In addition, PIVX is more energy-efficient than DASH and Bitcoin since it runs on Proof-of-Stake consensus mechanism. There is also a network of masternodes that maintain the PIVX blockchain. Masternodes govern the network and can vote on decisions regarding future development of the coin.
How to stake PIV?
PIV is the currency used in the PIVX eco-system. There are 2 ways you can stake your PIV. One is to create a masternode and the other is to stake your PIV in an active wallet.
Generally, running your own masternode will generate higher profits. Each time a new PIVX block is found, 50% goes to the masternode, 33.3% goes to the staker and 16.7% goes to the PIVX budget. However, it requires you to own at least 10k PIV and technical know-hows in maintaining a Virtual Private Server (VPS).
In contrast, staking PIV only requires you to download the official PIVX wallet and unlock it. And there you go, now you can receive passive rewards from your PIV assets.
Why Cobo Wallet?
Now you might ask where does Cobo Wallet comes in?
If you were to refer to the PIVX rewards calculator on the official website, running your own masternode will generate ~6.5% annual interest while staking will get you about ~4.5%.
Cobo is one of the largest masternodes on the PIVX network and as such we are able to offer a higher interest rate of ~7% for users that stake using our wallet.
If you haven’t downloaded Cobo Wallet, you can find us on all major app stores (e.g., Play Store, App Store) or download it directly from our website.
You can start earning PIV rewards with Cobo Wallet through staking with as little as 2 PIV, with rewards paid out at 08:00 (GMT+8) every 2 days. The rewards are proportional to how much you put in. The more you deposit, the higher your reward. Users can expect to earn a handsome interest rate of approximately 7% per year just by staking with Cobo Wallet.
How?
- Store your PIV into Cobo Cloud Wallet.
- Tap on Finance tab and choose the amount of PIV you want to stake.
- That’s it! There is no lock-in period, however do note that rewards for current period will be forfeited if you withdraw before the end of the staking period.
Is there any risk to stake PIV?
There is no risk to stake PIV. You will always keep possession of the private keys by leasing to nodes. In case your chosen node fails to maintain constant uptime, you will only miss out a small percentage of the rewards.
Will the rewards for staking PIV change over time?
Yes, the rewards will change according to the number of coins staked. It’s just a balance between demand and supply.
How does Cobo charge?
Cobo takes 10% of the PIV rewards. Holding your assets in Cobo Wallet will always be free.
About Cobo
Cobo is a company that is firmly committed to supporting blockchain development and making cryptocurrencies easy to own and use. We emphasize long-term security, reliability, and convenience. Our key products and services reflect that vision. Altogether, Cobo offers a secure mobile wallet (Cobo Wallet), high-end cold storage wallet for advanced users (Cobo Vault), and custodial services for institutional investors (Cobo Custody).
For more information about Cobo, visit https://cobo.com
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