How to Start Staking
Staking is becoming more popular in the blockchain community, especially nowadays, when the majority of new interesting projects employ the delegated proof of stake and similar consensus protocols. However, this process is often unclear to people who are not tech savvies and they consecutively miss their chance to support a blockchain they like and receive some rewards.
In reality, the process of staking is rather simple and requires only a few clicks with the majority of blockchains. It is also very safe, as the stakes are getting temporarily blocked right on the user wallet, despite the unclear naming, that may sound like sending funds to someone you don’t know. You can read more about the process of staking and its safety here.
How to Begin?
The process of staking is very easy and is generally the same for all the blockchains. If you would like to start staking and getting rewards, we would recommend learning using Cosmos and Tezos blockchains: staking in these is extremely simple, and the rewards are great. Once you have some tokens on your Cosmos or Tezos wallet, see how to start staking below.
It is important to understand that all your rewards are paid out to your wallet automatically, and you don’t need to perform any actions to get them.
How to Stake Cosmos
Virtually any operation with Cosmos and ATOM tokens requires a setup app and account in a Ledger Nano S with the latest software release. Once in possession, the delegation is easy and straightforward.
If you are using lunie.io, follow these steps:
- Follow this link to access the Everstake page;
- Sign in with the corresponding button in the top right corner and continue on your Ledger;
- Once signed in, click the Delegate button and enter the required amount of ATOMs;
- Click Delegate to end the process, and that’s it!
To delegate with Hubble:
- Follow this link to open the Everstake page;
- Press Stake Now and sign in to your Cosmos app on the Ledger device;
- Enter the number of ATOM tokens you wish to delegate and click Sign With Ledger;
- After you’ve shown the Delegation Successful message and the delegation transaction ID, you are now started collecting your yields with Everstake!
How to Stake Tezos
Delegating Tezos is very easy with Everstake. Follow this step-by-step guide to get started:
- Once you have created a Tezos account and have funds on it, you will need to create a separate staking address, starting with KT. The TZ addresses are not suitable for staking. Click Add Account to create a KT address. This operation will take 0.26 XTZ from your wallet;
- After you have created a KT address, transfer the required amount of tezzies from your TZ address. To do so, go to your Main TZ Account, click SEND, select the KT address in the dropdown, and follow the instructions to finalize the transaction;
- Having the funds on your TZ account, select the Delegate tab in it, enter the Everstake’s staking address tz1MXFrtZoaXckE41bjUCSjAjAap3AFDSr3N and press Update Delegate.
That’s it, you’re now started getting rewards from staking with Everstake!
What Else Can I Stake?
Staking is possible with any delegated proof of share blockchain Everstake is operating in Cosmos, Tezos, IOST, Waves, EOS, Dash, Qtum, IRISnet, Decred, ARK, EtherZero, IoTeX, Algorand, Harmony, or NKN.
How to stake Ethereum? Can I stake Bitcoin?
You can’t stake Bitcoin, as it works completely different, using the proof of work consensus, and staking is not present in its network. Currently, you can’t stake Ethereum either, but staking of it will be possible in a close time, as it is getting ready for the transition from PoW to DPoS consensus. After the transition, Everstake will launch an Ethereum node and will open ETH staking to everyone interested.
Why is Everstake Reliable for Staking?
Everstake has a proven business model that works stably with all DPoS blockchains we are working with. Everstake collects user stakes with nodes, hosted on specially maintained powerful hardware with the latest software and stable operation, which are then take part in the blockchains’ consensus process. These nodes verify and confirm upcoming transactions in the blockchain and receive rewards for keeping the network alive. In return for the stakes, Everstake shares the parts of these rewards with the stakes.
This is a time-proven mechanism our customers trust us, and we are determined to expand our services, to more blockchains, and more customers. Currently, our customers have staked over $630 million with us, and the numbers stably rise.
If you want to learn more about the blockchains you can stake in, their specialties, and how to stake there, reach us in Telegram channel here.
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