Updates To The Wicrypt Network Staking Criteria
NOTE — We updated the staking requirement recently on the 30th of August 2023 and you can read about the new staking requirement here — https://medium.com/wicrypt/new-updates-to-the-wicrypt-staking-requirement-f3f15ff5f1c
Cryptocurrencies are built with blockchain technology, in which crypto transactions are verified, and the resulting data is stored on the blockchain. Crypto staking involves locking up crypto holdings to obtain rewards or earn interest.
On the Wicrypt network, your staking score is a score you get when you stake an amount of $WNT. This score depends on the amount of $WNT you stake and the type and period of staking. Wicrypt staking is designed so that users who stake more $WNT using the fixed staking model over a long duration will have a higher staking score. This encourages long-term participation in the Wicrypt network.
Updates to The Wicrypt Staking Criteria
In line with the company’s growth plans and to encourage the longevity of the Wicrypt Network. We have made some updates to our staking and reward criteria. Please see the changes below.
- From 1st December 2022, the minimum staking requirement to earn on the Wicrypt network has been modified to a minimum of $100 worth of WNT. This means that at least $100 worth of WNT must be staked by individual users on the network, irrespective of device type (either Basic or Original). This requirement applies to both paying and jumpstart users.
- Users with more than one device registered on their dashboard account will have to stake more than $100 worth of WNT, depending on the number of devices. Please see more information here.
- The staking score parameter will be given higher weight by the reward model for mining reward calculations. This means that users with higher staking scores will get more weekly rewards.
These changes were implemented to ensure stability and that everyone on the network can keep earning and benefiting from Wicrypt’s mission of building a decentralised internet.
