Earnity’s executives Dan Schatt and Domenic Carosa’s goal was to help people easily filter out the social media noise and create a safe, trusting community where people can focus on cryptocurrency. With this comes many benefits, including information on all facets of crypto, including staking.
What is Staking?
Earnity’s Dan Schatt and Domenic Carosa describe “staking” where cryptocurrency holders can earn rewards by keeping their coins in a designated wallet. The staking act helps secure the blockchain and keep it running smoothly. In return for their contributions, stakers are rewarded with new coins, transaction fees, and other benefits.
How Does Staking Work?
To stake coins, you first need to set up a staking wallet. This type of wallet is designed specifically for holding coins while they are being staked. Once your crypto coins are in the staking wallet, you need to leave them open and connect to the internet. The wallet will then use your coins to participate in the network’s staking process.
What Are the Benefits of Staking?
There are several benefits to staking coins. Some of the most notable include:
- Earning rewards for helping to secure the blockchain
- Earning new coins as rewards
- Earning transaction fees; and
- Gaining voting rights in network decisions.
How Much Can You Earn from Staking?
The amount of rewards you can earn from staking depends on many factors, including the size of your stake, the network’s difficulty level, and the length of time you stake for. Typically, you can earn somewhere between 2% and 5% per year. However, there is no guarantee that you will earn any rewards, so it is important to research everything before deciding to stake coins.
Is Staking Safe?
Staking is a safe way to earn rewards from cryptocurrency. However, as with any other purchase, there is always some risk involved. Earnity executives Dan Schatt and Domenic Carosa want people to do their research and understand the risks before staking any coins.