What are the Stake Rewards or Staking?
In easy Terms is the process where you keep your coins in your OK wallet and keep it open(online), your coins will start to "stake", meaning after some hours your wallet will start to mine for more coins according to the number of coins that you already have in your wallet, at different rates (% changes, like halvings ) and without the need for special equipment or high energy bills. You only need to keep the OKCash wallet running and some Coins in it to start earning more coins. (These nodes help maintain a decentralized, secure and fast network, hence why they get the rewards for trusting and supporting the network/project) - Simple as that :) To stake: You just need some coins in your wallet, and for the wallet to be online, synced and unlocked for staking. Maturity: Coins are matured and able to start staking after 8 hrs (aprox) of reaching your wallet.
- The formula to know how much you would be receiving daily in stake rewards is as follows: if you are staking 10k okcash, formula would look like: 10,000 (Staking coins) x .10 (10% this year) / 365 = Aprox daily expected rewards - The Staking % changes on: https://okcashblockhalf.com/
** clean formula is : [Staked coins] x [% of stake] / 365 = daily aprox stake
after the year you end up acquiring more rewards than the actual % stake, thanks to compound interest ( the new rewarded coins that start working for you after 8-24 hrs of being mined/staked)
exactly, is like with POW to mine you need to have the miners online and working with POS, you need to have the wallet online so the coins can work for you is why they get the rewards, for supporting and making the OK network
Is "staking" safe for my OkCash coins? Are they vulnerable to hacks?
It is safe. In the Okcash wallet, you have an option to "Encrypt it" and to "unlock only for staking" meaning that: when you are "unlocked only for staking" your wallet will ask you for a password for any trasaction you might want to make so, the only "allowed" thing for the wallet to do in that state is staking :)
Also you can use OkCash necklace with QR code in it to double-secure your coins. Our silver necklace can be used as a form of paperwallet, to keep any amount of OkCash safe and secure.
Two new & hot devices will be available shortly, that are designed to improve mining and staking.