Steemit Crypto Academy Contest / S8W6 - STEEM Staking By @irru3

Dear friends,
I'm excited to submit my entry today. We are examining staking this week because it is a crucial component of the Steem ecosystem.

Use your own words to define the cryptocurrency staking operation and explain how it works?

Staking cryptocurrencies is the technique of locking your cryptocurrency assets for a predetermined time period in order to generate passive income. Staking functions similarly to a high-return savings account in that when you deposit money, you receive interest because the bank uses the money you put away for other transactions and then pays you a small profit at the end. In the crypto realm, this is comparable. You receive interest when you stake because you are supplying liquidity.
Staking gives network asset owners the ability to approve blockchain transactions. It is significant to remember that not all cryptocurrencies support staking, so if you wish to stake an asset, you must first search for one that does before purchasing and staking it.
The way staking works is as follows: first, you must purchase a cryptocurrency asset, preferably one that supports staking, and then you must transfer the asset to a blockchain wallet, such as the steemit wallet that we all currently use. Finally, you need to activate your steem token in order to join the blockchain's staking pool, which is the situation with Steemit.

Does our Steemit ecosystem offer staking for its STEEM token? if yes, show how it works?

Yes, a user can stake their STEEM tokens on the Steemit platform in order to boost their earning potential and influence.
When a user stakes their STEEM tokens to the Steemit wallet, they are essentially investing in and increasing the contribution of the Steemit platform. In exchange, they gain more Steem Power (SP) through the curation incentive.

How does it works

It's simple to stake STEEM tokens on the Steemit platform. First, purchase some Steem from an exchange or even win some through an upvote. Next, visit the Steemit wallet and choose the "Power Up" option.

You can enter the amount of STEEM you want to Power Up (Stake) from the power up option, sign in to your wallet, and then confirm the transaction.

Do you choose to stake your STEEM tokens on the Steemit platform or do you prefer staking on an exchange wallet? Argue your choices.

I consider staking on an exchange wallet to be a waste and a non-contribution to the Steem ecosystem because it is not as influential as staking on the Steemit website.
Users can choose to stake their Steem on other exchange platforms and receive rewards, but they won't have as much control over their assets as they would on the Steemit platform. Anything can happen, and most exchanges are not as safe as we think they are, so Steemit offers the best decentralised platform and is safer than the exchanges.I would always choose to stake on the Steemit site as opposed to using an exchange wallet. By staking on Steemit, I have more control over my account and a better possibility of maximising my profits through content curation and upvoting. In addition, by assisting other users in creating their profiles, staking on Steemit enables me to give back to the community. Instead of keeping all the benefits to myself, it's a fantastic way for me to contribute to the community and share my success with others. Overall, staking on the Steemit platform benefits both the community at large and myself personally.

Are you working to build your Steem Power balance? Do you have enough SP to upvote worthy posts and comments? Do you recognize the importance of engagement?

Unfortunately, I lack the finances to purchase Steem Power and stake it while I'm still in the process of increasing my Steem Power. I'm concentrating on making my way to the top by producing and disseminating high-quality information, participating in other users' postings, and developing connections with them. It's a difficult trip that demands a lot of commitment and work, but if I stay devoted, I'm sure I can succeed.Building a presence on the platform requires engagement. By interacting with other users, I not only express my appreciation for their contributions to the community but also grow in stature and influence. This entails giving them likes and comments on their postings as well as interacting with them frequently to develop relationships. By constantly producing worthwhile material and actively interacting with other users, I hope to eventually establish myself as a respected and significant member of the Steem community.