Steemit Crypto Academy Contest / S8W6 - STEEM Staking
Hello everyone.
I'm once again glad to be participating in this week's engagement contest and like always, I will be making my entry with full enthusiasm.
- Cryptocurrency staking
Cryptocurrency staking is an act of locking up a specific amount of crypto tokens especially tokens native to a particular Blockchain in other to gain more influence or participate in node activities on the chain.
The staking activity is often common to blockchains that operate using proof-of-stake consensus algorithm. This type of Blockchain ensure security by allowing certain users to participate as nodes which verifies transaction and add new blocks to the Blockchain.
In other to participate as node, a given amount of the Blockchain native token is required to be staked and this staked tokens add more value and security to the Blockchain by aiding transaction validations thereby making it impossible for fake transactions to be approved.
For this reason, the owners of the staked tokens are rewarded with extra tokens and this reward is what is regarded as staking reward or incentives.
The decentralized social media platform (steemit) which is developed on the Steem blockchain also offer staking of Steem which helps in adding value and increasing the security of the platform.
Users who stake their Steem tokens are made to have more influence by being able to upvote users who make quality posts on the platform thus encouraging more quality post. They can also downvote spam posts and plagiarized contents thus discouraging acts which are obviously harmful to the platform.
This act of upvoting quality contents and downvoting low quality contents helps in securing the platform and those who stake their Steem in other to help add value to the Steemit platform are rewarded via curation reward which is a percentage earned from each curated post.
- How staking work on Steemit
Staking om Steemit is what is very common and well encouraged among Steemit users. It is a term we all know as Power up which is a process that involves the conversion of liquid Steem to Sp.
The process is very simple and it starts by clicking on Power up which is an option amongst several found in the Steemit wallet.
- Power up
After clicking on Power up, you will have to select the amount of Steem you wish to convert.
For the purpose of this contest, I will staking 0.45 Steem which is the only available liquid Steem in my wallet.
After inputting the amount of Steem you wish to convert, further ownership verification will be required. Here you will need to input either your Steemit active key or Master password in other to confirm stake.
This security confirmation is amongst the numerous things that makes the Steemit platform secure.
Personally, I prefer to stake my Steem token on the Steemit platform and that is what I have been doing for quite a period of time on till today.
I choose staking my Steem token on the Steemit platform because it allows me numerous benefits which includes;
- High influence
High influence on the Steemit platform is very important because it gives one the privilege to greatly encourage and support other users through upvotes and the higher the staked Steem, the higher the influence one gets on the platform.
- Reputation
Steemit is a decentralized social media which means that one's reputation matters a lot. And it is only natural for users with higher reputation to receive more attention from other users because it is believed they have more experience based on the length of time they have been on the platform.
This reputation is mostly gained by receiving upvotes from other users and if one encourages others by rewarding them with upvotes, one will definitely get rewarded in return.
In summary, staking Steem on Steemit allows one the ability to support other users with upvotes and thus get rewarded in return.
- Delegation reward
Staking Steem on Steemit has other benefits which includes delegation reward.
Delegation is an act of temporary transferring ownership of staked Steem to another users mostly one with higher Steem power in other to earn rewards which is known as delegation reward.
This reward can only be earned by users who stake their Steem on the Steemit platform and delegate to other users who send them a percentage of their curation reward in accordance with the amount of Steem delegated.
- Curation reward
Curation reward is a reward earned by curators. Curators earn a percentage usually 50 percent of each vote reward they give others. This reward is obviously higher with a higher Steem power because the more the Steem power, the more vote reward a user can give and the more he earns in return via curation reward.
- More security on the platform
Staking Steem on Steemit platform adds more security on the platform. I am a Steemit users and I would love to see the platform thrive therefore I stake Steem and encourage other users to stake their Steem.
This security is achieved when certain users have the power to downvote plagiarized contents and trash which tends to disturb the sustainability of the platform and the impact of the downvote is more with more Steem power.
I'm obviously working on building my Steem Power balance which is why I am actively powering up my earned Steem and maintaining a club 100 status.
Currently, I have been able to achieve over 2000 Steem power and that's only but the beginning of my journey on Steemit.
Two thousand Steem power is not so much when it comes to upvoting users but it does add value to the quality content of other users when upvoted.
- Importance of engagement
Engagement on Steemit is very important because Steemit is a social media platform and it there are numerous social media platforms out there which Steemit has to compete with.
Engagement is what makes social media relevant because it encourages users and keeps the platform active and fun.
Engagement on Steemit is of great relevance because writers are motivated to write even more when they are sure they are writing to an audience and the only way to be certain is when they see relevant and quality comments on their posts.
When writers are encouraged with comments and upvotes, they tend to write even more and produce even more quality. This helps the Steemit platform to gain more relevance not just to Steemit users but to those outside Steemit.
Those who often use Google search engine might just be looking to read up something on a particular topic and they will be referred to Steemit.
Cryptocurrency staking is very important and it is mostly used by Blockchains that operate and validate transactions using proof-of-stake consensus algorithm.
The Steemit platform also allow staking of Steem token through conversion of liquid Steem to Steem power in a process known as power up.
I will like to invite @nadiaturrina, @fjjrg and @lhorgic to join in this contest.
Thank you for reading through my entry.
Kind regards
@sir-charles-jude
I enjoyed reading every bit of this write up, it was as though you were schooling me afresh lol... I will surely make my entry for this contest. Thanks for the invite. I wish you the very best my friend. #steem-on
I’m glad you enjoyed reading every bit of it.
thank you for taking your valuable time to go through my post.
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
Thanks for the invitation
It is hard discussion for me
but, I will try to read several source about it.
Good luck for the contest.
🥰🥰🥰
Alright👍🏼
try your best to participate.🙂
We support quality posts anywhere and any tags.
Curated by : @josevas217
Great post @sir-charles-jude ! your explanation of Steem staking is well-written and easy to understand. You do an excellent job of breaking down the technical aspects of staking and explaining how it works.
I appreciate how you emphasize the Benefits of staking such as earning interest and supporting the Steem network. Your discussion of the different levels of staking & the associated benefits is also helpful for readers who may be new to Steem.
I also like how you touch on some of the Risks and drawbacks of staking such as the fact that staked funds are illiquid and cannot be easily Accessed . it's important for readers to understand both the potential rewards and the Potential Risks before Deciding whether to stake their Steem.
Yeah, staking our steem is very beneficial and also, it helps in the growth of steemit. It’s important we always do so. The introduction of the club5050, club75, and club100 was a very beautiful idea, because it has greatly helped in the growth and development of steemit. Thanks for taking your time to read my post.
Greetings friend @sir-charles-jude,
I enjoyed reading your content and learned new things from it. I also published content for this contest in SteemitCryptoAcademy.
You have explained what is cryptocurrency staking and it's working. Also you have shared with us how STEEM coin is staked on Steemit wallet. Yes we have to first convert our STEEM to SP and then it will be automatically staked.
You have then told us you prefer staking of STEEM on Steemit wallet because of it's numerous benefits like curation rewards, delegation, high influence, and reputation increase after getting votes. The last thing is it improves security that is a must for every crypto platform.
Good to see that you have achieved your first target of 2,000SP and we both are same because my first target was also 2,000SP and I achieved it. My next target is 5,000SP within 3 months.
Overall, you have explained everything very well brother, I appreciate that you shared with us quality content. Wish you success in this contest. Keep it up :)
It’s good to know that you achieved your first target, and I wish you success on your next target.
it’s of very high benefits to stake steem in the steem wallet. I will keep powering up my steem and continue to be active on this platform. I believe so much in this platform and I know with hard work and consistency, one will progress so much in this platform. Thanks for taking your time to go through my post.
Yes you said right friend. We must all put great efforts if we need to succeed on this platform.
Yeah, it’s very necessary to do so. Hard work is needed to succeed.
Hola amigo
Muy interesante tu participación donde nos muestras tu experiencia en el proceso del Power Up, aparte de eso los puntos claves que hacen que podamos hacer staking con steem y que esta plataforma obviamente nos da ese beneficio de poder hacerlo e ir creciendo.
Estamos iguales, estamos creciendo diariamente al ritmo que nos brinda también la plataforma y nuestra meta es exactamente ser delfín y crecer para poder tener mayor apoyo y poder de voto.
Claro que vale la pena hacer staking on Steemit. Me has ilustrado con este tema y he aprendido la importancia del mismo.
Te deseo éxitos🤞🏻
Thank you, I’m glad my post enlightened you. steemit platform offers very good benefits and it’s very important we take it very serious and keep working very hard to grow our sp. In other to support others users post with higher rewards, you need to build up your sp because the more sp you have, the more rewards your vote can give. It’s good to know that you are building your sp too, keep it up👍🏼
I wish you great success.
Hello my friend @sir-charles-jude,
Welcome to SEC , I appreciate your detailed explanation of cryptocurency staking and how it works on the Steemit platform. Your detail explanation on the importance of staking for increasing the security and value of the blockchain is appreciated .
Keep up the excellent work & share more quality posts with us. 👍👏🙌
Best regards ,
@artist1111
Yeah, it’s very important and also beneficial to stake cryptocurrency. I’m glad you found my post enlightening. Thanks you for taking your time to go through my post.
Hello @sir-charles-jude
Steem's performance in 2023 has been outstanding, and it is a platform that offers a lot of potential to its users. If you're looking for a decentralized platform to share your content, Steem provides a rewarding experience through its unique reward system, which incentivizes engagement and quality content.