Contest !! || Staking of crypto

Assalam O Alaikum

Hello dear friends! Well come to my post. How are you all? I hope you will be doing well by the grace of Almighty Allah. I'm also fine and enjoying my day. Today I'm here to participate in this amazing contest which is organized by @khursheedanwar in this Steem4bloggers community. The topic of this contest is "Staking Of Cryptocurrency". So let's start without any more delay of time.

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Have you any idea about crypto staking?

Yes I have an idea and some knowledge about the staking of cryptocurrencies because I have explored that topic many times. Friends here the one thing we have to understand that the ecosystem of cryptocurrencies are very vast which give us an opportunity of making money through different means with the use of cryptocurrencies. These ways can be trading, investing and staking of cryptocurrencies. So we can say that the staking is one of method of earning through crypto.

Actually the staking is a process in which we hold some cryptocurrency in our wallets or in an exchange using the blockchain technology and in return we get the rewards of our staking. In staking we basically lock our assets in our wallets for a specific period of time and when the time ends we get the reward of our staking amount which can be in the form of those currencies which we were staking.

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Usually in staking process different consensus mechanisms are used and among them the proof of stake POs will always on top because it is the prominent mechanisms which many of platforms offers for staking of cryptocurrencies. Also in some cases some third parties are also involved to perform specific tasks within the platforms. In general the staking provides us an opportunity of locking our assets and earn rewards.

Have you ever participated in crypto staking?

My answer to this question is No because I have never involved in the staking of cryptocurrencies. This is because still I haven't found any of the opportunity to stake my assets and earn the rewards of staking. Anyway here is a process which can be called staking. Yes when we power up our liquid steems the convert into Steem power SP which can be used to curate other users articles in the form of upvotes.

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In my point of view the Steem power and crypto staking both are similar because when we perform power up it means we are validating transaction and participating in the consensus of Steen Blockchain and then when we curate posts of others we get curation reward on the basis of our Steem power which we can say that the profit of our staking. So I can say that I'm participating in staking of Steem which is also a crypto currency.

How can staking provide us significant benefits?

Indeed the staking of cryptocurrencies is a very useful process because it can provide us potential benefits and passive income. So we can say that the staking can provide us benefits in several ways. Now let's take a look at some of the advantages of staking of cryptocurrencies.

• Staking Of Cryptocurrencies provides us an opportunity of participating in the consensus of a blockchain network.

• When a participate in consensus of network we validate the transactions and can get the rewards of staking.

• When we stake our assets in any of platform we get the reward of our staking on basis of amount so staking provides us an opportunity to earn passive income.

• Staking Of Cryptocurrencies can increase the trust security and efficiency of the network in which we are staking our assets.

• Also staking improve the overall working and the decentralization of the network or platform which offers staking.

So friends that was my entry about that topic and I hope you will enjoy reading it. Now it is a time to say goodbye to everyone and I want to invite my friends @jannat12, @radleking and @nooruleman to take a part in this amazing contest.

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Written by @abdullahw2

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Thanks All ❤️

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