Contest !! || Staking of crypto

Hi everyone,
It's another day of the week and I'm delighted to participate in this contest today organized by @khursheedanwar which talks about Staking of crypto. I will be making my entry below so read through it and drop your valuable comment as it will be appreciated.

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- Have you any idea about crypto staking

Yes, I have idea about crypto staking as I have once a while done it in my exchange platform before. Staking is the act of locking your asset in the exchange for a particular period of time and then you will be given some rewards depending on the amount you are staking.

Staking ideally provides liquidity for the platform or exchange you are doing it because you will lock your asset in the platform which you can't access and then it provides liquidity to the platform and in turn they will give you some rewards for that.

As a Steemian I think when we convert our Steem to Steem power we are also staking our asset because it gives us influence and when we vote we earn an increase of approximately APR of 2.73% so you can see a good example of how staking works using the Steemit platdorm.

- Have you ever participated in staking cryptocurrency

Yes, I have participate in it before. There are staking where you will earn more of the staked coins based on the blockchain variation and there are others where you contribute to their liquidity and you will be given the token that will be listed which made them to hold the staking program.

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In Steemit I do it always, as I have explained above, you will earn based on the amount of the Steem locked. Here in Steemit your vote on other people publication is all you need to earn more SP in the form of curation rewards.

So the way the Steemit platform works is thesame way other staking activities work and that is why you get some return after the period you have locked the asset. In the case of Steemit you have access to your asset and your rewards depend on your ability to vote and earn curation.

- How can staking provide you significant benefit

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Let's use the Steemit platform for explanation here. If you have 50k Steem power for instance and you vote for atleast 10 accounts daily with 100% upvote, you will notice that you are earning atleast 10 Steem.power every day. So if you calculate that, it means you will be earning atleast 70 Steem power in a week and that means it will be adding up to your initial capital or SP.

So if you continue doing that you will see significant benefits before the year runs out. If you make 70 daily, in a week you will be making 490 Steem power which means in a month you should be making 1.5K+ SP as the reward for holding or locking your Steem in the form of SP.

Here I will want to invite a few ladies to also join the contest and share their entries as well. I invite @entity01, @ruthjoe and @bonaventure24.