Q10: #Challenge30days :- SNAX - The Liquid Staking Proportion

The answer that popped up my empty Skull to the liquid SNAX proportion I Staked was actually another Question. The Big, WHY?

Yes, one may need to question the benefit associated with having their liquid SNAX tokens staked due to some factors.

Before I go further on why it may be necessary to have some SNAX staked, I will like to explain to the Steemit audience what Staking means. Although many may attach different meanings to the word 'Stake', it may interest you to know that in the context of EOSIO based blockchains, STAKING simply means POWER UP. Yes, Staking is to EOS what Power Up is to Steem.

Having said that, I will also like to compare and possibly contrast the functionality in each blockchain. When it comes to the Steem blockchain, staking or power up ensures that the account owner have enough resources (Steem power, resource credit e.t.c), to transact within the Steem/Steemit ecosystem.

Power up function on Steem blockchain also serves as shareholding on the stock market, whereby the percentage of shares an individual holds, may determine the influence on decisions of the company. It's worthy to state that powered up tokens on Steem blockchain takes 13weeks to be powered down unlike on EOSIO based systems of 3days.

Relating that to the Staking function on SNAX, it is about the same function as on Steem blockchain except that there is no visible gains to the staked tokens unlike powered up steems, which accrues some interests over a period of time. That being said, in my humble opinion, it may likely not worth it to have Snax tokens staked.

However, just like Staking a blown about ship or boat can save it from the Storm, Staking Snax tokens and equally voting for block producers goes a long way to ensure the sustainability of the Snax blockchain, why still helping us to imbibe restrictions in spending our Snax tokens.

The amount of liquid Snax I have staked is quite little compared to the unstaked tokens. This is because I rely more on my mobile device more than my PC. Unfortunately, the Staking function on Snax blockchain can only be done using a PC as at the last time I had idea about it.

Thus, the developers need to work on a mobile wallet or app that will enable that function on the Snax blockchain space. This is my submission to the #challenge30days Post by @dragosroua.

My Snax username is emjoe4all

Posted using Partiko Android