How Does Staking Coins Work



When you decide to stake your coins, you set up your wallet to create, approve and validate transactions in the network. The wallet, you are staking with, goes over the blockchain transactions, checks them and makes sure the people sending the money both have the money and can send them. What’s more, if the network does not have masternodes, the staking nodes give a portion of their computer resources so that additional network functions may operate.

When talking about how staking works, I should also mention coin age, maturity period, network weight and total weight. Coin age refers to the time your coins have been in an address while the maturity period is the number of confirmations needed before you are eligible to start staking. When you successfully stake coins or move them from one address to another, coin age is reset to 0 and you have to wait for the maturity period again. Network weight refers to the sum of coins which are mature enough, while total weight refers to the sum of mature coins total.

NECESSARY STEPS TO START STAKING

You might be asking yourself what to do, to start staking crypto coins today. If so, check the steps below:
  • You will need a dedicated PC with a reliable internet connection to run your wallet 24/7
  • After having chosen a coin to stake, obtain the desired amount from an exchange
  • Install the appropriate wallet
  • Backup and Encrypt Your Wallet (optional, yet highly recommended)
  • Supply your wallet with coins and optimize your holdings to maximize your chances of winning
  • Unlock your wallet to start staking

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