Staking is the process of storing funds in a cryptocurrency wallet to provide support for all transactions on the blockchain. Essentially, it consists of blocking a certain amount of cryptocurrency in order to receive rewards. 👉In most cases, this process depends on users taking part in transactions on the blockchain through a personal cryptocurrency wallet such as Neuron Wallet, for example.☝
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👉To get a better grasp of what staking is, you’ll first need to understand how Proof of Stake (PoS) works. Proof of Stake (PoS) is a consensus mechanism where block validators are selected based on the number of coins they are staking. In this case, the term staking refers to the act of validators committing funds to the system.🤔 So validators can only participate in the process of producing new blocks if they lock their coins.
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Friends, are you staking? ✍
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