Steemit Crypto Academy Contest / S8W6 Steem Staking

in world •  2 years ago 

Sure, I can provide you with some information on Steem staking for the Steemit Crypto Academy contest S8W6.

Steem is a blockchain-based social media platform that rewards content creators and curators with its native cryptocurrency, STEEM. One way to earn more STEEM is through staking.

Staking is the process of holding STEEM in a wallet that is connected to the Steem blockchain in order to support the network and earn rewards. By staking STEEM, users become "witnesses" or "delegators" who participate in the governance of the Steem network and help to validate transactions.

To stake STEEM, users need to first create a Steem account and acquire some STEEM. Once they have STEEM in their wallet, they can then choose to stake it by selecting the "Power Up" option in their wallet. This process locks up their STEEM for a certain period of time and converts it into Steem Power (SP), which is a measure of their influence and voting power on the platform.

The longer the staking period, the higher the rewards users can earn. Rewards for staking STEEM come in the form of new STEEM tokens, which are distributed to witnesses and delegators based on their contribution to the network.

In addition to earning rewards, staking also has other benefits, such as giving users a say in the platform's decision-making process, as well as increasing their visibility and influence on the platform.

Overall, staking STEEM is a great way for users to contribute to the Steem network, earn rewards, and increase their influence on the platform.

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