What is Staking and How It Works in NOW Wallet
Staking is one of the most considerable activities when it comes to cryptocurrency. Many users stake their crypto in order to make income with cryptocurrency, as many exchanges and wallets offer this opportunity. But how does staking work? What things to consider before staking? Find out NOW.
What is Staking?
Staking is the process of holding and using your cryptocurrency coins to help confirm transactions on a Proof of Stake (PoS) blockchain. In PoS, the more coins you hold and "stake" as collateral, the higher your chances of being chosen as a validator to create new blocks and confirm transactions. Validators earn rewards for their participation, similar to how miners earn rewards in Proof of Work (PoW) systems.
Through this process, the network is secured by stability and grows the popularity of its coin among users, hence its liquidity.
Read detailed information about what is staking in our previous article!
Where to start staking?
There are numerous crypto platforms and wallets that facilitate staking, each offering different features and supporting various cryptocurrencies. Some popular options include:
- Exchange platforms provide staking services for various PoS coins. Users can stake their assets directly on the exchange, besides exchanging their assets.
- Dedicated Staking Platforms specialize in staking, offering a wide range of supported cryptocurrencies and often better staking yields.
- Crypto Wallets, that allow users to stake directly from the smartphone with a variety of staking options.
Staking in NOW Wallet: Why You Should Try It
Here are some reasons why the NOW Wallet Staking option is for you:
Full Control Over Your Funds. Security is a top priority when it comes to managing your cryptocurrency. With NOW Wallet, you have full control over your funds. As a non-custodial service, it does not hold or manage your funds — giving you complete autonomy over your assets. This ensures that your investments are safe and only accessible by you, providing peace of mind and enhanced security.
Pay Nothing to Earn More. One of the standout features of NOW Wallet is that its services are entirely free. You don’t need to pay to access the staking features, and there are no hidden fees. This makes it easy for anyone to start staking without any additional costs.
Fund Without Limits. NOW Wallet offers flexibility and freedom when it comes to staking. There are no restrictions on your ability to stake NOW and earn rewards. You can start staking with as little as 10 NOW tokens and earn up to 25% APR, with profits distributed weekly. This accessibility means that everyone, regardless of their investment size, can participate in staking and benefit from regular earnings.
All Your Crypto in One Place. Managing multiple cryptocurrencies across different platforms can be cumbersome and time-consuming. NOW Wallet simplifies this by allowing you to keep all your crypto assets in one place. Whether you want to exchange, buy, sell, or earn crypto, you can do it all within the NOW Wallet app. This centralized approach not only saves time but also provides a seamless and efficient way to manage your cryptocurrency portfolio.
Try staking with NOW Wallet in a few simple steps:
- Download the NOW Wallet App, and make a deposit.
- You can stake directly from your wallet, by easily going to the staking section.
- Get your weekly rewards!
Conclusion
To sum it up, staking is a significant process in the crypto sphere since it gives the opportunity to receive passive income through the validation of transactions on PoS based blockchains. Given that platforms such as NOW Wallet provide free and secure staking services at this stage, self-staking is not only possible but beneficial as well.
