How staking allows you to enjoy rewards for just holding a crypto

3 min readAug 15, 2022

Cryptocurrencies provide countless means of earning money. While activities like mining and trading can seem complicated if you’re new to cryptocurrencies, staking is one of the simplest ways to take advantage of the ecosystem.

What Is Staking?

Staking is when you hold your digital currency in an exchange or wallet without actively using it. You are rewarded for this by receiving interest in your holdings. Staking allows community members to participate in the growth of their network by verifying transactions and securing the blockchain.

The staking process involves locking up some of your coins to receive compensation from the network. When you stake your coins, they become locked in a smart contract. Note that not all cryptocurrencies support staking. Only those with Proof-of-Work consensus mechanisms allow for staking.

What is Proof of Stake?

Let’s briefly explain the proof of stake mechanism to help you understand the whole staking concept. Proof of stake (PoS) is a consensus mechanism where users lock up their cryptocurrency to secure the network. The more tokens you own, the more likely you will be selected as a validator. Validators are responsible for confirming transactions and adding them to the blockchain. They also receive a share of the block reward.

Validators are chosen at random, so there is no need to compete against other nodes. This makes PoS much faster than traditional Proof of Work systems.

Why Should I Stake My Coins?

There are many reasons why you should consider staking your coins. Here are several benefits to consider

Beginner-friendly way of investing in crypto

If you’re new to the whole crypto scene, staking might be a good option because it doesn’t require technical knowledge. It’s easy to start staking because you don’t have to mine or trade. All you have to do is buy some coins and keep them in a designated wallet. As more people use the network, your rewards will increase.

Earn passive income

You can earn passive income by simply holding your coins in a wallet. You don’t need to spend any time managing your portfolio or buying and selling assets. Plus, it’s better than leaving your assets in a wallet collecting dust.

Increase security

By staking your coins, you are helping to secure the network. By participating in the validation process, you are contributing to the overall health of the network. Your contributions ensure that the network remains decentralized and free from attacks. Basically, you’re doing a lot of good!

How to get started

Now, you might be wondering how to actually begin staking. It’s pretty easy — to an extent.

Now, staking is great, but it has one major downside — it’s capital intensive. For instance, once Ethereum’s move to a proof of stake system is completed, you’ll need at least 32 ETH to become a validator. That’s over $63k a the time of writing.

So, your best bet will be to become an early adopter of a new project with huge potential for rewards.

Staking on Devils Flock

Staking has a lot of potentials, and we here at Devil’s Flock are confident that it will play a significant role in our ecosystem.

Thanks to staking, we can give back to the people who have contributed to the game’s success. We intend to use $DECK, our native token, to distribute profits to all participants. Users can also use the BEP-20 token to buy rare in-game assets or non-fungible tokens on our marketplace.

Furthermore, our users can stake $DECK on several exchanges to make extra income. This is especially helpful for members of our ecosystem who choose a more passive role in the community. We want every user to get the benefits of belonging to our community whether they actively participate in it or not.