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Title: Guide to staking Post by: Scoobers on June 14, 2018, 08:47:20 AM Hi, I've been dabbling in crypto currencies for 6 months or so but I've never really taken the time to understand how it all works.
Has anyone got any good resources that are designed for non-techy people to explain how staking works? Thanks in advance Title: Re: Guide to staking Post by: kk80586 on June 14, 2018, 09:02:15 AM I only have experience with DeepOnion. Very simple. Download wallet, add coins, leave wallet unlocked for staking, collect rewards. The more you have in your wallet, the bigger your reward.
Title: Re: Guide to staking Post by: hugeblack on June 14, 2018, 11:03:30 AM I do not know what attracts you to learn. Personally, I prefer listening/watching rather than reading so videos over books.
You can listen to videos "Andreas M. Antonopoulos" & "Ivan on Tech" they have a unique way of explaining it as well as simplicity. After gaining experience, you can try running Testnet Title: Re: Guide to staking Post by: Anycoin Direct Support on June 14, 2018, 03:35:41 PM Hello Scoobers,
If you are interested in the staking functionality of cryptocurrencies, check out the link here (https://blockgeeks.com/guides/proof-of-work-vs-proof-of-stake/) to see the vision of blockgeeks which should help you get a better understanding of the topic. In the traditional form PoS, the staking of coins is used to validate transactions. Each different coin that can be staked has it's own criterea for a user to earn the stake rewards. Most of them require a wallet that is constantly connected to the internet, although there are also some in development that would allow for cold-staking (which does not require a live connection to your wallet). Aside from PoS and PoSW, there is also 'Delegated Proof-of-Stake' which does not use the staking of coins to validate transactions. In this consensus stakeholders vote for a selected group to serve the role of validating transactions. The first coin that worked with this consensus protocol is Peercoin, but since the birth of this coin a lot of Proof-of-Stake coins have been developed that enable users to stake their coins. In the example of Peercoin, they look at the age and the quantity of the staked coins in order to determine the staking rewards. See the following guide specifically for Peercoin to get an idea of how this process works(link (https://bitcointalk.org/index.php?topic=187714.0)). With kind regards, The Anycoin Direct team |