The Best Crypto Staking Platforms
Many cryptocurrencies have a consensus protocol Proof of Work in the core. It implies that the network uses enormous processing power to solve complex math tasks, resulting in new blocks being created and added to a blockchain. Miners worldwide use high-quality equipment to produce cryptocurrency, trying to be the first to solve a complex math task. The one who makes it first adds the new block and gains coins as a reward. That is how the Bitcoin blockchain works.
There are other crypto projects that allow receiving coins similarly. Moreover, it does not require costly equipment and energy expenses - this is
crypto staking with a new consensus Proof of Stake in the core. It brings lower fees and does not imply solving math puzzles. In fact, it is earning coins from investments. Let's find out what staking is and what are the best crypto staking platforms.
The essence of staking crypto
Staking has the same function as mining, that is, everyone wants to be the first to create a new block. For this, participants put their tokens in staking, hoping to be picked as validators. Depending on the number of tokens staked and the period in staking, users receive rewards - new tokens accrued. That’s what the Proof of Stake protocol means.
The best platforms for staking:
• Binance
• Kraken
• WhiteBIT
• Gemini
Let's look at how it works and take the cryptocurrency exchange WhiteBIT as an example. The platform offers a Smart Staking option to earn up to 28% passive income per year.
To begin with, you should register on the WhiteBIT platform. Then pick the asset you want to put on staking and select the staking plan. The cryptocurrency exchange offers several staking plans where the conditions and rewards vary. Depending on the length of time and the amount of assets you want to keep, pick the plan that suits you the best. Then check your balance to make sure you have enough coins for staking and add them to the staking program. That’s it! You start to receive passive income without spending extra money on expensive equipment or electricity.
For more details on staking, check out the White BIT blog.
