{"id":10986,"date":"2024-02-13T07:02:55","date_gmt":"2024-02-13T12:02:55","guid":{"rendered":"https:\/\/faisalkhan.com\/?page_id=10986"},"modified":"2024-02-13T07:03:03","modified_gmt":"2024-02-13T12:03:03","slug":"staking","status":"publish","type":"page","link":"https:\/\/faisalkhan.com\/learn\/payments-wiki\/staking\/","title":{"rendered":"Staking"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Definition: What is Staking?<\/h3>\n\n\n\n<p>Staking in the context of cryptocurrency and blockchain refers to the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Essentially, it involves locking cryptocurrencies to receive rewards. In many proof-of-stake (PoS) blockchains, staking is a method of maintaining the operability and security of the network. Participants lock or &#8220;stake&#8221; their crypto assets in a wallet to become a validating node or to support one, contributing to block validation and network governance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Usage Context: Where and in Which Scenarios is Staking Typically Used?<\/h3>\n\n\n\n<p>In the banking and financial industry, staking is primarily used within decentralized finance (DeFi) platforms and blockchain networks that employ a PoS consensus mechanism or one of its variants (e.g., delegated PoS, bonded PoS). It&#8217;s not directly applicable in traditional banking but influences the sector through the integration of blockchain technology and the growing interest in DeFi services.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Importance: Why is Staking Important?<\/h3>\n\n\n\n<p>Staking is crucial for several reasons:<\/p>\n\n\n\n<div class=\"wp-block-stackable-icon-list stk-block-icon-list stk-block stk-1ca9aa9\" data-block-id=\"1ca9aa9\"><svg style=\"display:none\"><defs><g id=\"stk-icon-list__icon-svg-def-1ca9aa9\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 190 190\"><polygon points=\"173.8,28.4 60.4,141.8 15.7,97.2 5.1,107.8 60.4,163 184.4,39 173.8,28.4\"\/><\/svg><\/g><\/defs><\/svg><ul class=\"stk-block-icon-list__ul stk-block-icon-list--column\">\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-b1fcb49\" data-block-id=\"b1fcb49\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-1ca9aa9\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Network Security<\/strong>: It incentivizes the validation of legitimate transactions and discourages malicious activity by requiring validators to have a stake in the network.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-c420379\" data-block-id=\"c420379\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-1ca9aa9\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Decentralization<\/strong>: By allowing a broader participant base to engage in network validation, it promotes a more decentralized and resilient network structure.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-c99c678\" data-block-id=\"c99c678\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-1ca9aa9\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Passive Income<\/strong>: For users and investors, staking offers a way to earn passive income through rewards distributed for participating in network validation.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-055d151\" data-block-id=\"055d151\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-1ca9aa9\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Energy Efficiency<\/strong>: Compared to proof-of-work (PoW) mechanisms, staking is significantly more energy-efficient, aligning with growing concerns about the environmental impact of cryptocurrencies.<\/span><\/div><\/li>\n<\/ul><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Users: Who Typically Uses or Interacts with Staking?<\/h3>\n\n\n\n<div class=\"wp-block-stackable-icon-list stk-block-icon-list stk-block stk-53a1892\" data-block-id=\"53a1892\"><svg style=\"display:none\"><defs><g id=\"stk-icon-list__icon-svg-def-53a1892\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 190 190\"><polygon points=\"173.8,28.4 60.4,141.8 15.7,97.2 5.1,107.8 60.4,163 184.4,39 173.8,28.4\"\/><\/svg><\/g><\/defs><\/svg><ul class=\"stk-block-icon-list__ul stk-block-icon-list--column\">\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-c337db7\" data-block-id=\"c337db7\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-53a1892\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Individual Investors<\/strong>: They stake their tokens to earn rewards and participate in network governance.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-84d38f9\" data-block-id=\"84d38f9\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-53a1892\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>DeFi Platforms<\/strong>: These platforms often incorporate staking mechanisms for liquidity provision and governance.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-7d027d7\" data-block-id=\"7d027d7\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-53a1892\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Blockchain Projects<\/strong>: Projects based on PoS or similar mechanisms rely on stakers for network security and operation.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-b0927d0\" data-block-id=\"b0927d0\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-53a1892\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Institutional Investors<\/strong>: They may participate in staking, directly or through staking pools, as part of their investment strategy in the crypto space.<\/span><\/div><\/li>\n<\/ul><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Application: How is Staking Used?<\/h3>\n\n\n\n<p>The process typically involves:<\/p>\n\n\n\n<div class=\"wp-block-stackable-icon-list stk-block-icon-list stk-block stk-f8b98ff\" data-block-id=\"f8b98ff\"><ol class=\"stk-block-icon-list__ol stk-block-icon-list--column\">\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-dcc37e2\" data-block-id=\"dcc37e2\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk-block-icon-list-item__marker\" aria-hidden=\"true\"><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Choosing a Cryptocurrency to Stake<\/strong>: Users select a PoS-based cryptocurrency.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-af521d2\" data-block-id=\"af521d2\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk-block-icon-list-item__marker\" aria-hidden=\"true\"><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Participating in a Staking Pool or Direct Staking<\/strong>: Users can stake directly from their wallets or join staking pools to combine their resources with others.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-b491786\" data-block-id=\"b491786\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk-block-icon-list-item__marker\" aria-hidden=\"true\"><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Earning Rewards<\/strong>: Stakers receive rewards based on the amount staked and the duration of staking, among other factors.<\/span><\/div><\/li>\n<\/ol><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Pros and Cons: Advantages and Disadvantages<\/h3>\n\n\n\n<p><strong>Advantages<\/strong>:<\/p>\n\n\n\n<div class=\"wp-block-stackable-icon-list stk-block-icon-list stk-block stk-b641b9c\" data-block-id=\"b641b9c\"><svg style=\"display:none\"><defs><g id=\"stk-icon-list__icon-svg-def-b641b9c\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 190 190\"><polygon points=\"173.8,28.4 60.4,141.8 15.7,97.2 5.1,107.8 60.4,163 184.4,39 173.8,28.4\"\/><\/svg><\/g><\/defs><\/svg><ul class=\"stk-block-icon-list__ul stk-block-icon-list--column\">\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-1d39498\" data-block-id=\"1d39498\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-b641b9c\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\">Provides passive income.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-a1f8e41\" data-block-id=\"a1f8e41\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-b641b9c\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\">More energy-efficient than PoW.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-c628a54\" data-block-id=\"c628a54\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-b641b9c\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\">Supports network security and governance.<\/span><\/div><\/li>\n<\/ul><\/div>\n\n\n\n<p><strong>Disadvantages<\/strong>:<\/p>\n\n\n\n<div class=\"wp-block-stackable-icon-list stk-block-icon-list stk-block stk-cddaa44\" data-block-id=\"cddaa44\"><svg style=\"display:none\"><defs><g id=\"stk-icon-list__icon-svg-def-cddaa44\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 190 190\"><polygon points=\"173.8,28.4 60.4,141.8 15.7,97.2 5.1,107.8 60.4,163 184.4,39 173.8,28.4\"\/><\/svg><\/g><\/defs><\/svg><ul class=\"stk-block-icon-list__ul stk-block-icon-list--column\">\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-319bc01\" data-block-id=\"319bc01\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-cddaa44\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\">Locked funds: Staked assets are often locked for a period, reducing liquidity.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-bbf5b08\" data-block-id=\"bbf5b08\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-cddaa44\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\">Market Risk: The value of staked assets can fluctuate, leading to potential losses.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-1cf5cf8\" data-block-id=\"1cf5cf8\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-cddaa44\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\">Complexity: The staking process and understanding the specific requirements of different networks can be complex for new users.<\/span><\/div><\/li>\n<\/ul><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Real-World Examples<\/h3>\n\n\n\n<div class=\"wp-block-stackable-icon-list stk-block-icon-list stk-block stk-96dd4a6\" data-block-id=\"96dd4a6\"><ol class=\"stk-block-icon-list__ol stk-block-icon-list--column\">\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-473dd76\" data-block-id=\"473dd76\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk-block-icon-list-item__marker\" aria-hidden=\"true\"><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Ethereum 2.0<\/strong>: Ethereum&#8217;s upgrade to a PoS mechanism (known as Ethereum 2.0) allows ETH holders to stake their ETH to secure the network and earn rewards.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-17ab520\" data-block-id=\"17ab520\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk-block-icon-list-item__marker\" aria-hidden=\"true\"><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Tezos<\/strong>: Tezos utilizes a delegated proof-of-stake (DPoS) mechanism where token holders can delegate their staking rights to other users, who validate blocks and distribute rewards.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-63efbb8\" data-block-id=\"63efbb8\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk-block-icon-list-item__marker\" aria-hidden=\"true\"><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Polkadot<\/strong>: It enables staking on its network, allowing holders of its DOT cryptocurrency to earn rewards by staking and supporting the network&#8217;s operation.<\/span><\/div><\/li>\n<\/ol><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Analogies<\/h3>\n\n\n\n<p><strong>Real-World Analogy<\/strong>: Staking can be likened to earning interest in a savings account. Just as you deposit money into a bank account and earn interest over time, in staking, you lock up digital assets to support a blockchain network&#8217;s operation and, in return, earn rewards, akin to interest payments.<\/p>\n\n\n\n<p>This comprehensive overview of staking in the cryptocurrency and blockchain context highlights its relevance and application in the broader financial and banking sectors, especially as these traditional sectors begin to intersect more frequently with digital assets and decentralized financial services.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Definition: What is Staking? Staking in the context of cryptocurrency and blockchain refers to the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Essentially, it involves locking cryptocurrencies to receive rewards. In many proof-of-stake (PoS) blockchains, staking is a method of maintaining the operability and security of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":3611,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_uag_custom_page_level_css":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"blocksy_meta":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","gb-block-post-grid-landscape":"","gb-block-post-grid-square":"","yarpp-thumbnail":""},"post_excerpt_stackable":"<p>Definition: What is Staking? Staking in the context of cryptocurrency and blockchain refers to the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Essentially, it involves locking cryptocurrencies to receive rewards. In many proof-of-stake (PoS) blockchains, staking is a method of maintaining the operability and security of the network. Participants lock or &#8220;stake&#8221; their crypto assets in a wallet to become a validating node or to support one, contributing to block validation and network governance. Usage Context: Where and in Which Scenarios is Staking Typically Used? In the banking and financial industry,&hellip;<\/p>\n","category_list":"","author_info":{"name":"Faisal Khan","url":"https:\/\/faisalkhan.com\/author\/nomismad\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","gb-block-post-grid-landscape":"","gb-block-post-grid-square":"","yarpp-thumbnail":""},"post_excerpt_stackable_v2":"<p>Definition: What is Staking? Staking in the context of cryptocurrency and blockchain refers to the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Essentially, it involves locking cryptocurrencies to receive rewards. In many proof-of-stake (PoS) blockchains, staking is a method of maintaining the operability and security of the network. Participants lock or &#8220;stake&#8221; their crypto assets in a wallet to become a validating node or to support one, contributing to block validation and network governance. Usage Context: Where and in Which Scenarios is Staking Typically Used? In the banking and financial industry,&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Faisal Khan","url":"https:\/\/faisalkhan.com\/author\/nomismad\/"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.6 (Yoast SEO v22.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Staking - Faisal Khan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/faisalkhan.com\/learn\/payments-wiki\/staking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Staking\" \/>\n<meta property=\"og:description\" content=\"Definition: What is Staking? Staking in the context of cryptocurrency and blockchain refers to the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Essentially, it involves locking cryptocurrencies to receive rewards. 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