Staking
You can think of staking as a less resource-intensive alternative to mining.
With the spread of Proof of Stake mechanisms on the De-Fi side, staking is on the agenda of many investors today. Before explaining Byepix Game-Fi Staking, let’s look at the concept of staking and its functions.
You can have rewards from system by staking your tokens.
By staking your tokens, you can have the system reward you. Like so many things about cryptocurrencies, staking can be complex or uncomplicated, depending on what level you want to understand the subject. The main idea for many traders and investors is that staking is a way to earn rewards for holding specific cryptocurrencies. However, understanding Byepix Game-Fi Staking, even if you only aim to earn staking rewards, you need to understand better staking to learn how and why it works the way it does.
If the cryptocurrency you hold allows staking, you can stake some of it and earn a compound interest reward from those assets over time. It usually happens through a “staking pool” similar to an interest-bearing deposit account.
Your crypto earns rewards when staked because the blockchain is processing that money. Cryptocurrencies that enable staking benefit from a “reconciliation mechanism” called Proof of Stake. This mechanism verifies and secures all transactions without an intermediary such as a bank or payment processor. If you choose to stake, your cryptocurrency becomes a part of this process.
Byepix Staking works on this basis, but we think this experience beyond token-locking with a boring interface. We make these mechanics more fun by gamifying them.
For example, imagine a fishing game running on a game platform. It is possible to keep the fish caught in the fridge or the ice room, but let’s think that more profit can be made from hiding the fish in the ice room and saving it for the days when the fish is not in season.
In this example: “fish” is “token”. The icehouse is “staking.”
After waiting in the ice room, the increase in the reward explains the concepts of “staking rewards.”