Maybe all of you have heard about so-called POS currencies and the process of staking. What does it mean and is it good or bad? What are the benefits of staking coins?
POS literally means Proof Of Stake. This is a type of algorithm, by which the blockchain aims to achieve distributed consensus. It uses already generated blocks and coins to "mine"new ones. The main advantage for the users is, that they don't have to hardwarely mine coins. They can just Stake their existing coins, or if they don't have some, they can purchase some. After their staking, the network will "reward" them with new coins.
The Gridcoin is a very special coin. Besides that it is PoR(proof-of-research), which means that almost all power - up to 98% efficiency will likely be directed at beneficial researches - both medical an scientific - while mining it, Gridcoin is also a PoS cryptocurrency. You can stake your coins in the official Gridcoin Wallet, and soon you will be rewarded with fresh coins.
The steps to follow in order to start staking are as follows:
- Once running fully synced client with some coins in it (the more, the better), all that is required is to unlock your wallet for 'staking only'.
- When you unlock your wallet, it will take up to 16 hours for your coins to start staking in the network. Some coins need 6 hours to be staked, some need even 24 hours.
- It will be best for your coins to run the wallet in this mode 24/7 if possible, since you have an opportunity to stake each block and coin age is not considered within the staking probability calculation.
Seems easy, right? It is for sure! So don't wait and start staking some coins.
Gridcoin is currently listed at #306 in the coinmarketcap, but definitely deserves to be a lot higher. It's a completely different coin with a lot of possibilities. And the best part is, that you know your computing power will be volunteered to a scientific or medical research.
1-month price chart of Gridcoin
Gridcoin is being stable at $0,09 - $0,10 now. Consider, that besides of Staking and receiving some fresh coins, the stock market affects price of the coins too. Holding and staking your coins can be very beneficial in a long-term-time. It's up to you to decide what to happen, but i will definitely go and continue staking my coins.
Everyone can contribute to make Gridcoin big and powerful!