How does pSTAKE work?

By staking, participants earn rewards in the form of additional cryptocurrency, incentivizing them to contribute to the network's health. The amount of rewards earned depends on various factors, including the duration of staking and the amount of cryptocurrency staked.

The concept of staking is rooted in the proof of stake (PoS) consensus mechanism, which is an alternative to the more traditional proof of work (PoW) mechanism. In PoS, validators are chosen based on the amount of cryptocurrency they stake, rather than solving complex mathematical puzzles as in PoW.

The adoption of PoS has gained momentum in recent years due to its energy efficiency and scalability. It enables blockchain networks to process transactions faster and at a lower cost compared to PoW-based networks.

Staking is a process where individuals lock their cryptocurrency assets for a predetermined duration to contribute to the smooth functioning of a blockchain network. This action supports the decentralized system by providing security and stability to the network.

One of the leading cryptocurrency exchanges that offers staking services is BTCC. As a top player in the industry, BTCC provides a comprehensive range of services to its users, including spot trading, futures trading, and cryptocurrency wallets.