Stake cryptocurrency to earn money passively from your assets. As opposed to receiving interest payments from a traditional bank. Blockchain builds trust by utilizing dependable consensus mechanisms that aid in network agreement. One of the consensus mechanisms that helps to determine who validates the next block is proof-of-stake (PoS).
With PoS, crypto owners on that blockchain stake their coins and then use that stake to validate transactions and create new blocks. Staking is a method for crypto owners to be rewarded for participating in the network.
WHY STAKE VIA LEDGER?
Completely safe
Earn rewards while keeping your cryptocurrency safe in your Ledger hardware wallet.
Multiple currencies are supported
Ledger hardware wallets let you securely stake up to seven coins at once.
Easy to use
Earn rewards directly in the Ledger Live app or with an external wallet.
Using Ledger Live to stake coins
1. On your hardware wallet, install the app for the coin you want to stake.
2. Open a Ledger Live account.
3. Use Ledger Live to transfer funds to your wallet.
4. Begin staking cryptocurrency to earn money passively.
Using external wallets to stake coins
1. On your hardware wallet, install the app for the coin you want to stake.
2. Select the appropriate third-party wallet to manage your cryptocurrency.
3. Use the selected wallet to transfer funds to your device.
4. Begin staking cryptocurrency to earn money passively.
HOW TO STAKE THROUGH LEDGER
Claim
Claim Earn rewards by only keeping coins in your wallet for a set amount of time. The number of coins you keep determines your reward. The protocol determines the reward rate, which is then sent to you via an on-chain transaction.
Delegate
Delegate a portion of your stake to a validator in charge of network security. The validator then splits a portion of their earnings with you. This reward is either enforced automatically by the protocol or is dependent on the goodwill of the validator.
Execute validators
To become a validator, run your own node. Validators are directly rewarded in proportion to their total stake. This motivates nodes to validate the network by offering a return on investment.
THE DISTINCTION BETWEEN POS AND POW
Proof-of-stake is a mechanism for reaching an agreement. It determines who validates the next block based on how many coins you own (also called staking). Proof-of-work accomplishes the same thing, but with miners solving cryptographic puzzles using computing power to validate transactions.
CRYPTO TO STAKE THROUGH LEDGER
Tezos, Tron, Cosmos, Algorand, Polkadot and Solana.
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