Staking Cryptocurrencies
What is Staking
Staking Cryptocurrencies means your locking up your cryptocurrency tokens for a period of time, while they are locked up you receive income but you can not use your tokens.
What is Proof of Stake
Proof of Stake(PoS) is an alternative method to Proof of Work(PoW) which is the original consensus algorithm implemented by Bitcoin and it is a more efficient and scalable consensus algorithm.
Proof of Work requires miners to solve a cryptographic challenge, when they solve the challenge they are entitled to produce the next block yielding a block reward. It can consume huge amounts of energy as the network grows causing the difficulty of the challenge to increase. Miners use optimised hardware to solve the challenge, the network is extremely secure but has a number of limitations.
R E W A R D S STAKING
Each Blockchain may use a different way to calculate staking rewards, these may consist of a number of factors
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How many tokens the validator is staking
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How many tokens are staked on the network
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The inflation rate of the network
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How many Blocks are produced by the validator
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Validator commission rate
BLOCK PRODUCERS WHAT ARE
Block producers, also referred to as Validators in a Proof of Stake Blockchain keeps and maintains the full ledger of a coin in real time.
Block producers generate blocks on the network as well as take part in the consensus of block production. Most networks will require 2/3 of the producers to validate the transaction before they become confirmed.
Block producers can run on bare metal or cloud based infrastructure. The hardware needs to be reliable and high specification to ensure blocks are produced quickly and can validate other blocks produced on the network. Most block producers need high IOPS, good CPU and high performance network to ensure they can take part in consensus.
Not your keys not your crypto
Metanyx believes in education of users, to own your cryptocurrency assets you must control your own keys. We encourage all cryptocurrency investors or enthusiasts to secure your assets by owning your key. The best way is to use a hardware wallet although other options exist such as desktop and mobile wallets that can help you retain control of your cryptocurrency assets.
Many users keep their cryptocurrency on central exchanges, we suggest only to keep a small portion of your holdings on exchanges. Bitcoin was invented to decentralise the financial system not to replace banks with centralised exchanges.
How to Stake Cryptocurrencies
To Stake your Cryptocurrency assets you will need to hold them in a wallet, each network will a wallet that will allow you to interact with the Blockchain and stake your coins. Read our guides for more information specific to each network.
Non-Custodial
To stake your tokens against Metanyx you do not need to transfer anything to us you maintain custody of your tokens at all times. Using a wallet for the given chain you simply delegate or vote your tokens to Metanyx. The longer you stake your tokens on the network the more token rewards you will receive.
WHY US
Metanyx is a trusted UK based Blockchain Validator with significant experience building and managing high value transaction platforms.
Metanyx has a proven track record in block production across many Proof of Stake networks. We provide support to our community directly.
We use top-notch gear for high performance block production ensuring our servers are continually online and producing blocks as expected.
What does Metanyx mean
The word Metanyx is composed of two parts, META and NYX. Both words have origins from the Greek language.
META has many acronym’s but we chose it for a controversial definition of Most Effective Tactic Available. We apply this to succeed in Game Theory to overcome our competitors. We use out of the box thinking to accomplish our objectives.
NYX in Greek methodology is the female personification of night but also a cosmological figure, feared even by Zeus, the king of the gods.