Cryptomorrow

Staking, an advanced form of mining for reward or a completely different and advance feature you choose after reading this post. Before now, crypto holders solely depended on trading be it long term trading or short term trading, with long term being a good increase in price probably a 2x their initial investment, this meant such crypto would have to stay in their exchange or wallet for a long time with no activity, you might even consider it as saving fiat in the bank but unlike the bank, you don't get charges for notifications and others.

Well, this was the case until staking came into play, all you need is to lock your cryptocurrency for a period of time and get returns.

I can give you a break down of how staking works in a lame man term but it might bring more questions. The below is an article I found useful and the writer explained Proof of stake perfectly

So how does (PoS) Proof of Stake work and determines the winners to receive the rewards for staking their own coins? Unlike PoW that uses work as proof to validate/verify a transaction that consumes a lot of energy, PoS solved this issue by removing the factor that burns a lot power which is work. Instead PoS uses the coins themselves, staked by the whoever owns the coins.

If you own a coin and you want to gain interest through a passive income, then the risk is staking your own coins to be used in verifying the new transactions. This means holding or your coins in a wallet connected to the network and the wallet has to be unlocked/unencrypted the whole time because the validation process needs the data in your wallet, like, the number of coins, to determine if the new transactions are correct.

This also means that the more the number of coins you have the more reliable the data you have ergo, te more likely or the higher the chances that your node gets for winning. Due to the nature of this model, it does not have a lower limit to how much coins you have to stake in order to be a part of the network. Let’s go ahead and see how Masternodes differ from PoS. And how this difference benefits the users or the nodes include in the network By Crypto ROI

What this means to the IOST network is that anyone with IOST coin irrespective of the amount/quantity can easily stake their coin which then generates reward for them. This is one of the major ways I have found to earn with cryptocurrency that does not involve you trading your coin/token for another and the best part, your IOST coin can be claimed at any time with just a little delay. That said, while your coin is staked, it still remains yours and can be withdrawn or un-stake when you see the need.

IOST account like EOS is not free, it requires a certain amount to be created but if you have a friend, family member or colleague with an account, they can easily create one for you via the create by friend option available on TokenPocket.

To do this,

• Download TokenPocket

TokenPocket is a multichain crypto wallet that allows users to store their crypto assets free of charge and also give the users absolute control of their funds with the use of a private key, mnemonic phrase words and others. What this mean is that, users can easily import their account or restore whenever the need arise. TokenPocket also provides an easy to use Dapp browser that allows its users to access multiple types of Dapps available on Ethereum, IOST, EOS, and others.

TokenPocket is available on IOS, Android, and PC.

• After successful downloading the app, launch and click on IOST wallet

• You can import your IOST wallet if you had any before now or create one via the two options available there

• By buying an activation code, or create one and ask a friend to scan/pay for the fee using IOST

• If you follow any of the above steps properly then you should have your IOST account imported or created and ready for use.

Creating an IOST account is one thing but staking is another. This post is centered on staking and how to remove the staked coin, the above was a needed point for new users wondering how to create an IOST account.

This post initially was set up to show users how to withdraw their IOST from a node due to BISS ending their services and users are advised to this before 20th as seen from a post on twitter

Daily Reminder to all IOST users

Upon the request of IOST, BISS has agreed to extend the withdrawal period to 20th Feb.

Please withdraw your votes from BISS and revote through other decentralized platforms ASAP.

Thank you all! IOStoken

• After importing your account to TokenPocket

• Click on VOTE

• You will be presented with different nodes you can instantly vote for with any amount of your choice, meaning you can vote with 1k, 100, 10k IOST as you see fit. The higher the amount you vote with, the higher the returns you will get daily, weekly or monthly.

• Click on voted as shown in the screenshot above, the node you probably voted for prior to now will be displayed to you, for more than one, just locate the node you would like to remove your vote from.

• Click on the node and a new menu will be open to you

• Vote and Withdraw

• You can withdraw any amount you see fit here, the entire or part of the amount you voted with, it all depends on you

• Confirm the transaction and give it a while to load, it takes approximately 7 days for your balance to reflect on your wallet, this was done for security purposes. Say someone had access to your account, it would take them 7 days to make use of your coin by which you probably changed your keys.

You can reach TokenPocket via the below links

Join their telegram group here https://t.me/tokenPocket_en

Follow their recent tweet here https://twitter.com/TokenPocket_TP