Steemit Crypto Academy | Season 3: Week 1 || Staking


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Background Image taken from Pixabay


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It is a great pleasure to be once again in this third season of the Steemit Crypto Academy, and a warm greeting to all participants, both those who have been present in previous seasons, as well as those who have just joined this initiative, which seeks to encourage knowledge of this fascinating universe through study and research.

Once again, I reiterate my pleasure and my deepest gratitude for the trust placed in me, to be again at the helm of this new season of the Academy that has just started this week.



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What is Proof of Stake (PoS)?


One of the most popular consensus protocols in the blockchain is the so-called Proof of Stake (PoS), which was created to replace the Proof of Work (PoW) initially developed for Bitcoin mining.

The Proof of Work (PoW) requires intense computational work to validate the transactions made on the network, which results in high power consumption, in addition to its lack of scalability, which is understood as the ability to adapt and respond to a system in relation to its performance, as the number of users increases significantly.

To address these problems, Proof of Stake (PoS) was born, a new type of consensus protocol very different from PoW, with lower power consumption and greater scalability, which allows it to adapt to the increase in users, increasing the number of operations and shortening response times.


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Origin of Proof of Stake (PoS)


Proof of Stake (PoS) was born from the hand of developer Sunny King, a legend in the blockchain space but a very reserved character in his private life, who presented it in 2011 in the Bitcointalk forum, and subsequently embodies the idea in the PPCoin White Paper, where he explains how the protocol works.

The basis of this innovation has enabled blockchains to become more efficient and stable: if they can be made cheaper to create and operate, they can be used to host decentralized databases that, in turn, can power all kinds of business and social functions.

In the PoS protocol, mining nodes are randomly selected in advance, under the criterion of cryptocurrency holding of these nodes, i.e., those nodes that hold a larger amount of cryptocurrencies, have a higher probability of being selected as validator nodes. These validator nodes are the nodes authorized to process and validate blocks within the network.

However, in order to maintain the overall participation in the network, those nodes holding a smaller amount of cryptoassets can also be selected, but with a lower chance in the selection process.

In this sense, the greater the amount of cryptocurrencies a user has, the more power he will have to mine new blocks in the blockchain, so that he will receive a greater reward for his participation.

This selection criterion, which also takes into account the time of permanence of the nodes in the network, responds to the premise that those people who have a greater amount of money invested in the network, are also the least interested in the network suffering an attack against their assets, and therefore, they will protect it at all costs from malicious uses.

Differences between PoW and PoS

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Image taken from Coinmotion



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What is Staking?

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It can be defined as a process in which assets are blocked to generate rewards. This method of generating income with cryptocurrencies is quite recognized due to the great profitability offered by most of the websites that allow staking.

In most cases you will need to block the assets for different periods of time to be able to staking, however, there are different platforms where you can staking without blocking the funds for periods of time.

Staking is similar to the savings system of traditional banks, but staking stands out because of the great return, they can offer from 5 to 100 times more than most traditional banks.

Calculating staking rewards is more complicated than it seems, there are many factors that influence, for example, the amount of currencies present in the staking, and the inflation rate.


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Differences between HODL, Yield Farming and Staking

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Yield Farming: they work with smart contracts and unlike staking, the funds blocked in Yield Farming are mainly used to create liquidity, in short, in Yield Farming your coins will be used by other users and the platform which offers you the service.

Some of the most recognized Yield Farming are:

  • Compound
  • MakerDAO
  • Synthetix
  • Yearn.finance
  • Uniswap

One of the most important reasons for Staking is that it creates more demand in the market, since the funds are being blocked and most of the holders of the coin are not selling their assets constantly, even staking is a quite viable option to continue generating passive income in the bearish season of the market, this was explained by Chef Fran, an Argentinean administrator of the official Pancake Swap team.

The Hodl consists of owning one or more assets without selling for medium/long periods of time, here you should not block your funds and you will not generate passive income by owning the currency.



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Differences between APY and APR

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It is essential for cryptocurrency investors to know these terms, the APR and APY tell you the return.

The APY, is the annual percentage return and includes compound interest while the APR does not, the APY is usually used more in investments while the APR is used more in loans.

For example if I want to staking USDT/USDT and the APY is 100%. In one year I will have twice as many coins (without reinvesting the generated).

Let's suppose I am staking with 500 USDT and the APY of 100% is maintained for one year. In the course of one year I will end up with 1000 USDT (500 USDT from the initial investment and 500 USDT generated from staking).


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Homework Task.

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1.) Research and choose 2 platforms where you can do Staking, explain them, compare them and indicate which one is more profitable according to your opinion. (Binace is not allowed)

2.) What is Impermanent Loss?

3.) What is Delegated Proof of Stake (DPoS)?

4.) Conclusion



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Guidelines

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(1) Your article should be at least 300 words.

(2) This homework task expires Saturday, July 3 at 23:59 UTC

(3) Eligibility Criteria--

  • Must have a reputation of 55 or above
  • Must have at least 250 SP (excluding any SP delegated-in)

(4) Add tag #imagen-s3week1 and #cryptoacademy in your post and should be among the first five tags. And also make sure you post in the Steemit Crypto Academy community.

  • PLAGIARISM AND SPAM WILL NOT BE TOLERATED
  • Use copyright-free images or indicate the original source


Cc:-

@steemitblog
@steemcurator01
@steemcurator02

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Comments 132


@imagen - you have a typo in your Title...

Satking >> Staking

Thank you

27.06.2021 17:59
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Deep observation

27.06.2021 19:03
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Encantada de poder participar nuevamente de sus clases profesor! pronto enviare mi participación

27.06.2021 19:20
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Thanks for this. Expect my entry before the deadline.

27.06.2021 20:34
0

Nice work! You just got yourself a $1.66 upvote. Enjoy! Check us out at acom.uno or swing by for a chat at ACOM Discord

27.06.2021 23:28
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Greetings my appreciated teacher @imagen. Great pleasure to read your class in which I prepare to investigate the important details in the tasks proposed in your class. I wish you the best of success and maintain your quality of instructor with wise words to clarify the doubts of the participants.

28.06.2021 06:04
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Great lecture Professor, the proof of stake was a really creative innovation,can't wait to work on your assignment task.

28.06.2021 07:48
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Sir kindly tell me if first i was not not illegible for intermediate course because my reputation was 54 and i participated in beginners course now my reputation is 55 and SP is also 250. Now please tell me can i take part and do homework of both side beginners and intermediate.

28.06.2021 10:14
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Hello friend, your SP is 194, you still need to be able to participate in the intermediate courses

28.06.2021 12:09
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i will power up and will make the SP 250.

29.06.2021 04:16
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Saludos profesor @imagen,@steemcurator01, @steemcurator02 . Tengo una duda y no estoy seguro a quien corresponde aclararla . En mi perfil aparece que tengo 238 sp y en mi Wallet aparece que tengo 252.740 sp. ¿Cual de las dos cantidades van a considerar para ver si cumplo con el requisito de los 250 sp?

Anexo imagen con las cantidades señaladas.

sp pregunta.png

28.06.2021 13:22
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Saludos amigo.
En mi opinión, tu SP es de 253, según esta imagen:

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28.06.2021 16:18
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Muchísimas Gracias amigo por tomarse el tiempo para averiguar. ¿De que fuente es la imagen ? creo que dice steempeak

28.06.2021 17:50
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No hay de que hermano.
Esa información la consigues en:
https://steemd.com/@edy.lobo

28.06.2021 19:34
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Corrected

29.06.2021 15:19
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Saludos profesor @imagen, mi sp propio es de 285, me delegaron 21 a mi y el total da 306sp, yo delegue 100 a la comunidad steem Venezuela, mi pregunta es si puedo participar tomando en cuenta que tengo 100 sp propios delegados a una comunidad ya que se reflejan solo 206 sp por estos 100 delegados, pero en realidad mi steem power es de 285 sp, a continuación anexo la vista de mis sp para que aclare mi duda y poder presentar mi tarea.

imagen.png

30.06.2021 21:30
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Good work professor @imagen . I really appreciate your effort in this lecture.

Here is my Homework
https://goldvoice.club/steem/@ayoyemi/steemit-crypto-academy-or-season-3-week-1-or-or-staking-or-or-homework-post-for-imagen

28.06.2021 15:50
0

Corrected

29.06.2021 15:19
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Corrected

29.06.2021 15:19
0

Corrected

29.06.2021 15:19
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Hi @simonnwigwe. You must correct the highlighted tag in the image in order to correct your assignment.

Screenshot 2021-06-29 112220.png

29.06.2021 15:29
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Please prof. @imagen which of the tag am to use in that very place. I used they tag initial given for the home work task. Please I am waiting for your feedback so that I can make the corrections immediately. Thanks in anticipation.

29.06.2021 23:17
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imagen-s3week1

01.07.2021 07:59
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Thanks sir

01.07.2021 10:35
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Hello prof. @imagen i have effected the corrections

01.07.2021 10:40
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Hi @imagen my homework link

29.06.2021 08:25
0

Corrected

29.06.2021 15:20
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Information Transformation Services is endowing the clients with a stunning and impressive visual experience crafted by 3D Modeling Services . We are completely forted to offers our customers with a range of appealing 3D designs that are carefully crafted to meet with all type of requirements.

29.06.2021 15:39
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Hola profesor @imagen! Me alegro tener de vuelta sus clases, aquí le dejo mi tarea.

https://goldvoice.club/steem/@nane15/crypto-academy-season-3-week-1-homework-post-for-imagen-or-or-staking-or-or-by-nane15

Me esforcé mucho espero haber mejorado! Finalmente gracias por la clase, saludos y buen día para usted!

29.06.2021 19:53
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Hello professor @imagen, please here is the link to my assignment.

Assignment.

29.06.2021 22:13
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Good day profesor, thank you so much for your lecture. Kindly see below my homework task link. https://goldvoice.club/steem/@benton3/crypto-academy-season-3-week-1-homework-post-for-crypto-professor-imagen-by-benton3 Thanks.

30.06.2021 15:26
0
30.06.2021 18:42
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hola professor @imagen

here is my assignment post link

30.06.2021 22:02
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Hello Prof @imagen , this was a wonderful lesson below is my Homework link :

Crypto Academy / Season 3 / Week 1 - Homework Post for [@imagen] // PROVE-OF-STAKE

01.07.2021 05:33
0

Hello professor, I joined in this week's assignment, I hope you take your time to read through it.

https://goldvoice.club/steem/@oluwatobiloba/steemit-crypto-academy-or-season-3-week-1-assignment-or-or-staking

01.07.2021 18:53
0

Un saludo profesor, aquí le adjunto mi tarea de la semana, fue un honor participar:

https://goldvoice.club/steem/@dairhial07/crypto-academy-season-3-week-1-homework-post-for-imagen-staking

01.07.2021 19:41
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Profesor @imagen , si yo delego a una comunidad SP, eso va a influir con mi participación en la academia? por ejemplo tengo 600 SP, si quiero delegar la mitad o mas, eso va a afectar mi participacion para el nivel avanzado?

01.07.2021 20:04
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Buenas profesor, mis respeto hacia usted; en esta primera oportunidad vengo a compartir mi tarea, esperando cumplir con lo necesario para su aprobación.

Muchas gracias.

https://goldvoice.club/steem/@astilem/steemit-crypto-academy-or-season3-week1-or-or-staking-by-imagen

02.07.2021 04:50
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Buenas noches profesor, le comparto el link de mi tarea: https://goldvoice.club/steem/@steemitbeauty/esp-steemit-crypto-academy-or-season-3-week-1-or-staking-or-por-steemitbeauty

Gracias por su atención ☺️

02.07.2021 05:08
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Hola profesor, espero tenga un buen día, puedo publicar en español? o sólo inglés. || Hello professor, I hope you have a nice day, can I publish in Spanish? or only English.

😊

02.07.2021 16:40
0
02.07.2021 17:16
0

Here is my Homework post 😇...

02.07.2021 17:44
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Dear professor @imagen, thanks for the lecture. I have made an entry for the task and the link is presented below. Thank you.

https://goldvoice.club/steem/@fredquantum/crypto-academy-season-3-week-1-homework-post-for-imagen-or-staking

02.07.2021 18:07
0
02.07.2021 23:41
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Saludos profesor imagen un placer asistir a su conferencia adjunto mi asignación.

https://goldvoice.club/steem/@hochiminhrm/steemit-crypto-academy-or-season-3-week-1-or-or-staking-or-por-hochiminhrm

03.07.2021 00:40
0
03.07.2021 03:06
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Buenas noches profesor, espero se encuentre bien. Adjunto el enlace de mi tarea de esta semana 👇🏻

https://goldvoice.club/steem/@minikay/steemit-crypto-academy-or-season-3-week-1-or-staking-or-by-minikay

03.07.2021 04:55
0

Hola querido profesor, aqui esta mi entrega. saludos y Bendiciones https://goldvoice.club/steem/@lucascenteno/crypto-academy-temporada-3-semana-1-publicacion-de

03.07.2021 12:03
0
03.07.2021 18:56
0

Buenas tardes, profesor @imagen, por aquí le adjunto mi participación, muchas gracias por su tiempo y dedicación.

03.07.2021 20:40
0
03.07.2021 23:51
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Hola profesor @imagen. Acá le dejo mi participación en la presente semana. justo a tiempo, 10 minutos antes.

https://goldvoice.club/steem/@dioximarandreina/steemit-crypto-academy-season-3-week-1-staking-or-or-homework-post-for-imagen

03.07.2021 23:51
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Buenas noches profesor, es un placer para nosotros poder volver a participar en esta clase dada por usted.

Aquí le dejamos nuestra tarea esperamos sea de su agrado.

Saludos y bendiciones 😀😀

04.07.2021 01:57
0

Hello Prof. @imagen her my entry for this week homework
https://goldvoice.club/steem/@rokhani/crypto-academy-season-3-week-1-homework-post-for-crypto-professor-imagen
Thank you for great lecture and I try to understand it by did the task.

04.07.2021 04:48
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My homework

Sorry I commented at a wrong post!

04.07.2021 06:54
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Please sir I just found out I have to post link for assignment below the assignment so here z d link source

05.07.2021 05:42
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Halo professor. My entry was marked, but @steemcurator02 hasn't upvoted it. Here is the entry;
Crypto Academy Season 3: Homework Post for @imagen: Staking.

05.07.2021 06:38
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Hello, professor @imagen, please, you have not reviewed my homework. Please, kindly help to rate it. Thank you so much

https://goldvoice.club/steem/@ckole/crypto-academy-season-3-week-1-homework-post-for-imagen-it-s-all-about-staking

05.07.2021 11:11
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Dear Mr. @imagen, thank you very much for reviewing my homework post, but 5 days have passed and I haven't received any upvotes from @steemcurator02 yet. Please take a look.
Here is my post link below.
https://goldvoice.club/steem/@alauddinpabel/steemit-crypto-academy-season-3-week-1-homework-post-for-imagen-staking-by-alauddinpabel

06.07.2021 03:33
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Hello prof @imagen, please my homework task for last week hasn't been upvoted yet by @steemcurator02. I had 7 and the post expires in some hours. Here is the link.
https://goldvoice.club/steem/@meniya/crypto-academy-season-3-week-1-homework-post-for-crypto-professor-imagen
Please kindly treat as urgent. Thank you.

06.07.2021 06:10
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Greetings! My post will soon pay out and has not been upvoted, please take a look at it. https://goldvoice.club/steem/@chiomy/crypto-academy-season-3-week-1-homework-post-for-imagen @steemcurator01 @steemcurator02

07.07.2021 13:23
0