If you haven’t read the Part I of this guide, we suggest you take a look at it here.
In this guide, we’ll introduce you to the next five Proof-of-Stake coins which we think makes a list.
As previously analyzed, unlike the proof of work system that miners get rewarded by solving mathematical problems with the aim to validate transactions, Proof-of-Stake is entirely different. The person who creates a new block is determined in a certain way, and this depends on his amount of tokens held, which is otherwise known as stake.
Whatever coin you wish to stake, it’s important you get the core wallet for that cryptocurrency. Links in this article points you to the right source.
Not wasting any more time, we go straight to the next top Proof-of-Stake coins we recommend.
PIVX – Private Instant Verified Transaction(X) is privacy driven decentralized, open-source cryptocurrency. Formerly called Darknet (DNET), the project was launched on the 31st of January, 2016 by two DASH community members. The Proof-of-Stake cryptocurrency is a fork of DASH (Digital Cash).
The team aims to build a virtual currency that’s easily exchanged/spent securely in our everyday lives. PIVX, unlike other cryptocurrencies, has no total supply set, this makes it similar to the fiat currency. There will be 2.6 million PIVX tokens mined yearly for as long as the network runs.
How To Stake PIVX Cryptocurrencies
Before you can stake your PIVX cryptocurrencies, you need to download the official wallet by the PIVX team. Click here to download the wallet.
Now that you’ve downloaded and installed wait for the wallet to sync to the latest block.
Send in some PIVX cryptocurrencies, the more tokens you have, the more the reward.
To enable staking, click on the settings menu and unlock wallet option. Enter your wallet passphrase and check the box in front of “For anonymization and staking only.” Click the ok button, wait for few minutes, and you will see an arrow light up green at the bottom of your wallet window.
Staking PIVX tokens require you leaving your PC on permanently.
PIVX just like other PoS coin rewards you for holding the cryptocurrency for a long term. Investors get approximately 4.8% return on investment annually for holding PIVX. The PIVX staking calculator helps you know how much you get for your budget.
Bean Cash (BITB)
Bean Cash is a new cryptocurrency developed to offer users lightning speed transactions and a highly scalable platform. It’s PoS algorithm closely resembles the PoW algorithm. The cryptocurrency is said to be the first to implement the 20MB block which was initially proposed to fix Bitcoin’s scalability challenges.
How To Stake Bean Cash (BITB) Cryptocurrencies
First, you need to download the Bean Cash wallet here, install and let it sync with the blockchain. The next step would be to encrypt your wallet, to do this, click on “Settings” then the “Encrypt Vault” option. You should be prompted to choose a passphrase. The window closes up when done.
Re-open the wallet, go to “Settings” and click on the “Unlock Vault” option this time. Enter your passphrase, make sure the “For staking only” is checked, and click on the “OK” button.
You can now go ahead to funding your wallet by sending from the exchange you purchased those BITB coins. Note that it takes 6hrs for your funded tokens to mature, not until then are you going to start receiving staking rewards.
Bean Cash sprouting is one of the most profitable investment to make. To effectively make anything worth it, it’s recommended that you invest at least 100,000 BEAN. You’ll get a 4,000 BEAN monthly reward which is presently worth $22.15. That doesn’t mean you can’t invest anything less, to know what you’ll get based on your investment, use the Sprouting Calculator.
Linda, a one-of-its-kind anonymous focused cryptocurrency which offers a 70% on PoS rewards with other amazing earning potentials. Implementing master nodes, Linda ensures transactions are super fast and secured. It also offers multi-wallet, encrypted messaging and stealth addresses for total anonymity.
How To Stake Linda (LINDA) Cryptocurrencies
Just like every other coin, get the Linda official wallet here and install it.
Let it sync, send some Linda (LINDA) coins into the wallet.
It goes through a maturity stage, and once that is done, it starts to stake your coins automatically at regular intervals after your coin rewards have been paid.
In some few hours, you start to get your rewards. It’s as simple as that.
With Linda Coin, you almost double your investment annually. You get a 99% return on investment on Linda tokens held in your wallet, that means you get an additional 99 Linda coins for every 100 tokens you hold.
This coin is said to be similar to Bitcoin, with more focus on an open government, community contribution, and sustainable funding and development. It combines the PoW and PoS algorithms, making sure a group can’t dominate or make changes on Decred without the input of other community members.
How To Stake Decred (DCR) Cryptocurrencies
Staking your Decred coins require you downloading the Decredition or Paymetheus Decred wallet here, depending on your operating system. Install the wallet and generate an address for yourself while waiting for the blockchain to sync to its latest block. You can go ahead to funding your Decred wallet at this point.
Now you need to find a Stakepool to join, here is a list to choose from. Register on any of the pools and copy your API key.
Now that you’ve got all things set go to your wallet and switch tab to “Purchase tickets.” Choose the pool you registered and paste your copied API it there. You should see a ticket price displayed at this point.
At the purchase ticket section, choose the number of tickets you want to buy and click purchase. And that’s all that’s needed to be done.
With Decred, investors purchase tickets and the price for each ticket is adjusted after some blocks. To know how much it cost to buy a ticket and how much ROI on each ticket, click here.
Neblio, an open-source blockchain platform solution for enterprises. Developers develop applications on the blockchain platform using the RESTful API suite.
Neblio (NEBL) tokens, native to the Neblio platform is the medium of making cross-border transactions just like ETH is to the Ethereum network and GAS to the NEO platform.
How To Stake Neblio (NEBL) Cryptocurrencies
To proceed, choose any of the desktop wallets from the official site by clicking this link. Run and install the wallet you downloaded.
Now you’ve downloaded, the first stage is to encrypt your wallet. You can do that by locating “Settings” menu and “Encrypt Wallet” option.
The next process will require you to unlock your encrypted wallet. Enter your passphrase, see that the “For staking only” option is checked, then click on the OK button.
You can go ahead to funding your wallet with some Neblio tokens from the exchange or anywhere you got them.
You get a little over 10% NEBL tokens on your investments, annually. Meaning if you had invested 1000 NEBL tokens at the beginning of the year, you’d have accumulated a 1105.17 NEBL tokens at that the end of a 365 days period. Here’s the NEBL calculator which gives you a precise ROI on your actual investment.
Note that staking may not commence for the next 24hrs, so you need to be patient. You should start receiving your rewards as soon as all are set.
It is crucial you get the right wallet from the right source. You don’t want to install a phishing app, giving away vital information if applicable to you.
With Proof-of-Stake, you become part of those who share profits on transactions being confirmed on the blockchain without having to mine which could take a whole lot of power and sophisticated hardware devices.