Introduction to VeChain
VeChain is an enterprise-level blockchain. It intends to connect blockchain technology with the real world via a fully robust economic model, advanced IoT integrations, and a complete governance structure. The developers of this venture want to enhance the product lifecycle and supply chain management using the distributed ledger technology.
VeChain offers its users with a range of functionalities that make the platform ideal for businesses and enterprises looking to improve business processes and supply chain protocols. The platform offers businesses the capability to track a large amount of data. The indicators include items like storage temperature, quality, transportation status, and authenticity. VeChain offers all these features through a distributed and trust-free enterprise-level ecosystem. This way, VeChain enhances accountability and decreases overhead.
What is Staking?
Cryptos pay individuals to secure their network. Bitcoin is one of the most popular examples that use a POW mining algorithm. But mining comes with a few downsides like technical difficulties and high energy consumption. Both these factors can discourage potential miners from mining cryptocurrencies.
So, an alternative consensus mechanism that can be used is staking. It lets users secure crypto networks with minimum setup and energy consumption. Yes, staking is the procedure of locking or holding cryptocurrencies in a targeted wallet for a fixed time period. Doing so helps you earn crypto passive income or rewards. The locked funds also help support the maintenance and security of many blockchains.
How to Stake VeChain?
VeChain staking has become increasingly popular recently. You can achieve this blockchain consensus through Masternodes and Proof of Stake. VeChain lets investors leverage their cryptocurrencies through an airdrop. It presently offers five different options to make staking rewards and passive income.
- Run a Strengthnode
- Run a Thundernode
- Run a Mjolnirnode
- Run a Authoritynode
- Hold VeChain
Thanks to the assets such as VET, staking has quickly emerged as a top way to earn money on your cryptocurrency. It also lets you make passive income effortlessly. The holders of VET get two options to earn passive income. The first one is to keep your token either on the wallet of a third-party or on an official wallet. The second option is to run any nodes. The five types of nodes at VeChain are discussed above. All of them have different functions, requirements, and benefits. For average users, token holding is the best option.
VeChain has two tokens: VTHO and VET. VTHO, also called VeThor Energy, can be used to power a transaction. It represents the charges of running any operation on the blockchain, while VET is the key token that can be used to carry Smart Money or value from smart contracts. The transactions on decentralized apps taking place on VeChain’s blockchain use VET. To stake, you will have to store your tokens in the wallet that supports staking in VeChain.
VeChain Staking Wallet
If you want to invest in VeChain, you will need a safe and secure wallet to store the tokens. Though the VeChain network tends to be more centralized as compared to that of Ethereum or Bitcoin, your transactions can’t be reversed. You can use VeChainThor wallet as a staking wallet.
It’s a mobile wallet that aims to offer users a simple, secure, functional, and powerful portal of the blockchain. The main functions of this wallet include VTHO, VET, and other cryptocurrency assets management, wallet observations, reward claim, X Node transfer, and more. There are some other third-party wallets also that support VeChain staking like Trust Wallet, Atomic Wallet, and more.
Staking has turned up as an excellent method to make passive income with minimum setup for cryptocurrency users. Just like many cryptocurrencies, the possibilities of your investments in VET coins becoming zero are high as per VeChain price prediction. VET can be an outliner as it offers both security and strong returns to the investors. Seeing the potential future and present position of VeChain in the blockchain world, it is an excellent idea to get started with VeChain stacking opportunities immediately.