As we all know very well, there are many income opportunities in the world – from selling horses in Westminster to professional gaming to cryptocurrency trading. With all these great chances of profit, it is still in people’s nature to find easier ways to earn a buck or two. Crypto platforms sure know of that and for this reason, a feature of staking was invented.
What is staking?
Basically, staking is getting a percentage from having a taken cryptocurrency in your wallet. All you need to do to become a staker is own some amount of a cryptocurrency (Selected. Not all the coins are available for staking) and hold it for a fixed period of time. The reward depends on the length of the staking period. Obviously, the longer you stake, the bigger your interest will be. The advantages of staking are obvious at this point – you earn the extra crypto and the people out there do not need to invest in the very expensive mining technology. The income you would get from staking is absolutely obvious and predictable – you are always guaranteed to get your free crypto per cent. Voila.
What is Komodo Platform?
Komodo is a network helping in launching independent blockchains and ICOs. Besides, Komodo is majorly focused on the privacy of their community and implements various anonymising systems to improve transaction privacy. KMD cryptocurrency is, as well, the privacy-centered coin of the above-mentioned ecosystem. This crypto is exactly what we are going to talk about further.
What is Komodo staking?
Komodo cryptocurrency holders get a percentage from having the crypto in their wallets. To start staking, you need to have at least 10 KMD on your account – the 5% reward (and this is exactly equal to the profit you are going to get) start generating an hour after the 10 KMD milestone is set. The Komodo crypto wallet does not to be online or have any special tools. Your good old Guarda wallet is great for it.
Some of the sources say that for maximum profit you should claim your 5% income at least once a year. Others, however, state that the best policy is claiming the reward once a month, then wait another month and repeat the whole cycle once again. If this seems logical, let us proceed to the most important part.
How to start staking KMD on Guarda?
First of all, you need to have a Guarda Wallet. If you do not have the wallet yet, visit our website or download the application for your phone.
After creating, importing or accessing your Guarda Komodo Wallet, make sure that you have the said 10 KMD in your account. Sure, you can just add funds by buying KMD with your bank card or another cryptocurrency right inside the application via our built-in exchange service.
Once you have everything ready for work, you need to choose the “LockTime” option and send your coins to another account and back (do not worry, this is just to get the information associated with them). As one hour passes from the time your coins have returned, you will see the “You have to claim” line – it means that your rewards have started accumulating. Congratulations! You will have your passive income in crypto now!
After a month, the reward will stop occurring until you claim your KMD coins.