Hello everyone,
Today I will be taking a look at the most recent ThornCoin update, staking. As you might know staking, also know as proof of stake, is a way to earn more of the cryptocurrency you are holding. When you are staking you lock up your tokens for a specific amount of time, whilst waiting the tokens will be used for the verification of transactions. As a reward for the help with the verification process you will be rewarded some of the transaction fees. These fees consist of the specific token you are staking, so you are technically getting a larger amount of tokens every week.
ThornCoin managed to release their staking platform perfectly on time. Which is, if you consider the huge amount of problems they had with the ICO, quite impressive. I invested in ThornCoin hoping it would be a "400 X", but considering their marketing and the recent problems with Bitconnect I did not expect much at all.
Since they did manage to launch their staking platform on time, which seems to be working perfectly, I am getting more hopeful. You can start using the ThornCoin staking platform by going to their staking page and inserting the amount of THRN you want to stake. The progress is easy and only requires you to log in and fill in the "not being a robot" verification box. The stake will be locked for seven days, you will earn approximately 3% staking rewards each week and the earned THRN will be credited to your balance when your stake is released. As of 03-02-2018 it seems that there is no limit to the amount of tokens you can stake.
Since ThornCoin was sold-out with in a few days, I am expecting a huge amount of people who can not wait to get their hands on some THRN. The internal exchange is planned to be launched at 15-02-2018, which means I am able to stake for approximately two weeks long before that happens. That would add up to a 6,09% gain on my THRN tokens, based on the approximated 3% each week, before even considering selling them on the exchange.
Lets all hope that the launch of their exchange goes smoothly. I recommend those who are still waiting to snipe some THRN, to be signed up before the 15th of February and to have some BTC in their wallets. Please be advised: only do so knowing that there are risks involved with lending, staking and investing in cryptocurrency overall.
Thank you for reading and I would love to hear your opinion in the comment section!
Cryptoblogger
Follow me:
https://steemit.com/@jean-paulc
Upcoming subjects: "Tax Law and Cryptocurrency", "ArcBlock ICO", "WePower ICO", "MedicalChain ICO", "the Survival of Bitconnect?" and many more!
Check out my ThornCoin ICO review:
https://steemit.com/cryptocurrency/@jean-paulc/thorncoin-ico-review-update
