Staking Process on BucksCake Platform

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Introduction

Through the crypto and blockchain industry, the number of developing platforms and projects continues to rise. This may be likened to the openness of the market and lack of restrictions.

If a business or blockchain network can withstand stiff competition among other projects in the market, then it can remain sustainable and thrive. Over the years since the inception of these technologies, the Bitcoin and Ethereum Network remain the two most widely used and adopted platforms. Staking is one of the most common activities that take place within a blockchain project, and BucksCake Network, likewise, has its structure for users who want to stake their tokens on the platform.

What is Staking?

We can refer to staking as the activity that occurs on a blockchain platform where clients can store or hold their assets in a cryptocurrency or digital wallet, which enables them to engage in the operational maintenance of a proof-of-stake (PoS) based blockchain system. Some experts in the industry often say it is similar to a mining process and this is because it assists a blockchain network to become successful in establishing a consensus while offering rewards and incentives to users who participate in the program.

A principle that exists in a staking process is that the right to verify transactions on the distributed ledger on that network is dependent on the number of tokens stored in the wallet. Nevertheless, based on the theory of few experts that it functions as mining on a proof-of-work platform, the users who participate in staking (stakers) receive incentives to search for a new block or include a transaction on the blockchain network. Besides the earned rewards, a blockchain network that operates a PoS system is usually scalable and performs transactions at higher speeds.

BucksCake Staking Structure

For this blockchain platform, it adopts a peculiar staking decentralized application (DApp) for its staking process. The protocol enables customers to stake varied crypto tokens such as ETH, BKC, and other assets. The locking duration for staking on BucksCake lasts 72 hours, after which clients have complete control over their assets. If you want to obtain the BucksCake Staking Dapp, you can visit https://buckscake.com/staking. BucksCake does not offer a high starting reward which diminishes over time, which is common with other platforms. Rather, there is a fixed percentage return on users’ staked assets for all transactions. This helps to assure clients of long-term stability and credibility over the state of the asset structure, coupled with the limited supply of 450,000 BKC, as there will not be any further minting of new tokens.

With the stated lockup duration, users are assured of varied advantages for their staked tokens on the BucksCake platform. The process is fast and easy to understand. Users also have the option of withdrawing all their assets, including the earned rewards, at any desired time after the termination of the lockup time.

There are no commissions required to be paid before withdrawals, except the current gas price at that time. Staking tokens on the BucksCake platform causes a rise in BKC price, as there will be a reduction in the circulating amount.

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