You can now stake your Ilus coins! But first, let’s learn about staking.
What is staking?
Proof of Staking (POS) or Staking is the process of actively participating in transaction validations on the blockchain. Anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn rewards. Unlike Proof of Work, staking does not rely on heavy-duty electric consumption to facilitate routine transactions. It performs the same job in an efficient and eco-friendly manner.
Staking tokens means locking your Ilus Coins through the ILUS website. The tokens can then be used to gain the consensus needed to maintain the network security while validating transactions on the network.
How does it work for Ilus Coins?
Here is how Staking works with ILUS coins: When you buy ILUS coins, you have the choice to stake your token. If you decide to do so, the tokens are locked within the wallet for a period of a minimum of 30 days. For the first year, you can earn 15% on your coin holdings per year.
The platform allows you to withdraw your tokens at any time but you forfeit your rewards if withdrawing within the 30 day period. Your holdings will still gain rewards after the initial 30 days and will be calculated pro-rata until you withdraw the holdings.
How to stake your Ilus Coins?
Head to ilus-coin.com/account from your device and our staking platform will automatically connect to your wallet. Just enter the amount of your Ilus Coins you want to stake and voila!
