Staking on MYCE

Staking is the process of holding MYCE Coins in a MYCE Wallet connected to the internet to support operations of the blockchain network. As a result, you receive a percentage of the new MYCE Coins the Blockchain produces.

You could think about the Staking process as an interest checking account that pays interest on the money in your account.

Staking Analogy

This type of support for the network is known as Proof of Stake (POS) and is part of the systems consensus method. It provides increased levels of scalability and security while still being energy efficient.

When a third-party offers the possibility to hold the coins for you and stake them what they create is a Staking pool. They merge their resources to increase the rewards by combining the staking power and sharing it proportionally.

The following is a table with the available third-party options for Myce Stakers.