Staking the Obvious.
Multiple countries across the world return to some form of lockdown, as COVID and an american presidential election threaten to destroy all the profit made from farming sushi and memes.
Nope, not the tagline for the weirdest sci-fi movie ever.
That’s real life right now.
We live in strange times.
Staking used to be a term almost exclusive to gambling or horticulture, but much like other seemingly idle terms, (ED: like the imminent arrival of the/a moon and persistent enquiries of a projects carpet situation) they have been transformed in the crypto-space to hold a great deal more significance than their real worldly counterparts..
Staking is the depositing of a cryptocurrency, to receive appreciation of that asset. It works much like interest does in a savings account in “real life” (ED: how it should work in a savings account, have you seen interest rates?) and it’s considered a safe way to make additional returns on an investment that you are holding anyway.
DFX Staking Incentive Program
Due to begin on the 28th November, token holders will be able to stake their DFX via a Dapp on our website and earn a percentage equivalent to the amount they stake and for how long. (ED: APY yet to be confirmed.)
You will be able to connect your wallet log on and view your “dashboard” displaying earnings, staked amount…etc. all the things you’ve come to expect of such features. (ED: Basically, as pictured above)
We’re not redesigning the wheel here we realize that, but the staking program is the first step outlined in our design for the DFX ecosystem.
We’ll talk more about that in our upcoming ‘litepaper’.
Described as a “light” version of a whitepaper, (ED: surprisingly that makes sense) whilst some of the finer technical aspects of the full whitepaper are still under revision, it makes sense to assemble the rest and release it so details such as the utility of the token, the functionality and application of the Android app, and the described ‘DFX ecosystem’ can be revealed.
More details on all of this in the next update.