Staking is an essential part of the cryptocurrency ecosystem. NYM is a privacy-centric blockchain project enabling users to stake their tokens to help secure the network and earn rewards. In this guide, we will walk you through the steps of how to stake in NYM.
Proof-of-stake is a consensus mechanism used by some blockchain projects, including NYM. In proof-of-stake, validators are chosen to create new blocks based on the amount of cryptocurrency they have staked. Validators who create new valid blocks are rewarded with cryptocurrency, while those who create invalid blocks lose their staked cryptocurrency. This incentivizes validators to act honestly and helps to secure the network.
In NYM, validators are responsible for creating new blocks and securing the network. They are chosen based on the amount of cryptocurrency they have staked. Mixnodes, on the other hand, are responsible for relaying traffic and maintaining the privacy of the network. They are also chosen based on the amount of cryptocurrency they have staked. While validators and mixnodes both participate in the consensus mechanism of NYM, they have different roles and responsibilities.
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Disclaimer: This guide is for informational purposes only and is not intended as financial or investment advice. Cryptocurrency investments are inherently risky and you should conduct your own research and analysis before making any investment decisions. The author and publisher of this guide are not responsible for any investment losses or damages that may result from your use of this guide. Always consult with a licensed financial advisor before making any investment decisions.
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Node location: Amsterdam, Netherlands 🇳🇱
Download the wallet here: https://nymtech.net/download-nym-wallet/
<aside> 💡 Important! Do not use the address of the wallet if you lost your mnemonic phrase, re-create it, write down the phrase and then proceed.
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Before you can stake in NYM, you will need to acquire some NYM tokens. You can purchase NYM tokens from a cryptocurrency exchange that supports the token. At the time of writing this guide, NYM is available on several exchanges:
You could buy two different types of NYM tokens: native and ERC-20.