HABL is a social media platform built on blockchain technology. Users may not feel the obligation to learn more about blockchain tech normally, but it is necessary to understand the benefit users can get from blockchain. Staking is one of the benefits that users must know to maximize profit while exploring HABL.
So what is Staking?
“Staking involves holding funds in a cryptocurrency wallet to support the security and operations of a blockchain network. Simply put, staking is the act of locking cryptocurrencies to receive rewards. In most cases, you’ll be able to stake your coins directly from your crypto wallet, such as Trust Wallet.”
-Binance Academy-
One can simply understand it as saving money in a bank. Saving money in the bank and receiving interest works the same in blockchain, especially in the aspect of staking crypto currency and getting reward. The difference is the reward from staking is used to create block and network operation.
How does staking work in HABL?
1. Receive extra activity points
HABL sends HIBS to reward social media activities such as posting, like, voting, comments.
When you stake HIBS on HABL you will get extra points based on your activities that can maximize the rewards. The extra point is set according to different staking level based on the amount of the staking. The final point is calculated every week and users will be rewarded as HIBS on weekly basis as well.
2. Extra reward
You can simply get HIBS as reward when staking, which works similarly as saving in bank. Reward amount is based on the staking rank. Users can re-stake every week including the reward to make it work like compound interest.
In summary, staking on HABL can benefit users in two ways to gain more HIBS. The more user stake, the more HIBS will be rewarded. HIBS are listed on crypto exchanges which means it can be exchanged it into currency giving real benefit for users.
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