If you’re new to crypto, you may be unfamiliar with certain regularly used words in this space. Terms like mining, delegating, staking and so on may sound strange. That’s why this article has been put together, to help you understand what Elrond’s eGold (EGLD) staking is.

Although a relatively new blockchain. Elrond is the most decentralised and to a large extent, the most rewarding network currently. It is highly scalable, offers users a high level of privacy and provides more opportunities for the new internet economy. EGLD staking is one reason why Elrond is often considered the most valuable network by developers and users today.

Keep scrolling to understand what EGLD staking is and how you can earn money from it.

## What is Cryptocurrency Staking?
Staking means locking cryptocurrencies (for example EGLD) to secure a blockchain network like the Elrond Network. When you lock your tokens to secure a network, you receive/earn rewards for doing that. This is the major principle behind the proof of stake (PoS) consensus mechanism, a more energy-efficient alternative to the proof of work consensus mechanism.

Elrond EGLD holders are incentivized to support the Elrond network by staking and locking EGLD into a smart contract while earning rewards in return. They do this by delegating a minimum of 1 or more EGLD or by running a validator node with a 2500 EGLD stake.
Validator rewards are distributed automatically while the delegator rewards are claimable once per day with no time limits.

Currently, when your EGLD tokens go into an incentivized list called the waiting list, you can earn up to a 20% annual percentage rate (APR) depending on how many tokens you stake.
The waiting list helps you reserve your spot and starts your reward tracker. As soon as a delegator signals their intent to undelegate, the EGLD that you have registered in the queue will replace those of the user that wants to undelegate.

To learn about your APR, you can use the Elrond staking calculator on their official website. It will calculate your yearly returns as a percentage as well as give you a daily, weekly and monthly breakdown, this is all based on the number of tokens that you stake.

Note: This is based on open or active staking. You can withdraw your staked EGLD at any time although you should know that a 10-day unbounded or holding period will apply.

## How to Stake EGLD on your Elrond Wallet
First, you must create an Elrond Web Wallet (link “Elrond web wallet” to our article on how to store EGLD). You can do this on the official website, on the Maiar App or the Maiar DeFi Wallet. Then, you will add funds to your wallet by buying some EGLD tokens via the Elrond official website, from an exchange like Binance.
When you have successfully bought some EGLD tokens and transferred them to your wallet, then, you are ready to stake EGLD.

Below are simple steps to follow to stake your EGLD tokens:

### Step One: Choose a Validator

- Visit [StakeAfrik&#39;s Delegation Manager](https://delegate.stakeafrik.com)
- Log in to your Elrond Wallet.
- Go to the stake dashboard.
Note. If you are on the main panel of your wallet, then you can skip this step and immediately press the round Stake Now button.
- A page will display, and this page will show you your staking statistics, the number of staked tokens, active staking, and available rewards.
- Click on Stake Now to open the list of validators.
- Enter the validator&#39;s name. Then check the box and click Continue.
Note: Pay close attention to the Filled field. It shows how busy the validator is with delegators. Elrond network only accepts a limited number of delegates.

### Step Two: Delegate EGLD Tokens

- Enter the number of tokens you want to stake. This can be done manually or by moving the slider. Then click Continue and wait for confirmation from the validators.
- Check the transaction parameters and click Confirm.
Bravo! Your EGLD Tokens have been staked successfully.

## Frequently asked questions about staking
In this section, you’ll read about the commonest questions people ask about staking EGLD and the right answers to them. Keep scrolling to learn more.

### Is Staking non-custodial?
Staking is non-custodial. This means that when you stake with staking agencies like StakeAfrik, they do not have direct access to your funds at any point in time. The entire process is carried out securely through the Maiar wallet.

### What are the minimum EGLD stake and unstake amount?
The minimum amount that you can stake is 1 EGLD. There&#39;s no minimum amount to unstake. However, note that it is not possible to leave less than 1 EGLD staked.

### When are rewards distributed?
Rewards are distributed daily (At around 02:20 PM UTC). If you want to have the rewards available, you will need to claim them. Claiming takes seconds and you are charged a small transaction fee.

### How can I unstake and how long does it take to unstake?
You can unstake your EGLD at any time. The entire unstake process takes 10 days.
You have to initiate the unstake process through an unstake transaction.
10 days later, you will need to finalise the withdrawal of your unstaked EGLD.

### How much will I earn?
At StakeAfrik, you’ll earn up to 20% APR depending on how many tokens you stake with us.
APR (Annual Percentage Rate) is how much you will earn from the investment each year.

## Conclusion
You’ve seen that staking isn’t as hard as you may have thought it would be. It’s so easy that anyone can understand. We trust that this article has helped you, so, you can now stake your EGLD confidently because you’ve been armed with the right information. To learn more about Elrond and how to buy, sell or stake your EGLD, contact StakeAfrik today.

Elrond's eGold (EGLD) Staking

If you’ve been around the internet for a while, you must have heard of the term “blockchain”. A blockchain is a platform that cryptocurrencies run on. Cryptocurrencies are decentralised digital currencies that can be used like fiat currencies. Because they are decentralised, owners have complete control and full responsibility for them. You are your bank with cryptocurrencies. You have access to your funds every time. But if you lose access to your funds, you may not be able to recover them. Unlike fiat currencies in which the government mints new notes from time to time, with cryptocurrencies, anybody can print the currency as long as they follow the rules.

There are different cryptocurrencies available today. There is bitcoin (BTC), ether (ETH), Elrond&#39;s eGold and all the rest. These cryptocurrencies are powered by different blockchain networks. The Elrond blockchain powers its native cryptocurrency: [Elrond&#39;s eGold (eGLD)](https://stakeafrik.com/blog/read/what-is-the-elrond-blockchain).  It is a highly decentralised, cheap and efficient blockchain platform designed to solve the problems of scalability that is common with older blockchain networks.

Launched in 2020, the network has shown much promise and is gaining popularity every second. The Elrond blockchain is used for decentralised apps and the new internet economy. By simplifying the blockchain, [Elrond](https://elrond.com) makes developing and using apps on the network an exciting experience for developers, users, corporations, firms, and more. The Elrond blockchain may be the future of true financial freedom. Keep reading to learn more.

## Who Created the Elrond Blockchain?
Although it just recently became popular, the Elrond blockchain has been around for some time. It was created in 2017 by Beniamin Mincu, Lucian Mincu, and Lucian Todea. Their company is based in Malta. At first, the Elrond Blockchain coin was named elrond (ERD). When they launched a private investment round in June of 2019, they raised $1.9 million. After the first investment round, they issued an initial exchange offering where they raised $3.25 million in exchange for 25% of the total coin supply. Their project did not launch, however, or go public until July 2020. Then, the ERD coins were rebranded (to eGLD) and all coin holders were issued the new eGLD coin.

## The Elrond&#39;s Blockchain Coin: Elrond&#39;s eGold (eGLD)
The Elrond blockchain powers the eGLD coin. The eGLD is the unit of value that the Elrond blockchain runs on. On the Elrond blockchain, the eGLD coin is used for staking and validator rewards and as payment for all types of transactions on the network. So, it is used to pay gas fees on the Elrond network. The eGLD coin can be held in a web wallet or on [Elrond’s Maiar Wallet](https://get.maiar.com/referral/vgvr8zlnix). The Maiar wallet is more functional and allows users to transact quickly over the Elrond Network. With [Maiar](https://get.maiar.com/referral/vgvr8zlnix), users can stake, delegate, lend, borrow, send and receive eGLD faster than they can transact cryptocurrencies on other blockchains.

There are more than 50% of the total eGLD coins in use currently with more being released according to the emission schedule over the next 10 years until the final supply of about 31.4 million eGLD coins is reached. Because the eGLD coin has a relatively low supply and users are staking it more thus protecting the blockchain ecosystem, Elrond is projected to do well in the long term.
 

## The Elrond Blockchain: How it works 
Blockchains are built on [consensus mechanisms](https://www.investopedia.com/terms/c/consensus-mechanism-cryptocurrency.asp) to ensure that coins are minted honestly. The Elrond blockchain uses **Secure Proof of Stake** (SPoS) as its consensus mechanism. The Elrond Network is split into distinct multiple units called shards, all working in parallel to power and secure the Elrond Blockchain. In each shard, computer programs called validator nodes are selected randomly to secure and power the network. This selection is based on the amount of eGLD staked in support of the validator, their rating and a randomness source. At the end of a certain duration of time, called an epoch (approximately 24 hours), the validators selected will be rewarded some eGLD and the selection will be reshuffled.

In the Elrond blockchain, nodes are split into groups which are frequently shuffled to maintain maximum security, and prevent malicious groups from taking over the Elrond blockchain. Because Elrond uses the sharding process to split data, multiple nodes can process different transactions at the same time. This is why the Elrond blockchain is very fast since not all nodes have to work on the same transaction at the same time like in a proof of work consensus mechanism (a typical example is the bitcoin blockchain).

## The Elrond Blockchain: Application and Uses
Non-fungible tokens (or NFTs as they’re popularly called) are the hottest thing in the crypto space right now. They are used to represent ownership. In addition to creating a platform for developing decentralised apps, the Elrond blockchain supports NFTs and features an NFT framework called Smart Accounts. Smart Accounts are accounts that allow users to store large amounts of private or personal information — like emails, social security numbers, bitcoin addresses, health data and so on — directly in their Elrond Network account.
 

## Conclusion
The Elrond blockchain is an efficient, scalable, and inexpensive blockchain that can benefit people, organizations and businesses. By providing solutions on data exchange, the internet of things, financial services, and so on, we see that the Elrond Blockchain is versatile, can be easily adopted and can usher in the future we dream of. To learn more about the Elrond blockchain or stake your eGLD with us, visit our [website](https://stakeafrik.com) or keep an eye on our [blog](https://stakeafrik.com/blog).

Elrond's eGold (EGLD) Staking

What is the Elrond Blockchain?