My dream of financial independence centers around passive income - income that I don't actively work for. This passive income can come from investments in stocks, bonds, crypto, or anything else that suits my needs. Crypto staking and crypto dividends are playing an increasingly important role in producing income in my portfolio.
If you are new to my writing, welcome and thank you for reading. I publish my results every month, but today I want to give a brief overview of 2 new staking coins that I am adding.
Please note that for now this is a test position. I am learning how staking in these coins works by trying it out, maybe failing, and seeing what happens. I am in no way an expert, just a curious crypto sardine (the opposite of a whale). If the staking goes well over the next couple of months, I will increase my position.
1. Zilliqa
What is Zilliqa?
Zilliqa brands itself as scalable, secure, and decentralized. The heart of Zilliqa is its sharding technology, allowing it to scale linearly as the blockchain grows in network size. This leads to lower gas fees than other chains such as Bitcoin and Ethereum and faster confirmation times. It also has a unique smart contract language, Scilla.
Zilliqa Staking
I am initiating staking of Zilliqa on Atomic Wallet, where 19% staking returns are advertised. So far the process has been smooth - after swapping for ZIL, I chose a validator, paid the small network fee of 6 ZIL (only a portion of this actually went to the network fee while the rest stayed in my wallet as "Available"), and I am now waiting for my first staking rewards. I have staked for approximately 48 hours, so I am very excited and curious for what happens next. I've already noticed a trickle of ZIL appear in my claimable balance!
2. Cardano
What is Cardano?
Cardano is a proof-of-stake blockchain that is built to be decentralized, secure, and sustainable. Cardano.org highlights use cases ranging from education and agriculture to government and healthcare.
Cardano Staking
I am also staking Cardano/ADA on Atomic Wallet, to simplify my accounting, where the staking reward is estimated as 5%. The ADA represent a portion of the Cardano network, and by joining a staking pool, I am able to earn staking rewards.
To start I had to use 2 ADA as a "one time deposit", but unlike other staking chains like Tron, Cosmos, and ZIL, there is no freezing of assets, so I am free to move around my ADA as I see fit.
Because of Cardano's use of "Epochs" as a time scale when staking, I expect (hope) to receive my first staking rewards in around 20 days. Each epoch is 5 days and it will depend on the current epoch's timing to determine the exact day the rewards will arrive. My confusion in the timing of all of this is why I am just testing it out!
Thank you for reading! Please like, follow, and comment! I will surely keep you all updated!
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