$KNB Testnet staking is Live. How to work step by step

Decentralized finance (DeFi) is a mechanism in blockchain technology that allows users to become their own bank and access financial opportunities, such as yield-generation and digital asset trading. Staking is a popular way to earn passive income in DeFi by using idle tokens to secure and power a blockchain network through a Proof of Stake (PoS) consensus mechanism. Validators, or stakers, buy and lock tokens and put them “at stake” on the network in exchange for rewards in the native blockchain’s token for good behavior. Staking can be done individually or through staking pools, in which validators coordinate funding from token holders and do the majority of work in managing the network. The total value of staked digital assets is currently around $116 million, with over 4 million stakers worldwide.

Kronobit Staking

Initially, the staking system will only be available for use within the qbit networks chain testnet. Subsequently, with the launch of the main network of Qbit Networks Chain, users will be able to automatically stake their $KNB coins obtained through migration or acquired through pre-sale.

Users who bet $KNB on Kronobit will help provide security to help maintain the network. In return, they will receive $KNB rewards for their efforts.

Kronobit users can choose a lock duration between 1 week, 2 weeks and 1 month — the longer you lock your coins, the more $KNB you will receive in rewards.

How to stake your KNB coins?

Please note: This tutorial only temporarily applies to the qbit networkchain testnet. The step by step expressed in the text will not be definitive, since it will undergo important modifications in view of the implementation of the staking platform within the Qbit Networks Chain mainnet.

For now, we do not recommend interacting with the staking platform through Trust Wallet, due to possible failures or errors that this wallet may present due to the fact that its web version was recently launched.

1. Have at least 1 KNB (testnet) in your wallet. If you do not own it, you can claim it through faucet.qbitscan.com
2. Make sure you are connected to the Qbit Networks Chain testnet in your mobile or desktop wallet.
3. Go to staking.qbitscan.com (If you access from the metamask mobile app, make sure to connect from your own web browser)
4. Click on the Metamask icon.

5. Click on [participate] (remember this is a test staking)

6. Open a new browser tab (without closing the current one) and access the following web address

7. Within the website, locate the [deposit] section, add the desired amount of KNB testnet to deposit and click on [write].
Then confirm with your wallet and return to the previous window.

You can repeat this process as many times as you want each time you stake more KNB coins

8. Select your preferred lockout duration and enter the desired amount. Then click [stake] and voila! your staking will start successfully.

If you want, you can simultaneously stake (once you already have an active stake) the amount of KNB you want for as long as you want.

Help support Kronobit and earn rewards in the process for doing so.

Your questions, doubts or suggestions are very important to us, this helps us develop a better product and build the best ecosystem within the Qbit Networks Chain.

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