What is Staking?
Staking is to reward our Hodlers, and long-term investors, that wishes to hold BITTO for long-term gains.
After I have checked my balance, do I need to restake?.
Yes, you need to start staking again.
What do the Minimum 10 days staking mean?
It is the minimum days you need to stake before you start earning dividends, we have lowered this from 15 days, and we wanted to ensure we reward medium to long-term Hodlers with a high amount of rewards.
What if I stake 5500?. Is the additional 500 calculated as well?
Yes, it is taken into account as well.
How are the rewards calculated?.
Interest dividend rates are calculated on per annum basis.
It is then divided into 4 Periods of 6 Months each Period
Period 1: 65% Per Annum ( APPROX 9 BITTO per day for 5000 BITTO ) UNTIL 2019.3.17
Period 2 ( 2019.3.17 --> 2019.9.13) : 34% Per Annum
Period 3 (2019.9.13 --> 2020.3.11): 20% Per Annum
Period 4(2020.3.11 --> 2020.9.7): 13% Per Annum
Staked at Period 1 with 25000 for 180 days (Minus 10 Days for Min Staking days)
Staking for 170/360*0.65*25000 = 7673 BITTO given approx.
Another example can be shown here.
Can I just continue staking for longer than 6 months?.
Yes you can.
Is there any maintenance cost for staking it, does it work like master node where I need to run a VPN server 24 hours, download a wallet and learn complicated scripts to run the node?.
Because everything is run from the smart contract, this POS reward payment will be solely supported by BITTO Exchange. And no, the only cost involved is sending the 0 transaction to your own wallet. Approx COST is $0.03 to nil.
Do I need to monitor this like a master node? Master nodes can disconnect from the unstable network with less than 99.9% uptime. This causes staking to reset and stop running. Does BITTO staking have the same issues?
No, NO monitoring necessary. BITTO staking will run without the need to supervise, monitor or worry.
Because BITTO staking runs from the smart contract on the Ethereum blockchain itself, it will calculate the time you stake without the worry of disconnecting and stopping.
Is there anything that I should be concerned about security? Do I need to put all my precious BITTO on your exchange to earn the dividends like other exchange platforms?
The only time you want to put BITTO on the exchange platform is to have your trading fees reduced. (Soon to be implemented function). We believe in decentralization and maximum security, and that is why we work very hard to make sure that YOUR cryptocurrency security lies with you. BITTO staking is done from your OWN wallet.
How many total BITTO will be given as dividend staking rewards?.
Total of ONLY 5 MILLION BITTO will be rewarded in estimated time of 2 years or more, which will be 30% of the circulating supply.