Crypto.org Chain is a proof-of-stake (PoS) blockchain network, and CRO Staking is enabled for everyday users via the delegated-proof-of-stake (DPoS) consensus protocol.
Users can entrust their native CRO tokens to a reputable Validator. Validators run nodes on the Crypto.org Chain network to validate transactions and earn block rewards in CRO, which are then distributed to Delegators after a Validator commission is taken. Please note that Crypto.org Chain Staking necessitates staking native CRO on the Crypto.org Chain Mainnet rather than ERC20 CRO on the Ethereum network.
While you can also stake your CRO via the crypto.com app and exchange, you may have noticed that this is a centralized solution. We recommend using the decentralized approach, and thus you can stake with a decentralized wallet via the DeFi Wallet of crypto.com.
To do so, please go to: https://crypto.com/eea/defi-wallet and download the app for iOS or Android. Open the app and select “create a wallet”. Next, you will be shown the “terms of service” and “privacy notice”, take your time and read through them. Once finished, select “Continue”.
Next, you will be asked to create a passcode. Click on “create passcode” and enter a 6-digit code to continue. Be sure to write down the code or memorize it, as this will give you access to the app. Once you’ve filled out your desired passcode, you can enable 2-factor authentication and if applicable for your cell phone, FaceID. We recommend always enabling 2-factor authentication to keep your assets and account safe.
You will now be given a recovery phrase. Select “Reveal my recovery phrase”. You’ll need to swipe to reveal each word. Write them down in the right order and check if you’ve noted them all correctly. If so, select “continue”. Confirm your recovery phrase by inserting the requested words (see image below).
Once you’ve done so, all you need to do is choose a wallet name and select “continue” to open the dashboard.
To send $CRO to your wallet, you can either buy it directly in the Crypto.com app, or select “receive” to send the $CRO from another wallet to yours. Make sure to double check your wallet address to avoid any problems.
To start staking your $CRO, please select “Earn” on the bottom right menu in the DeFi Wallet dashboard. If you’ve never used this feature before, the amount of assets on the earn menu should be zero dollars. To start, select “Start Earning”.
It’s now time to choose your asset. Select $CRO by clicking on the little arrow on the right side of the asset (see image below). Next, fill in the number of assets that you’d like to stake, and select “Stake CRO” on the bottom of your screen.
Next, the validator list will appear. Scroll down to find the validator of your choice or type the name of your validator in the search box above. Next, click on the name of the validator and select “Confirm Validator”.
You’ll now see an overview of all the data. Look through the information and select “confirm stake” to confirm your decision once again.
Once your request is submitted you should see a similar screen as on the left-side image below. For more details on your transaction, select “View Details”.
You’ve now staked your $CRO assets. If you do not see your assets staked as in the right image above, please close the app and open it again. It might take a few seconds before any changes are noted in the app.
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.
As an enthusiast deeply immersed in the world of blockchain and cryptocurrencies, particularly in the field of proof-of-stake (PoS) networks, I can confidently delve into the intricacies of the article about Crypto.org Chain and CRO Staking published on Nov 19, 2021, by Gisele Schout. My extensive knowledge stems from both theoretical understanding and practical experience in dealing with various blockchain networks and staking protocols.
The article discusses Crypto.org Chain, which operates as a proof-of-stake (PoS) blockchain network. In PoS, participants can stake their native tokens to support network operations and, in return, earn rewards. In the case of Crypto.org Chain, this is facilitated through the delegated-proof-of-stake (DPoS) consensus protocol.
The concept of delegating tokens to a Validator is central to the article. Validators play a crucial role in the PoS network by running nodes to validate transactions and, in turn, earn block rewards. These rewards are distributed to Delegators after deducting a commission for the Validator's services.
A notable point emphasized in the article is the distinction between staking native CRO tokens on the Crypto.org Chain Mainnet and ERC20 CRO on the Ethereum network. This highlights the importance of understanding the specific blockchain and network requirements for staking.
The article advocates for a decentralized approach to staking, discouraging the use of centralized solutions such as the crypto.com app and exchange. Instead, it recommends utilizing a decentralized wallet, specifically the DeFi Wallet of crypto.com. The step-by-step guide provided in the article directs users on how to create a wallet and enable staking through the DeFi Wallet.
Security measures are also addressed, with the article recommending the use of 2-factor authentication and, if applicable, FaceID for enhanced account and asset protection. The importance of safeguarding the recovery phrase is underscored, emphasizing its role in restoring access to the wallet.
The detailed instructions on how to stake $CRO using the DeFi Wallet are comprehensive. Users are guided through the process of selecting assets, choosing a validator, and confirming the stake. The article emphasizes the need for users to double-check wallet addresses to avoid potential issues during transactions.
Lastly, the article concludes with a disclaimer, emphasizing that the information provided is not financial advice. It highlights the inherent risks associated with staking, delegation, and cryptocurrencies, including the possibility of loss and the potential for slashing in certain scenarios. The importance of conducting due diligence before choosing a validator is stressed, aligning with best practices in the volatile crypto space.
In summary, the article provides a comprehensive guide to CRO staking on the Crypto.org Chain, covering technical aspects, security measures, and risk considerations. It aligns with the broader trends in the crypto community toward decentralized finance (DeFi) and encourages users to make informed decisions based on a solid understanding of the underlying blockchain technology.
