Staking involves securing your cryptocurrency by temporarily placing it in a locked state to receive rewards. This method supports network security and allows you to generate passive revenue. In our guide, we’ll walk you through how to stake Fetch.AI using Coinbase.
Introduction
Fetch.AI is a decentralized machine learning platform that enables autonomous economic agents to perform useful economic work. It uses a unique consensus mechanism called Proof-of-Stake (PoS) to secure the network and reward its users for staking their tokens.
Step 1: Create a Coinbase Account
If you don’t have a Coinbase account, you can create one by visiting Coinbase. Follow the instructions to sign up and verify your identity.
Step 2: Buy Fetch.AI Tokens
Once you have a Coinbase account, you can buy Fetch.AI tokens by visiting Coinbase Pro. Follow the instructions to buy FET tokens using your preferred payment method.
Step 3: Transfer Your Tokens to a Staking Wallet
To stake your Fetch.AI tokens, you need to transfer them to a staking wallet. You can use any wallet that supports PoS staking, such as MyEtherWallet. Follow the instructions to create a new wallet and transfer your FET tokens to it.
Step 4: Stake Your Tokens
Once you have transferred your FET tokens to a staking wallet, you can start staking them. To do this, visit Fetch.AI’s staking page. Follow the instructions to connect your wallet and select the amount of FET tokens you want to stake. You will earn rewards based on the amount of tokens you have staked and the length of time they are locked up.
Conclusion
Staking Fetch.AI on Coinbase is a simple process that can help you earn passive income while securing the network. By following the steps outlined in this article, you can start staking your tokens and earning rewards today.