In a typical developing market like Ghana or Nigeria many problems exist which makes transactions very difficult to happen. For instance, the currency depreciation makes investment unattractive and also makes holding foreign currencies not feasible. The prices of goods and services keep doubling and inflation continues to increase.

Let’s take for instance, Nana Kwame, an upper middle income investor who is looking to increase his investment portfolio. Nana Kwame is a father of 2 children and has 2 growing businesses. He also is keen on increasing his wealth by increasing the channels of investing. He heard of cryptocurrency and paid for an online course and conference to learn about cryptocurrency. He also has a special interest in starting or investing in a cryptocurrency related business. He is quite knowledgeable about cryptocurrency and reads a lot of news around the digital currency. He spends most of his time at his second business since he just started it 2 years ago; a CPG online retail business. He is 38 years old and likes to travel a lot mostly for business and then leisure.

He knew he wanted to diversify his income and build wealth using different blockchain related platforms. He wants to start trying out how to gain some money using cryptocurrency. Alternatively, he is looking to try different crypto staking and rewards marketplace platforms in Africa. He was hoping for a platform that has a community that he can network and leverage in order to move to the next level of his career.

Just like Nana Kwame, there are others like Kojo Yeboah, a digital savvy guy who is not convinced with the interest he earns on his savings account and like the risk taker he is, he decided to join a token staking platform. Or Bolanle, a Nigerian banker who is looking to join the crypto community. She also wishes to find a genuine way to have her savings work for her, and generate rewards.

What is a token staking platform?

A crypto staking platform is a crypto exchange, broker, or app that lets you earn rewards on cryptocurrencies. To earn rewards, you commit your cryptocurrency to the platform, which is known as staking. That platform then pays you a rewards rate on your deposit.

Crypto staking is a way of earning passive income, and it can be seen as the crypto world’s equivalent of earning interest or dividends while holding onto your underlying assets.

In some ways, staking is similar to depositing cash in a high-yield savings account. Banks lend out your deposits, and you earn interest on your account balance.

Staking is when you lock crypto assets for a set period of time to help support the operation of a blockchain. In return for staking your crypto, you earn more cryptocurrency.

Many blockchains use a proof of stake consensus mechanism. Under this system, network participants who want to support the blockchain by validating new transactions and adding new blocks must “stake” set sums of cryptocurrency.

Building StakePro- a modern and beginner-friendly dApp for African Crypto enthusiasts

Together with a group of professionals in product design, frontend development, backend development and smart contract engineers, we have developed a beginner friendly token staking platform.

StakePro is a decentralized platform for staking Ethereum tokens using the Lido protocol, built on the Ethereum blockchain. It is designed to provide users with an easy and secure way to stake their Ethereum tokens, and earn rewards for doing so.

The platform offers the following features:

1. Staking: Users can stake their Ethereum tokens on the StakePro platform. Staking is a process that involves locking up tokens for a period of time, during which users earn rewards. Users can choose the duration of their stake.

2. Unstaking: Users can unstake their Ethereum tokens from the StakePro platform at any time. Once the lock-up period has ended, users can unstake their tokens and withdraw them to their wallet..

3. Rewards: Users earn rewards for staking their Ethereum tokens on the StakePro platform. Rewards are calculated based on the amount of tokens staked, and the duration of the stake. Rewards are paid out in Ethereum tokens.

4. Lock-Up Period: Users can choose the duration of their stake, which determines the lock-up period. During the lock-up period, users cannot withdraw their tokens. Once the lock-up period has ended, users can unstake their tokens and withdraw them to their wallet.

5. Service Fee: StakePro charges a service fee for each stake. The service fee is a percentage of the total amount staked, and is used to cover the costs of running the platform.

6. Security: StakePro is built on the Ethereum blockchain, which provides a high level of security. All transactions are recorded on the blockchain, and are publicly visible. Additionally, the StakePro platform uses smart contracts to automate the staking and reward processes, which ensures that there is no possibility of human error or manipulation.

7. User Dashboard: StakePro provides users with a dashboard that displays their stake, rewards, and other relevant information. Users can view their stake history, rewards history, and other useful information.

8. Admin Dashbaord: StakePro provides admins with a dashboard that allows them to manage the platform. Admins can view user data, manage stakes, and perform other administrative tasks such as registering or de-registering other admins.

StakePro is a secure and reliable platform for staking Ethereum tokens. It provides users with an easy and convenient way to stake their tokens, and earn rewards for doing so. With its user-friendly interface and powerful features, StakePro is the ideal platform for anyone looking to earn rewards by staking their Ethereum tokens.

Current Features:

  • Simple and user-friendly interface for staking on the Ethereum network
  • User dashboard that displays users’ stake, rewards, and other relevant information.
  • High staking uptime and reliability
  • Integration with top staking providers such as Lido.
  • Real-time staking status updates and alerts
  • Multiple wallets support, including MetaMask and TrustWallet
  • Customer support

Upcoming Features:

  • Diversification through integration with Uniswap to support staking more tokens
  • Integration with more staking providers for increased user choice
  • Staking pool comparison and analysis tools
  • Mobile app for on-the-go staking management
  • Comprehensive staking education resources
  • Advanced staking options and customization features

With StakePro, users can easily enter the staking ecosystem and start earning rewards before unstaking becomes available on Ethereum 2.0. The user-friendly interface and integration with top staking providers ensure that users can stake with confidence, while upcoming features such as diversification and staking pool comparison tools will provide even more opportunities for users to optimize their staking strategy. Additionally, StakePro’s customer support and comprehensive staking education resources will ensure that users have all the information and assistance they need to succeed in staking.

Take home

Generally speaking, cryptocurrency staking offers returns that exceed those you can earn in a savings account. However, staking is not without risk. You’ll earn rewards in crypto, a volatile asset that can decline in value.

Sometimes, you have to lock up your crypto for a set period of time. And there is a chance that you could lose some of the cryptocurrency you’ve staked as a penalty if the system doesn’t work as expected.

That said, staking can also be a way to grow your crypto portfolio using assets you plan to hang onto for a while. Staking is also a more energy efficient way of running a crypto network than the mining process used by Bitcoin and some others.

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