Hedera Hashgraph’s Native Staking is a way for HBAR owners to leverage their assets to gain more HBAR. Unfortunately, users of Ledger hardware wallets have been left behind and excluded from Native Staking, until now…The world of cryptocurrency is constantly evolving and expanding, with new opportunities to spend, save and earn cryptocurrencies emerging every day. One such opportunity is Native Staking on Hedera Hashgraph, a decentralised public network that offers fast, secure, and fair transactions. In this blog, we’ll discover what Native Staking is and guide you through the process of setting up your Ledger, creating a Yamgo account, and enabling Hedera Native Staking on your hardware wallet. What is Hedera Native Staking?Hedera is a decentralised, open-source, proof-of-stake public ledger that utilises the leaderless, asynchronous Byzantine Fault Tolerance (aBFT) hashgraph algorithm as a method of consensus and security. In July 2022, Hedera introduced Native Staking, as a new way for HBAR owners to make the most of their HBAR and to ensure the security of the network. Staking is a consensus model that operates in many blockchains and distributed ledgers, including Hedera. This model involves nodes that add information to the chain/ledger and gain trust by staking their currency to the node. The more cryptocurrency staked to a node, the more trustworthy it becomes in the eyes of the network. This allows users to earn staking rewards, with popular networks like ETH 2.0, SOL and LUNA being some examples of networks that use staking. Native Staking on Hedera allows you to earn rewards by staking your HBAR to a node. Currently, Hedera network nodes are run by members of the Hedera Governing Council, with each node having an equal stake and trust in the consensus mechanism. Native Staking changes this. By staking your HBAR to a node you increase that node’s trustworthiness and, in turn, you earn rewards from the transactions processed by that node. Unlike other staking methods, Native Staking does not have a lock-up period, bonding or slashing. Your HBAR remains yours and you have full access to it at all times. This makes Native Staking a convenient and easy way to increase your HBAR holdings.
Can I use Hedera Native Staking on my Ledger?Yes… but currently only with Yamgo. Since the launch of Native Staking the teams behind Hedera and Ledger have been working on delivering support for Native Staking, however, that support is estimated to be a couple of months away from launch. Recently, while working on some new features for the Yamgo Wallet, the Yamgo Dev Team discovered a way to enable limited support for both Native Staking and HTS Tokens, such as the Yamgo Token. This means that Ledger owners can now use Yamgo to earn Native Staking Rewards and also enroll in Club Yamgo to earn free YAMGO and NFT rewards.
How to set up Hedera Native Staking on a Ledger devicePart 1: Setting up your LedgerThe first step in enabling Hedera Native Staking is to set up your Ledger device. If you have already set up your Ledger device, you can skip this section and proceed to Part 2.
Part 2: Setting up your Yamgo and Hedera AccountThe final step in enabling Hedera Native Staking is to create a Yamgo account and set up your Hedera Wallet.
It’s important to note that there are some known limitations to using a Ledger device for Hedera Native Staking. You will not be able to change the staked node or Hedera account until full staking support is added by Ledger. Also, while you will be able to store and accrue HTS tokens, currently the ability to send them to other accounts is unsupported (This does not affect your HBAR which you can still transfer). This effectively locks those tokens to the account until full Hedera Token Service is available.. It is important to take into account that this new feature is intended to serve as a temporary solution until the official support from Ledger is made available. This enables Ledger owners to take advantage of Club Yamgo and native staking benefits immediately, thereby potentially accruing additional rewards for a considerable period of time. Stop waiting, Start earning! The post How to enable Hedera Native Staking with Ledger and Yamgo: A comprehensive guide appeared first on Yamgo Blog. Read original post here: https://blog.yamgo.com/enable-hedera-native-crypto-staking-with-ledger-and-yamgo-guide/
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