What is VRX Staking
What is Staking?
Staking refers to placing your cryptocurrency into a smart contract that helps secure the network and validate transactions. Users who participate in staking receive rewards, usually in the form of interest based on the amount staked.
Verox has setup a dedicated staking dapp at stakevrx.com, with a current reward of 18% APY. To put things into perspective, according to NerdWallet the average APY for savings accounts in the USA is 0.06%.
The importance of 3rd party audits
Verox is all about transparency, and pushing forward with fusing the worlds of cryptocurrency and artificial intelligence. This is why we went ahead and got the source code of our staking smart contracts audited by Solidity Finance, the leading smart contract auditor. The results of the audit can be found here.
Staking is done via smart-contract. This means everything is in the code, and there is no possibility for error, since everything is done on the blockchain. The codes does exactly what it was programmed to do. This is why it is so important to have a reputable 3rd party audit the source code.
Fees and Locks
When you decide to stake your VRX, you are supporting the VRX network and making it stronger. Fee's collected during staking are used by the Verox team to advance the AI/ML technology.
0.25% fee when depositing into the staking contact
0.25% fee when withdrawing from the staking contract
After depositing into the staking contract, there is a 10-day period before funds can be withdrawn
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