What does ‘staking’ your Polkadot (DOT) tokens mean? Revolut Crypto Quiz Answers

What does ‘staking’ your Polkadot (DOT) tokens mean?

The Correct answer is It helps secure the network by locking up DOT tokens in return for a reward in DOT tokens.

In the Polkadot network, users can stake their DOT tokens to help secure the network and participate in the consensus process. Validators, who are responsible for validating transactions and adding new blocks to the blockchain, must stake a certain amount of DOT as collateral. This collateral is locked up and serves as a guarantee that the validator will act honestly.

In return for staking their tokens and securing the network, validators and nominators (users who delegate their tokens to validators) are rewarded with additional DOT tokens. This reward incentivizes users to participate in the network and helps ensure its security and integrity.

By locking up DOT tokens as collateral and rewarding participants for securing the network, Polkadot uses a Proof of Stake (PoS) consensus mechanism, which is more energy-efficient than traditional Proof of Work (PoW) mechanisms used by some other blockchain networks.

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What Is The Revolut Crypto Quiz?

Revolut, a financial technology firm, has launched a new educational initiative called the Revolut Crypto Quiz. This initiative aims to attract more users to its platform. Users can earn free Polkadot tokens, valued up to $15, by participating in interactive quizzes.

To participate, users need to register with Revolut and play the quiz. The quiz focuses on the Polkadot ecosystem and is divided into nine short, informative lessons.

The first set of quizzes is already available for users to play. However, Revolut has not announced when the next set of quizzes will be released.