Work In Progress
Updated: Mar 15, 2021
There is so much in my head. So much I have to balance. So that is what I will do. Lately, I've been trying to combine my artwork with crypto. I've been trying to find ways to work NFTs into my workflow. I kinda just want to document some of the thoughts swirling around up here.
What's the goal?
Short term: To upload my first NFT onto a platform. Learn from that experience
Long term: To get familiar and comfortable with NFTs. so that I am comfortable in that space. Bridge the gap between traditional and digital art because that is exactly what millennial's have had to do. I want collectors be able to earn them (social tokens). Use them for entry to special occasions of offers. I want to sell painting with NFTs. I want to fully integrate the use of them so that I know what's going on.
What progress have I made toward achieving my short term goal?
I bought my Oculus and Tilt Brush. I am getting familiar with creating in 3D. I can visualize myself creating beautiful things. I still need to finish my first piece and upload it to Sketchfab. Then what?
I have figured out how people can begin to pay me in BTC. I still need to make that process easier. The easier, the better.
I set up my first Ledger. I need to learn more about lending and staking
Actually, what is staking, and why would I? How painless is it? Is it considered passive income?
a less resource-intensive alternative to mining. It involves holding funds in a cryptocurrency wallet to support the security and operations of a blockchain network. Simply put, staking is the act of locking cryptocurrencies to receive rewards.
Proof of Stake. The main idea is that participants can lock coins (their “stake”), and at particular intervals, the protocol randomly assigns the right to one of them to validate the next block. Typically, the probability of being chosen is proportional to the amount of coins – the more coins locked up, the higher the chances. This way, what determines which participants create a block isn’t based on their ability to solve hash challenges as it is with Proof of Work. Instead, it’s determined by how many staking coins they are holding.
A staking pool is a group of coin holders merging their resources to increase their chances of validating blocks and receiving rewards. They combine their staking power and share the rewards proportionally to their contributions to the pool.
Setting up and maintaining a staking pool often requires a lot of time and expertise. Staking pools tend to be the most effective on networks where the barrier of entry (technical or financial) is relatively high. As such, many pool providers charge a fee from the staking rewards that are distributed to participants.
Cold staking refers to the process of staking on a wallet that’s not connected to the Internet. This may be done using a hardware wallet, but it’s also possible with an air-gapped software wallet. Networks that support cold staking allow users to stake while securely holding their funds offline. It’s worth noting that if the stakeholder moves their coins out of cold storage, they’ll stop receiving rewards. Cold staking is particularly useful for large stakeholders who want to ensure maximum protection of their funds while supporting the network. Staking on my Ledger.
What is lending? Is it safe? Why would I do it? How painless is it? Is it considered passive income?