Cryptosmart enables staking on Ethereum, Cardano and Polkadot

The staking of cryptocurrencies is a difficult activity to carry out independently. Thanks to Cryptosmart, three simple steps are enough. March 9, 2022

What is staking

The staking of cryptocurrencies can be imagined as a process through which I constrain potential quantities of cryptocurrencies present in my wallet, obtaining interest, rewards, equal to a percentage rate paid over time, generated precisely by this restricted deposit.

Bitcoin and Ether 1.0 adopt a consensus mechanism called Proof-of-Work, which requires the work of Miners, specialized in solving mathematical calculations, using high-performance PCs and who in return receive crypto as a reward. This energy-intensive process must be supported, as anticipated, by sophisticated computers capable of carrying out complex mathematical calculations.

Each transaction, in the Blockchain, is inserted within a block, which must be verified before being added to the chain of previous blocks, to avoid errors that could compromise the information stored.

Miners are paid to carry out this verification process, consequently, they compete with each other to solve the block, as the first one who solves it will get a bitcoin reward.

The consensus protocol is the mechanism that keeps all the nodes of a network synchronized with each other, creating an ecosystem of self-control.

Cryptocurrencies such as ETH 2.0 (Ethereum), ADA (Cardano) and DOT Coin (Polkadot), on the other hand, use a "consensus mechanism" called Proof-of-Stake.

Proof of Stake (PoS) is an alternative consensus algorithm to Proof-of-Work, proposed in 2011 as a solution to the problems associated with the huge energy demand required to process the Proof-of-Work.

In the Proof-of-Stake the process through which supercomputers compete with each other to solve complex mathematical problems, i.e. mining, is replaced by a system, in which the so-called Validators guarantee the validity of the operations carried out by engaging a portion of their cryptocurrencies (so-called Stake). How to staking on Cryptosmart

Cryptosmart, always attentive to the evolutions of the cryptosystem and to the needs of the market, gives the possibility to value the wallet by holding and using the cryptocurrencies owned for the benefit of the blockchain, managing all those daily technical operations that characterize the Staking activity.

Cryptosmart, in particular, has created a simple and intuitive system: if you participate in Staking for a whole week, the blockchain rewards you with new cryptocurrencies, based on the type of cryptocurrency and the amount of cryptocurrencies used for staking.

At any time it will be possible to change the use of crypto and dispose of them freely.

Cryptosmart, on behalf of the user, through the high level of technical knowledge and its technological components, is responsible for managing the nodes of the blockchains in the most efficient way to maximize the production and validation of the blocks.

Cryptosmart offers the user the possibility of staking the following cryptocurrencies: ETH 2.0 (Ethereum), ADA (Cardano) and DOT Coin (Polkadot).

To start staking with Cryptosmart, just buy one of the cryptocurrencies indicated on the Cryptosmart platform or transfer the cryptocurrency from other wallets to the one at Cryptosmart.

The staking results will be visible once a week, every Saturday. The benefit calculation interval is weekly for all cryptocurrencies and starts from Saturday until the following Friday.

The distribution of the new cryptocurrencies will take place within the day of the Saturday following the reference week.

The total of the new cryptocurrencies is divided proportionally to the stake of each participant who has kept the cryptocurrency tied for the whole week.

Cryptosmart applies a 20% commission on new cryptocurrencies received by the user for the management of the IT infrastructure necessary for the staking and assistance activities.

At the moment, the staking activity is only available in the desktop / tablet version.

"Our platform is constantly evolving and the latest novelty we have proposed is that of staking, a new service that allows our users to increase their cryptocurrencies by staking them, using them for the production and validation of blocks of the blockchain. This represents an important innovation in the Italian cryptocurrency landscape: in fact, we have always been committed to the search for innovative systems at the service of ordinary people ", said Alessandro Frizzoni, Founder of Cryptosmart. Cryptosmart as a withholding agent

For the Staking service Cryptosmart acts as a withholding agent. The reward received by the Client in his wallet and deriving from the Staking activity cannot be of a financial nature, representing, rather, a form of reward paid by the Blockchain in consideration of the execution of the validation / validation operations necessary for the generation of new blocks .

In this context, it is believed that the cryptocurrency premium received by the customer who operates outside the business is still taxable and takes the form of a different occasional income pursuant to art. 67, paragraph 1, lett. l) of the TUIR, relating to the assumption of obligations to do, not do or allow.

Cryptosmart, therefore, upon the payment of this reward by the Blockchain, will intend to proceed as follows:

- will credit the share due to the user on the respective wallet net of the withholding tax of 20% provided for by art. 25 of the Presidential Decree 600/73;

- will pay this withholding tax as withholding agent by the 16th of the month following that of the credit;

- will deliver to the user, by March 16 of each year, the Single Certification certifying the sums paid in the tax period subject to certification as well as the withholding taxes withheld overall.

The customer will then have to independently assess the obligations for submitting the tax return, with the preparation of the RL part of the Individual Income Model. The Cryptosmart world

In the heart of Italy, in Perugia, in the green Umbria, without links with large banking or financial groups, or other foreign offices, in total independence, the heart of an all-Italian Exchange beats: Cryptosmart.

Cryptosmart was founded by a group of successful entrepreneurs: Claudio Baldassarri, Alessandro Frizzoni, Alessandro Ronchi, Alice Ubaldi and Massimo Zamporlini, who combined their skills, capital and passions to create a simple and winning solution to buy, deposit and sell digital assets such as tokens, Bitcoin, Ethereum and other major cryptocurrencies.

Designed for those taking their first steps in the crypto world as well as for expert users, Cryptosmart fully presents all the features necessary to meet the needs of even the most critical, from onboarding procedures to IT security fees, to providing precise and multi-level assistance. -channel.

Cryptosmart is the most innovative platform in the Italian Fintech landscape, thanks to its wide range of services, which, based on the latest technologies, allow anyone to easily access the world of cryptocurrencies. The Cryptosmart digital wallet is able to satisfy all the needs and transactions that can be carried out with different cryptocurrencies, offering the possibility to buy, sell and hold the main cryptocurrencies in maximum security and transparency.

Cryptosmart's sensitivity towards the crypto ecosystem and the pursuit of the goal of increasingly expanding their use in the real economy, in a totally safe, transparent and diversified way, has also made it possible to create Crypto Smart Market, the first peer-to-peer payment method through cryptocurrencies in Italy and Europe. To find out more, read here.

Tag: Cryptocurrencies Ethereum Fintech This is a paid article that appears on the portal cardan COMMENT: the taxation for other incomes in Italy is at 26 percent. making the anarchist world of cryptocurrencies compatible with the legal and official world of states and banks is difficult. We have succeeded. without block-chain.