Privacy is a cryptonetwork to deliver incognito mode for other cryptonetworks like Bitcoin and Ethereum.
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- How to stake PRV?
It’s easy to stake PRV. You can run a virtual node as long as you have a server or cloud instance, or you can buy a physical node, plug it in, and enjoy your earnings.
In either case, you must run a node on the incognito network.
- How much can I earn staking Incognito (PRV)?
The individual rewards depend on the relevant blockchain metrics:
- Current Block Reward – 1.38666 PRV
- Block Time ~ 40 seconds (350 blocks per epoch)
- Daily Network Rewards (Transaction Fees) – Variable
- What % of Circulating Supply is being staked – Variable
Every epoch, stakers are randomly selected to be a part of the shard committee. Since there is only one amount that can be staked (1750 PRV), all nodes have an equal chance of selection. The selected staker joins the committee which validates the block (currently comprised of 32 validators). He/she then receives the block reward in PRV and the transaction fees paid in the transacted coin, split between the other stakers in the committee. This way, stakers don’t just earn PRV, but also any cryptocurrency that is used in incognito mode.
As more users join Incognito and more coins are transacted, the amount stakers earn will rise. The rising price of PRV and the inclusion of other coins in block rewards makes extreme earnings growth plausible.
In our Staking Calculator, you can play with the above-mentioned metrics to understand the dynamics and create all kinds of reward scenarios.
- What are the requirements to stake Incognito (PRV)?
You need 1750 PRV to stake.
The minimum server requirements for virtual nodes are 4GB RAM, 4 CPUs, and 100GB SSD.
The physical nodes come with everything you need except the internet connection, and use as little as $0.08 usd/day for electricity.
- Is there any risk to stake Incognito (PRV)?
As with any cryptocurrency, price drops are an inherent risk. PRV is a coin with a strong purpose in the network, and given the importance of privacy to individuals and blockchain technology, the demand for PRV will grow as awareness of the project grows. So far, this has proven true in the price of the coin since its launch.
In addition, since Incognito anonymizes cryptocurrencies, encouraging private transactions using the coins, PRV enables better use of other cryptocurrencies rather than competing with them. This creates more opportunities to use existing popular coins, raising participation in both the shielded coin’s network and Incognito. With a symbiotic relationship to other chains/coins, the risk of PRV being overshadowed by another currency is significantly mitigated.
With some coins, the risk of your coins being slashed when staked can be worrisome. But with Incognito’s slashing mechanism, rather than losing your PRV, your node is just removed from the selection process for a number of epochs. In addition, since Incognito uses a PoS rather than a DPoS consensus method, you don’t have to worry about delegating another user and the risks involved.