Staking refers to making cryptocurrency deposits on the blockchain to verify possession to the platform. As most blockchains reward users for staking, users who stake MOI are qualified to purchase or bid for rare items.
Staking participants gain access to participating in all premium items in MOI auctions. Auction items under shared ownership can be traded in different currencies (credit cards, Ethereum). Items under shared ownership in MOI token are available for “rental” to generate profit, which is shared among the owners according to their stake.
During the process of the auction, the participant bears the responsibility to verify the possession and staking of the MOI token.
Thus, staking is being defined in MyOwnItem as the gaining of access and authority to special interaction by depositing and staking the cryptocurrency to the platform.
Participants to token staking are mandated to verify possession to the platform for a certain period of time and it is done by setting a lockup.