What is a Referral?

A business referral is a recommendation made by one individual or business to another, encouraging them to consider a specific product, service, or company for their needs. Referrals can come from various sources, including influencers, affiliates, customers, employees, partners, or other businesses. Referrals are one of the most powerful forms of word-of-mouth marketing because they rely on trust and personal connections. When someone refers a business or product, they are vouching for its quality and suitability.

According to Nielsen, 88% of global respondents trust recommendations from people they know more than any other channel. By building a referral program, your team can tap into this trust as well as the $21.1 billion global influencer market.

You can track and report on your referrals from partners using various methods, such as:

Manual recording: In some cases, especially with small businesses or informal referral programs, referrals may be tracked manually through spreadsheets or simple databases.
Referral codes or links: Share codes or links with your referral partners. When a customer uses the code or link to make a purchase or take an action, it is tracked back to the referrer.
Cookies and tracking pixels: Set up cookies or tracking pixels to monitor website visits and actions that result from a referral link.
Referral tracking software: Auto-generate and track these various referral signals with PRM software that automates referral tracking. These systems can provide detailed analytics and reporting with both your team and your referral partners.

Tracking business referrals is essential for several reasons. Knowing where referrals come from helps your business attribute the source of new leads or customers accurately. And, in cases where individuals or entities are given commissions or incentives for referrals, tracking them ensures fair compensation.

Finally, referral data can provide insights into which sources or channels are generating the most referrals for your business, enabling you to allocate resources more effectively.

Ultimately, referrals are about relationships. They are built on trust, mutual benefit, and the belief that your business can provide value to others. By investing in relationships with your partners, setting up easy referral systems, and delivering excellent products and service, you’ll generate more sales through referrals.

Automated Referral Partner Management with Impartner | Download a Referral Partner Agreement Template | 15 Referral Program Ideas for Growing Your B2B Sales | How to Build a B2B Referral Program: Your Guide

Different Staking methods

We selected the best staking methods, but there are many staking methods in each blockchain network.

For Binance Smart China Blockchain

You can usually find this type of Staking with the best reward in the Binance exchange itself

Staking in the Solana network

For this method, you can use staking codes like Stakingusdc.sol, which is better done in the Phantom wallet.

Staking on the Tron network

You can use TRONLink nodes for this, but you need to be a bit professional

Staking on the ERC20 network

There are many ways to do this. You can use Trust Wallet with Trust Nodes code

Sticking in the TON network

For this method, you need to create a special wallet on Telegram social media

Baby Doge token staking method

This staking token is included in Smart Contract, so there is no need to do anything, just keep this token in the wallet.

What is Staking?

Like a lot of things in crypto, staking can be a complicated idea or a simple one depending on how many levels of understanding you want to unlock. For a lot of crypto users, knowing that staking is a way of earning rewards while holding onto certain cryptocurrencies is the key takeaway. But even if you’re just looking to earn some staking rewards, it’s useful to understand at least a little bit about how and why it works the way it does.

How does staking work?

If a cryptocurrency you own allows staking — current options include Ethereum, Tezos, Cosmos, Solana, Cardano and others — you can “stake” some of your holdings and earn a reward over time.

The reason your crypto earns rewards while staked is because the blockchain puts it to work. Cryptocurrencies that allow staking use a “consensus mechanism” called Proof of Stake, which is the way they ensure that all transactions are verified and secured without a bank or payment processor in the middle. Your crypto, if you choose to stake it, becomes part of that process.

Why do only some cryptocurrencies have staking?

This is where it starts to get more technical. Bitcoin, for instance, doesn’t allow staking. To understand why, you need a little bit of background.

Cryptocurrencies are typically decentralized, meaning there is no central authority running the show. So how do all the computers in a decentralized network arrive at the correct answer without having it fed to them by a central authority like a bank or a credit-card company? They use a “consensus mechanism.”
Many cryptocurrencies — including Bitcoin and Ethereum 1.0 — use a consensus mechanism called Proof of Work. Via Proof of Work, the network throws a huge amount of processing power at solving problems like validating transactions between strangers on opposite sides of the planet and making sure nobody is trying to spend the same money twice. Part of the process involves “miners” all over the world competing to be the first to solve a cryptographic puzzle. The winner earns the right to add the latest “block” of verified transactions onto the blockchain — and receives some crypto in return.

For a relatively simple blockchain like Bitcoin’s (which functions a lot like a bank’s ledger, tracking incoming and outgoing transactions) Proof of Work is a scalable solution. But for something more complex like Ethereum — which has a huge variety of applications including the whole world of DeFi running on top of the blockchain — Proof of Work can cause bottlenecks when there’s too much activity. As a result transaction times can be longer and fees can be higher.

What is Proof of Stake?

A newer consensus mechanism called Proof of Stake has emerged — with the idea of increasing speed and efficiency while lowering fees. A major way Proof of Stake reduces costs is by not requiring all those miners to churn through math problems, which is an energy-intensive process. Instead, transactions are validated by people who stake their tokens.

Staking serves a similar function to mining, in that it’s the process by which a network participant gets selected to add the latest batch of transactions to the blockchain and earn some crypto in exchange. Stakers also help establish which blocks are valid.
The exact implementations vary from project to project, but in essence, users vote their tokens to ensure the security of the blockchain. Their staked tokens act as a guarantee that they are acting in good faith and as a disincentive to violating the protocol rules.

What are the advantages of staking?

Many long-term crypto holders look at staking as a way of making their assets work for them by generating rewards, rather than collecting dust in their crypto wallets.

Staking is also a way to contribute to the security and efficiency of the blockchain projects you support. By staking some of your funds, you make the blockchain more resistant to attacks and strengthen its ability to process transactions.

What are some staking risks?

Staking often requires a lockup or “vesting” period, where your crypto can’t be transferred for a certain period of time. This can be a drawback, as you won’t be able to trade staked tokens during this period even if prices shift. Before staking, it is important to research the specific staking requirements and rules for each project you are looking to get involved with.

How do I start staking?

Staking is generally open to anyone who wants to participate. That said, becoming a full validator can require a minimum number of tokens, technical knowledge, and a dedicated computer that can perform validations day or night without downtime. Participating on this level comes with security considerations and is a serious obligation, as downtime can cause a validator’s stake to become slashed.

But for the vast majority of participants there’s a simpler way to participate. Via an exchange like Coinbase, you can contribute any amount you wish, without needing to purchase or operate expensive validator hardware. Staking is available to most Coinbase customers in the U.S. and many other countries.