In order to place a Stake on Algo using the Binance pool - do I need a license from Algo for this?
this is strange question… Algo is the token. Algorand inc is the company that has invented algo. Algorand foundation is non profit org for managing algo…
Who you want a licence from? Algo protocol does not have any licence requirements… Algorand inc nor Algorand foundation does not issue any licences…
Btw, the staking works the best in cold wallets… just generate the address, buy some algos for example at the binance, and send it there… There is plenty videos on youtube on how to stake algos… start there
Btw, each exchange coinbase, or binance either takes your staking or takes some percentage of your staking (they make money on your staking… reat their terms)… so the best practice is to pull out the algos from the exchange
how they yield profit?
every account gets approx 5.72% pa by the basic protocol giveaway … you can find exact percentage here
so the exchanges gets your rewards when you have algos on the accounts with their private keys… and some of that share this rewards with you… eg the coinbase has in the terms they give you 75% of the staking they get from your account… so they basically take 25% of your money you could have if you stake on the account where you have the private key
private key - is 14 digit code?
nope… the 25 word mnemonic consist of public and private key… the algo address is basically the public key… if you are interested in cryptography try to google/youtube private public key