Everstake Guide On How to Stake Decred: Staking Via Official Decrediton Wallet

Oct 3, 2019 · 4 min read

Technologies evolve, and blockchain consensus mechanisms change as well, providing new ways to secure the network via sophisticated algorithms such as Proof-of-Stake and others. Decred is one of those blockchain networks that provide a highly-secure environment for conducting financial operations, and also it allows the token holders to receive network rewards from the staking process. In this guide, you will learn how to stake Decred cryptocurrency via the Everstake provider using the official Decrediton Wallet.

Step 1: Set Up The Decrediton Wallet

Before we begin staking Decred, we have to download the official Decrediton Wallet from their website and install it on your device. It’s important to mention that the wallet is available for such operating systems as Windows, Mac, Linux, Android, and iOS.

Once the wallet has been successfully installed, you have to create a new wallet by clicking on the appropriate button and choosing the wallet name.

Then you have to save your seed phrase somewhere in a secure place and reenter it again for verification purposes while choosing your password.

After that, the Decrediton wallet will start fetching the block headers in order to connect to the blockchain.

Step 2: VSP Account Creation

Furthermore, you have to create a Decred account on the Everstake platform so that you can retrieve the API key which allows connecting a Voting Service Providers VSP to your wallet.

During the registration process, you have to enter your email address, choose the desired password, and open the verification link that will be sent to your email.

Once logged in, click on the button “Connect to the Wallet,” and then retrieve the API Key.

Step 3: Connecting VSP to the Decrediton Wallet

Now we have to connect a voting service provider to our wallet. You have to open the Decrediton application and click on the “Tickets” button, then copy your API Key from the Everstake Decred Panel.

Then choose the Everstake from one of the available Stakepools in the drop-down menu, insert your API key, and enter your account password to confirm the operation.

Once confirmed you will be able to see such details as the current Ticket Price, Pool Fees, Ticket Address and your Script.

In order to stake the desired amount of Decred, you have to purchase the appropriate number of tickets based on their price so that you could put into use the biggest part of your balance. By buying the Tickets, you delegate your DCR and vote for Everstake.

It’s also important to note that there are three types of Tickets;

1. Mempool Tickets — Tickets that will be mined by Proof-of-Work(PoW) miners. There are only 20 available tickets that can be mined during each block producing.
2. Immature Tickets — Tickets that can’t be used for voting until a 256 block maturing period that takes close to 20 hours.
3.Live Tickets — Or so-called matured Tickets that can be used for voting.

Enter the desired amount of DCR to buy Tickets and click “Purchase.” Once purchased you will be able to see them under the “My Tickets” section.

If you want to dive deep into Stakingpool performance, then click on the “Statistics” tab where you can check such parameters as Network Tickets, Active Users, Voted Tickets, Missed Tickets and other.

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We create a universal staking platform that is economically feasible and analytically transparent. https://everstake.one

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