Secure Cosmos delegation
Offline delegation for Cosmos using AirGap — Offline device approach
From Banks to Crypto
In 2014 the European central bank decided to impose negative interest rates, soon many countries followed this concept and now possessing money in a bank account results in monthly deductions. On the other hand in the crypto world, you can still earn your interests. Certain cryptocurrencies have implemented a form of interest rates called delegating.
The following guide is for users who already generated secret with AirGap. If you are new to the Crypto space we highly recommend you to check out our AirGap setup guide.
When delegating your Atom there are two approaches with AirGap. The Offline device approach, which is the most secure will be covered in this article, this method is recommended when delegating on AirGap.
Important: Delegation takes time. If you plan to buy and sell in the short term, this is not the right way to go. Delegation is for long time holders or long term investments.
For this approach have the following devices ready.
online phone / Companion Wallet, on which you have the AirGap Wallet ready
offline phone / Cold Wallet, on which you have the AirGap Vault installed
- Unlock your Device and head to your AirGap Wallet (Image 1)
- Select Accounts and then chose your Atom account (Image 2)
- You will now see a button saying delegation, hit that and you’re almost there! (Image 3)
4. If you have done all right you should be on the validator detail page, if not repeat steps 1–3
5. Check the validator details and subsequently hit delegate
6. Now you will have the option to sign the transaction on the same device or with your offline device. If you have a Same device setup check this guide (Link) for more info! Else proceed with the Offline device option( Image 5). NOTE: You will be prompted to insert your device’s password (Biometrics, Pattern, Code), on the offline device.
Sign Delegation Transaction
7. Take your offline device and open the AirGap Vault
8. Open the QR scanner and scan the QR code which is displayed by the online device (Image 6)
9. Now you will have to sign the transaction (Image 7)
10. You will get a QR code generated for that specific Transaction. As the description says Head to your Online Device and open the QR scanner there. (Image 8)
11. Once your scanner has identified the QR code (Image 9)you will be redirected to the “Confirm Transaction’’ page, that’s where you confirm the transaction. (Image 10)
12. You are all set up and delegating! If you want to see your transaction you can check them by pressing “open blockexplorer’’. (Image 11)
Delegation is an easy but complex concept which most people seem to find hard to understand. What at the beginning was very new technology to the crypto world, today is moving to mass adoption. We, the users, are so-called “Delegators”, which have Voting Power. Remember every single person holding ATOMs has this sort of Power. You may wonder how this benefits the Cosmos ecosystem and this can be answered with a simple word. Decentralisation. This is key to the underlying technology, Blockchain. When Delegating you will have to choose a Validator which has, according to the total amount of delegated atoms, Voting power in the ecosystem. Hence this distributes the power such Validators have and not give the whole power to one entity.
When choosing your Validator chose our AirGap Validator or one form the following list. When you delegate you are validating transactions and creating new blocks. Hence you get rewarded for helping the ecosystem. If you have further questions regarding delegation join our Telegram chat and ask your questions!
Note: AirGap is not a financial institution, we do not advise on investing. You are doing so on your own risk!