BAND Staking Guide on IBC (Cosmostation)Wallet For iOS/Android/Web
--
Band Protocol entered into a strategic partnership with Cosmostation as a genesis validator for BandChain and drive BAND token utility through support in the Cosmostation iOS/Android/Web Wallet for our community to securely store and stake BAND.
This is a comprehensive and step-by-step guide on how to create a BandChain wallet and start sending, staking, claiming rewards, and managing your BAND mainnet tokens.
To learn more about the partnership, check out the official announcement below:
Step-By-Step Guide to Stake on Cosmostation Wallet
🙋♀️ Don’t hesitate to contact us via email or Telegram if there’s any questions or issues related to staking BAND.
Step 1 — Download Cosmostaion Wallet
Cosmostation Mobile Wallet is available in both iOS and Android. Search “Cosmostation” in Apple Store or Google Play to download and install the application.
Android: https://bit.ly/2BWex9
Step 2 — Create a BandChain Wallet
You can create your personal BAND address after opening the application. If you already have a personal BAND account, simply press “Import” to import your existing mnemonic phrase and load up your wallet.
Press “Create” -> “BAND Mainnet” -> “Show Mnemonics” -> Back up your mnemonic phrase and keep it in a safe place only accessible by you.
⚠️ NOTE: Mnemonic phrase is a private key that is not encrypted, meaning that anyone with access to the phrase will have full control of the underlying funds. As good practice, you should use physical means such as copying on a paper to back up your Mnemonic phrase and NOT keep a digital copy.
Next up you will create a PIN number that grants access to your BAND wallet being created.
Insert your PIN -> Confirm your PIN -> Your personal BAND wallet
⚠️ NOTE: There is no way to recover your PIN if you lose it, Cosmostation does not store any user information.
Step 3 — Deposit BAND to Your New BandChain Address
If you do not have any BAND in your account, you will need to deposit BAND to your address before staking or making transactions with your account.
⚠️ NOTE: Cosmostation Wallet supports BAND mainnet tokens, and not BAND ERC20 tokens (BAND Mainnet addresses start with “band”). Make sure to check if the wallet you are sending your BAND from is a BAND mainnet address.
Press the QR Code on the right of your wallet address -> Press “Copy” to copy your personal address.
Scan the QR Code or paste this address to send BAND to your new BandChain wallet from another personal address or from an exchange address.
Step 4 — Delegate (Stake) Your BAND to Validators
With BAND in your new BandChain address, you can now delegate to validators of your choice to start earning passive block rewards.
Press the “Delegate” button in the main dashboard -> Press the “Top” tab to view the top 100 validators open for delegation -> Select Cosmostation and press the “Delegate” button.
🙋♀️ NOTE: The above example displays the process of choosing Cosmostation as the validator. Validator choice is entirely up to the delegator and is not limited to just one.
Enter the amount you wish to delegate -> Enter memo (optional) -> Select transaction fee -> Confirm Tx detail -> Enter PIN
Delegated BAND tokens will not be able to make additional transactions. Make sure to leave a minimal amount of BAND for transaction fees for future transactions.
Step 5 — Claiming BAND Staking Rewards
With your BAND delegated, your staking rewards will accrue on a per-block basis. You can manually claim these rewards in order to have it transferred to your available amount ready for re-delegation or transfer.
Press “Delegate” -> Press the validator you wish to claim rewards from under the “My” tab -> Press “Claim Reward” -> Press next to confirm your transaction -> Enter PIN
Claimed rewards will now show up under “available” in the main dashboard.
Step 6 — Withdraw BAND (Optional)
If you wish, you can securely withdraw/send BAND to another address.
Press the “Send” button (blue circle with the rocket icon) -> Enter recipient address -> Enter the amount you wish to withdraw -> Insert memo (optional) -> Select transaction fee -> Confirm Tx detail -> Enter PIN
⚠️ NOTE: Withdrawing funds to an exchange may require a ‘memo’ that is specifically assigned to users to identify deposit and match according to respective accounts. Make sure to include the memo if required to avoid losing funds.
Step 7 — Undelegate From Validator (Optional)
Staked BAND can be undelegated from a validator but will be locked up for 21 days in order to be available for transfer. During this time, the amount requested will be displayed in the dashboard under ‘unbonding’.
Press the “Undelegate” button -> Enter the amount you wish to undelegate -> Insert memo (optional) -> Select transaction fee -> Confirm Tx detail -> Enter PIN
About Cosmostation
Cosmostation is an enterprise-level validator node infrastructure & end-user application provider based in Seoul, South Korea. Cosmostation runs validator nodes across several networks, specifically focused on networks built with Tendermint & Cosmos SDK. Along with node operation, Cosmostation develops and maintains Mintscan Block Explorer for Tendermint-powered networks and Cosmostation iOS, Android, Web Wallets to support in-depth features for modules specific to each network.
Website | Github | Block Explorer | Medium | Twitter | Telegram
| Android Wallet | iOS Wallet
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
Website | Whitepaper | Telegram | Medium | Twitter | Reddit | Github
