Passive Income with Cobo Wallet: How to stake IOTEX (IOTX)
About IoTeX
The world no doubt became a better place to live in since the advent of the Internet. IoT especially, has seen greater adoption in homes and workplaces in recent years as data collection becomes more important than ever before. IoT devices help us to collect and exchange data, allowing us to be smarter and more productive than ever before.
IoTeX is a privacy-centric blockchain platform to power the Internet of Trusted Things, where devices, applications and people can freely collaborate and exchange data.
Potential use cases for IoTeX includes enabling secure data collection and exchange in smart homes, supply chains, autonomous vehicles and many more.
The IoTeX Network is designed to be scalable, with in-house innovations such as the quick and robust Roll-DPoS consensus, blockchain-in-blockchain architecture for heterogeneous computing, and many other efficient computing protocols.
How does IoTeX function?
IoTeX uses the Roll-DPoS consensus mechanism, a more democratic version of delegated proof of stake (DPoS). In the IoTeX network, Delegates are elected by token holders to maintain the network.
Roll-DPoS allows for massive scalability while maintaining high decentralization. In Roll-DPoS, token holders take into account several factors, such as Hardware/SoftWare resources, tokens staked, network contributions, and reputation, when voting for Delegates. Delegates are rank-ordered by the amount of votes they receive, and the top vote-getters are deemed “Consensus Delegates” for the current epoch .
From the pool of Consensus Delegates, a sub-committee is randomly selected by a randomization algorithm to maintain consensus and produce new blocks for every new epoch. After being selected to the sub-committee, the primary role of a Consensus Delegate is to produce / verify blocks and in return rewarded with IOTX tokens. For more details, please see Roll-DPoS yellow paper and high-level video overview.
How do I earn PASSIVE IOTX income?
Through STAKING!!!
Basically, there are 2 ways to go about this. You can either choose to create your own IoTeX Delegate node or vote for IoTeX Delegates, who can then stake and generate rewards on behalf of you.
Operating a Delegate Node requires knowledge of starting and maintaining a blockchain full node. Delegates must maintain servers and support IoTeX-core software updates to produce blocks accurately and on time. Furthermore, Delegates are required to stake at least 1.2 million IOTX and receive more than 2 million votes. You can read more about being a Delegate through this link.
Thankfully, there are many crypto-wallets that offers staking services while ensuring your assets are in safe hands. One of them is Cobo Wallet, the first wallet company in the world to offer Staking and masternode rewards on user holdings.
If you haven’t downloaded Cobo Wallet, you can find us on all major app stores (e.g., Play Store, App Store) or download it directly from our website.
You can start earning IOTX rewards with Cobo Wallet through staking with as little as 100 IOTX, with rewards paid out every 7 days. The rewards are proportional to how much you put in. The more you deposit, the higher your reward. Users can expect to earn a handsome interest rate of approximately 11% per year just by staking with Cobo Wallet.
How?
- Store your IOTX into Cobo Cloud Wallet.
- Tap on Finance tab and choose the amount of IOTX you want to stake.
- That’s it! You may withdraw anytime, but do note that rewards for the current period will be lost.
Is there any risk to stake IOTX?
There is no risk to stake IOTX. You will always keep possession of the private keys by leasing to delegates. In case your chosen delegate fails to maintain constant uptime, you will only miss out a small percentage of the rewards.
What are the criteria to choose a delegate?
A list of all the 55 active delegates can be found here. You might want to look at the live votes and online status when choosing a delegate. Also, it is a good habit to research on the reputation and rules of staking of each delegate.
Will the rewards for staking IOTX change over time?
Yes, the rewards will change according to the number of coins staked. It’s just a balance between demand and supply.
How does Cobo charge?
Cobo takes 10% of the IOTX rewards. Holding your assets in Cobo Wallet will always be free.
About Cobo
Cobo is a company that is firmly committed to supporting blockchain development and making cryptocurrencies easy to own and use. We emphasize long-term security, reliability, and convenience. Our key products and services reflect that vision. Altogether, Cobo offers a secure mobile wallet (Cobo Wallet), high-end cold storage wallet for advanced users (Cobo Vault), and custodial services for institutional investors (Cobo Custody).
For more information about Cobo, visit https://cobo.com
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