Essentia One
Published in

Essentia One

How To Implement Cold Staking In Essentia: 1-Click Staking Now Out!

Note! There is a minimum limit of 100K to swap ESS to ESSX and vice versa.

We’re delighted to announce that 1-Click staking is now available! Now earning rewards for simply holding your coins is only a few clicks away.

What is cold staking?

Staking is the act of locking the coins in the wallet, holding them stored in a blockchain. By doing this you provide a service of making the blockchain more secure. For doing so you receive a share in the block reward. Staking is now one of the ways to earn passive income, without having to move the funds around. And with Essentia, you can put your idle ESS coins to work with just a few clicks now.

Now that we’ve clarified the situation, let’s proceed to a step-by-step guide. We’ll walk you through everything necessary — from installing the app and creating an account. If you’re not new, and already have your account and swapped your tokens, you can skip up to the last step — Staking itself. Let’s go!

How to install the Essentia Wallet?

The first thing for you to do will be to install the Essentia Desktop wallet — you can enable staking directly from the application.

Windows

  1. Download the latest version from the official webpage.
  2. Launch the installer.
  3. When the Windows protected your PC window shows up, click on More info.

4. Next, select Run anyway.

Note: This message shows up every time the software is downloaded from the Internet, we assure you it won’t damage your PC in any way.

MacOS

  1. Download the latest version from the official webpage.

2. Launch the installer.

3. If you see the message stating Essentia can’t be opened, merely right-click on the installer and select Open.

Note: This message shows up every time the software is downloaded from the Internet, we assure you it won’t damage your PC in any way.

5. Then, select Open.

Now the app is installed on your computer.

How to create an account and import a wallet?

  1. Create Essentia Desktop account.

2. Import your Ethereum address.

For instance, it may be your account from Metamask, which holds Essentia ERC-20 tokens.

To do that:

- Get the wallet’s private key.

🛈 Here is a how-to for Metamask

- Hit the Import button at the top.

- Choose Ethereum wallet on the list.

- Provide the particular wallet’s private key and give it any name you wish.

- The wallet is added and shown on the left sidebar.

3. Add the Essentia token.

- Reach your wallet on the left sidebar.

- Press ‘+’ below it.

- Select Essentia on the list and hit Add.

- The token shows up below your wallet.

4. Add Essentia coin wallet.

- Click on the ‘+’ button at the top.

- Select Essentia Coin on the list.

- Hit Add.

- The Essentia coin wallet (ESSX) shows up on the left sidebar.

How to swap the token?

❗️ NOTE: We’re running an incentive, covering the token swap fees for users who perform token swap up until the 30th of June! Learn the details here.

In order to start the masternode, you will need to swap the tokens for coins. Below you will find a detailed guide on how to do that.

  1. Select the Essentia ERC-20 token tied to the wallet you wish to swap from and hit the Token Swap button.

2. Enter the number of tokens you wish to swap for coins and hit Swap.

Note: the minimal amount for staking is 10K ESSX.

3. Select the Essentia coin wallet you wish to send the coins to.

4. Check your transaction.

🛈 Usually, the swap is executed within 1–2 minutes. However, if the blockchain is loaded with lots of transactions, it may take longer than expected.

How to enable staking?

Now let’s move to the staking, finally.

  1. Click on your ESSX wallet, and choose Staking from the menu on top.

2. In the window that has popped up, enter the number of coins you want to stake.

Note: the minimal amount for staking is 10K ESSX.

3. Click Confirm.

And that’s it! Now you have your coins staked. It may take a few minutes for the system to register your actions, so wait a bit and then refresh the page.

Enjoy your passive income with Essentia!

If you have any questions regarding the 1-click staking, make sure you hit us up on our official Telegram.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Essentia

Essentia

466 Followers

Decentralized data management framework. With one seed, you can control all of your dApps, identities, and assets. Website: essentia.one