The first blockchain network algorithms like Proof-of-Work were imperfect. As the network grew, huge resources were required to ensure its operability, which makes mining inaccessible to ordinary users and, in addition, strongly affects the cryptocurrency exchange rate.
The ICON project offers a simple way to get rewards based on ICX coin staking. For this purpose, the delegated Proof-of-Contribution consensus algorithm is used, according to which the network is supported by providing participants with their tokens. This gives users the ability to confirm transactions and get rewarded for it. In this simple guide, we will show you how to participate in staking using MyIconWallet wallet.
Stage 1. Registering and creating a wallet
MyIconWallet is a convenient and secure online wallet for storing ICX coins. MyIconWallet is compatible with the ICONex wallet and supports integration with It. We wrote about ICONex in detail in our other guide. Let’s go to the process of creating your wallet in MyIconWallet.
Go to the official website of the MyIconWallet and click Create a wallet.
Now you need to enter and confirm a password to encrypt your wallet. The password must be fairly complex and consist of both uppercase and lowercase letters, numbers, and special characters. The more complex the password is, the less likely it is to be hacked. The site shows an example of a strong password: s0meth!ngSup3rSecre7. After entering your password, click Create wallet.
The creation of the wallet is almost complete — a public address of the crypto wallet has been created. Now you have to download and save the keystore file in a safe place on your hard disk. You will need the key file to access your wallet.
Important! In no case should you lose the key file and password from the wallet. Otherwise, you will lose access to your funds forever.
Click Download keystore and save the file to disk space.
After you have saved the key file, click Unlock Wallet to unlock your wallet. Select your key file and enter your wallet password, then click Unlock Wallet.
Please note that you can also log in using your Ledger hardware wallet or the ICONex extension for Google Chrome. Now you can use the MyIconWallet interface. As you can see, the wallet is very easy to use and contains a minimum of functions: sending tokens, staking, voting.
Stage 2. How to participate in ICON staking
So, you have topped up your wallet and now you can stake ICX tokens. To do this, click “Stake”.
Specify the number of coins that you want to delegate to the validator by moving the slider to the left or right, or by clicking “Stake Maximum” to stake all available coins.
Check that the amount entered is correct and click OK in the pop-up window.
Congratulations! You have successfully staked ICON. You can track the transaction status and view its details by clicking on the link with the transaction hash in the window that opens.
Please note that not all your wallet balance is used for staking. This is because to delegate and get rewarded for ICX staking, you must vote for at least one validator (P-Reps), but you can choose multiple validators. Let’s show you how to vote with ICON tokens using the Everstake validator, one of the most popular P-Reps.
So, to get rewards, you must vote for at least one validator, choose — Everstake. To vote for the ICON P-Rep network validator, go to the “Voting” section.
Start entering the P-Rep name in the search bar, and then the validators available for voting will appear, as shown in the screenshot below, or simply select it from the drop-down list.
Manually enter the number of votes you want to cast for the P-Rep validator, but not exceeding the maximum value.
Make sure that all the data is entered correctly. If the data is entered correctly, click “Continue”.
You successfully voted for a P-Rep. To view transaction details, click on its hash. Now you can get rewards that will be credited every 48 hours from the moment of voting.
Claiming ICON rewards
I-score determines the return from ICX staking: the higher it is,the greater the reward. It must be collected independently for the first time after 48 hours, and then every 24 hours. To collect rewards, click Claim, and points will be credited to your wallet. 1000 I-score equals 1 ICX. Then you can add new coins to your stake.
Stage 3. Voting
Pools make it easier for the network to operate. You can choose a staking provider and delegate your share. Service providers ensure the security of the blockchain network, provide detailed statistics to their participants and allow you to forget about any technical nuances: professional developers take care of maintenance, saving users from unnecessary difficulties.
You can vote for one or more candidates from the P-Reps list. Go to the Vote tab and start typing the name of the Everstake candidate in the field, then select it from the drop-down list.
Specify the number of votes you want to cast for the P-Rep candidate and confirm the action by clicking the Save votes button.
You have voted for the P-Rep candidate and can now track detailed statistics on your staking on the website of the service provider Everstake. It’s that easy to participate in ICON betting using MyIconWallet wallet.
If you want to withdraw your coins, you must withdraw your vote and unstake the coins. The unstaking period is 9 days, after which the tokens will be available again.
Everstake is one of the ICON P-reps! Please support us with your vote!
Every single vote matters for us, allowing us to continue developing tools for ICON blockchain and supporting the East European community.