More than 5 years ago it wasn’t possible to imagine that blockchain technologies would evolve in such sophisticated and complex ways. Starting from Bitcoin’s blockchain whose codebase was monolithic, the technology has gradually developed into a full-fledged ecosystem of blockchains with a possibility of interoperation.
Cosmos follows these principles and presents one of the most advanced blockchains based on the Proof-of-Stake algorithm. In this guide, you will discover how to stake Cosmos’ native cryptocurrency ATOM via Lunie Wallet.
Step 1: Set Up The Lunie Wallet
The Lunie wallet doesn’t require installation and can be easily used through the browser. The only thing that is mandatory for the Lunie operations is a Chrome Web Plugin which allows managing your wallet securely.
Simply open the Lunie website, proceed to the account creation and click on the ‘Create a new address’ button.
The next pop-up window will ask you to use the aforementioned Lunie Chrome Plugin for seed phrase generation.
Open the extension and click again on the ‘Create a new address’ button.
Once the seed phrase is generated save it in a safe place, set the desired password, complete the procedure and proceed further to the Lunie wallet interface.
Step 2: The Staking Process
Please note, that in order to stake ATOM you need to have at least 1 ATOM on your balance. And also during the staking process, you cover a small network fee.
After you finish the Lunie Wallet set up and get into the main menu, click on the ‘Validators’ button.
Enter into the search bar the ‘Everstake’ and choose it as your validator.
In Validator’s description, you will be able to find such details as Voting Power, Rewards, Uptime and others.
In order to proceed with the staking simply click on the button ‘Stake’.
After you click on the ‘Stake’ button, a pop-up window will appear In the right bottom corner where you have to set the desired amount for staking, and then proceed further confirming all the details.
Once you finish with confirming all staking details, The Lunie Wallet will require to confirm this operation through its Chrome extension.
Once you open the extension, simply sign the transaction by entering your wallet password.
Our congratulations, you have successfully staked your ATOM. In case you want to unstake your cryptocurrency, you can click on the ‘Unstake’ button in the ‘Validators’ section. But unfortunately, the unstaking process takes 21 days, because of the Cosmos’ consensus protocol.
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