How to stake ROSE (Oasis Network) in the Bitpie mobile wallet: a detailed guide
The developers of Oasis Protocol have created a blockchain platform based on confidential smart contracts. The Oasis blockchain processes up to 1000 transactions per second and supports staking. Token holders can delegate their coins to the validator and receive up to 12 % per annum, excluding the validator’s commission.
Learn more about the Oasis Protocol platform.
In this guide, you will learn how to stake ROSE tokens in the Bitpie mobile wallet.
How to create the wallet
Bitpie is a convenient multi-currency mobile crypto wallet. Application users can stake cryptocurrencies, exchange some digital assets for others, borrow and lend coins to other users, and more. Now let’s move on to creating the Oasis wallet.
Step 1. Install the application
Bitpie wallet is available on iOS and Android. Download the application from the official website or follow these links:
Note: for iOS devices, make sure to choose the app named Bitpie-Universal Crypto Wallet.
Step 2. Launch the application
On the home screen, you will see several options for accessing the wallet:
- Create Wallet (First time to use);
- Recovery wallet (Recover existing wallet).
We don’t have a wallet yet, so select the “Create Wallet” option.
After that, you will see the security instructions. Read these simple rules that will help keep your funds in your wallet secure:
- Remember to create a backup so you can restore your wallet to another device if your smartphone is lost, damaged, or stolen.
- Store the seed phrase only on offline media (paper or special devices for storing mnemonic passwords) and do not share it with anyone.
Move on and click “Ok/Noticed, start to backup”.
Step 3. Create a backup
This step can be skipped, but it is better to save the seed phrase right away so as not to suddenly lose access to the wallet. This will keep your funds safe. Do not take a screenshot while recording the seed phrase. For maximum security, enable airplane mode for this time period. Click “I know” and then Bitpie wallet will display the seed phrase.
Step 4. Save your seed phrase
A seed phrase is a mnemonic password consisting of 12 pseudo-random words with which you can restore access to the wallet on another device. Write it down on paper in the same sequence as the phrase appears on the screen. Upper or lower case? Doesn’t matter, just pay attention to the word order.
Now check if you wrote down the words correctly. Select words in the same order as you wrote them down. If the sequence is correct, proceed to the next step. Otherwise, go back and double-check if you wrote down the mnemonic password correctly. If not, rewrite it.
Step 5. Set your PIN
This is a required step that cannot be skipped. Enter and confirm a six-digit digital PIN for your wallet’s additional protection so that no-one else can access it if they get hold of your smartphone. Install Touch ID on your smartphone for quick access (this way you won’t need to enter your PIN when entering the wallet).
Step 6. Select the blockchain
Now choose the assets you prefer and the blockchain network in which you will work. In our case, this is ROSE (Oasis Rose), Wallet System -> ROSE (Oasis ROSE).
Done. The wallet has been created. In the upper left corner of the screen “ROSE System” should be displayed, and in the “Assets” section you should see ROSE. Now we can add funds. Click the “Receive” button.
A QR code will appear with the wallet address. You can send it through instant messengers or by mail using the “Share” function, or simply copy the address to which you want to send ROSE tokens.
Once the funds have been added to the wallet, you can move on to ROSE staking.
How to stake ROSE tokens (Oasis Network)
In the Bitpie wallet, instead of “Staking”, “Delegate” is used. Click on the “Delegate” section to start the token delegation process.
Step 1. Select a validator
Find the validator in the list to whom you want to delegate ROSE tokens, for example, Everstake, or start typing the name of the validator in the search bar to speed up the process.
Everstake is a reliable staking provider that develops staking monitoring solutions and actively supports PoS projects. The Everstake team has developed the Oasis Monitor block explorer that allows you to monitor network health and transactions in Oasis Protocol.
Step 2. Delegate tokens
On this page, you will find information about the number of delegated tokens and the number of delegators. Enter the number of ROSE tokens you want to stake and click “Submit”.
Step 3. Confirm the transaction.
If everything worked out right, you will see the following message:
We have successfully staked ROSE tokens. Information about the current delegations and validators you voted for will appear in the “My Escrow” tab.
Kindly note that the Escrow Amount (Shares) is different from the staking amount (it might be slightly less) and it represents your original staking in the staking pool. However, if at any time you decide to unstake, you will get your initial staking amount back (+ staking rewards, if any).
In the same section, you can withdraw tokens. Select a validator, indicate the amount you want to withdraw, and click “Reclaim” -> “Submit”. The unbonding period is 14 days.
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