The development of blockchain technologies has allowed earning money in sophisticated ways that nobody has ever thought about before. ICON presents one of those networks that is based on a rare Delegated Proof-of-Contribution consensus algorithm, which allows receiving rewards by staking its native cryptocurrency ICX. In this step-by-step guide, you will be able to discover the staking process via ICONex wallet.
Step 1: Download, Install and Set Up The Wallet
It’s good to know that ICON cares about security of user funds, hence the official ICONex wallet is available only in WEB and it operates through the proprietary Google Chrome plugin.
Once downloaded and installed, proceed to the wallet creation and click on the ‘Create Wallet’ button.
Then you will have to go through the wallet creation process.
Simply choose the desired wallet name, set up a password, save the backup file and the private key in a safe place and proceed further.
Step 2: Actual Staking Process
Note, that the ICON network requires 5 ICX as a minimum staking amount, hence you are free to stake quite a small number of coins.
Once you are in the main menu, click on the ‘Voting’ button.
In the voting section you will be able to see general network statistics as well as Main and Sub P-reps.
Proceed to ‘My Status’ section of the wallet.
Pay be advised that once you stake your ICX you will be getting first ‘I-Score’ as a reward, and only then you can claim your ICX by converting the ‘I-Score’.
To proceed with the staking process simply click on the ‘Adjust’ button in the ‘Stake’ section of the menu.
By moving the slider you will be able to adjust the desired amount of ICX you want to stake.
Then simply confirm your operation by clicking on the ‘Complete’ button.
Step 3: Voting Process
There’s a big chance that possibly you may like one of the P-Reps who seems to be active and responsible for the ICON network.
To start voting, simply click on the ‘Vote’ button in the ‘Voting’ menu.
Then in the search bar enter the ‘Everstake’ and click on the ‘+’ sign in the very left side of the search query results.
Now you have added the Everstake into your P-Reps list, all you have to do now is to click on the ‘Vote’ button, choose the desired amount of ‘Voting Power’ and confirm your operation by clicking the ‘Vote’ button.
The voting and staking processes were performed successfully, and now you will be able to see that in your main menu.
In case you are getting the ‘Time out error’ please ensure that your system clock corresponds to your current geographic region.
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.