Understanding HALO Network’s 2.0 POS Node Staking
Like most POS chains, HALO Network relies on staking as a means of securing the blockchain. There are several incentives attached to staking your HO tokens on the chain. To avail yourself of this opportunity, the PoS node staking is the route to follow.
In this piece, we attempt to dissect HALO Network’s POS Node staking. This is your guide towards maximizing the benefits of the POS Node staking. Let’s get started.
What Is HALO Network POS Node Staking?
This is the staking route for on-chain stakers on HALO Network. You have to partake in the POS Node staking to enjoy the rewards provided. It’s integral to the HPOS consensus, HALO Network’s consensus algorithm, which explains the reward mechanism put in place.
Through HALO Network POS Node, anyone can take part in the decision-making of the blockchain. Its PoS mining opportunity doubles as a governance model where users pledge their HO tokens to take part in voting on proposals submitted.
Navigating HALO Network POS Node Staking
Want to take part in HALO Network’s POS Node staking? We have got you covered. Here’s a breakdown of how to go about it:
1) Access the dApp
Visit the HALO Network mainnet using the link through the dApp browser of your crypto wallet. Metamask is the preferred choice as you can edit the network configuration to that of HALO Network mainnet. You must have your HO tokens in your wallet.
2) Locate the POS Node
Once you’re on HALO Network, proceed to the Governance section to find the POS Node tab. You can access through here.
From the menu bar, click Governance and open POS Node. Here, you can take part in governance proposal voting by pledging a minimum of 100 HO tokens.
3) Pledge Your HO tokens
Next, you need to pledge your HO tokens (minimum of 100 HO). This is where it gets interesting. Click the conspicuous ‘Pledge’ button. On doing so, a prompt pops up. Enter the amount of HO tokens you intend to pledge — it needs to be a minimum of 100 HO. The greater the amount of Then click the ‘Pledge Now’ button.
4) Choose Your Pledge Period
To improve the efficiency of its governance model, HALO Network is introducing the concept of the pledge period. Depending on how long you can leave your HO tokens pledged, you can choose either 180 days or 360 days.
The 180-day pledge period comes with an 80% pledge reward. A 360-day pledge period gets a boosted 120% pledge reward. So you choose whatever pledge period you’re comfortable with.
5) Confirm the transaction
You still have to confirm the transaction. Clicking ‘Pledge Now’ will automatically bring up a prompt to confirm the transaction. You have to pay a gas fee to proceed. This means you need to have enough HO tokens to cater for gas fees deducted during the pledging process.
Tap the confirm tab, and your HO tokens should be pledged. If you’re not sure how to set up the HALO Network configuration on your Metamask wallet, here’s a link to a guide that simplifies the process.
Claiming Your HO Rewards
Using HALO Network’s POS Node is heavily incentivized. By pledging your HO tokens, you get a piece of the block rewards. Of course, the quantity of pledged HO tokens determines the reward you get. You can easily claim your HO rewards by following these steps:
- Visit the POS Node Section
To see the HO reward claimable, you have to proceed to the POS Node area of halo.land. Here, you should see the quantity of HO reward tokens you have.
2. Claim the Reward tokens
Click the ‘Withdraw’ button to kick start the process of claiming your HO tokens. Your lockup period must be over for the withdraw button to become visible. A prompt pops up for you to confirm the transaction. As always, you should have enough HO tokens for gas fees to execute this transaction.
HALO Network’s POS Node is such an essential part of the blockchain. The HPOS consensus algorithm of the digital ledger is driven by the pledging of HO (Min of 100 HO) tokens on the POS Node. So it’s such an integral aspect of the blockchain. Hopefully, this piece makes it easier to maximize the benefits of HALO Network’s POS Node.
Follow HALO Network and stay up-to-date:
🔘 Official Website: https://halo.land
🔘 Telegram Group: https://t.me/HALONetwork
🔘 Telegram Channel: https://t.me/HALONetwork_news
🔘 Twitter: https://twitter.com/network_halo
🔘 Medium: https://halonetwork.medium.com
🔘 Reddit: https://www.reddit.com/r/halonetwork
🔘 Discord: https://discord.gg/7rMEbWzacd