[community] How to stake ONE on Harmony test-net
If you have landed on this article, then probably you have already heard about Harmony (ONE) and maybe even traded it on any exchange. Skipping the part of what exactly Harmony is and what awesomeness it is bringing to the crypto industry (we will come to that later), lets first have a look at the purpose of this article and that is HOW TO STAKE ON HARMONY TEST-NET.
Harmony uses a Proof-Of-Stake (PoS) consensus mechanism which is based on multiple shard chains and a beacon chain. This system is run by a number of validators who perform various tasks on the blockchain. They, in turn get rewarded with ONE tokens for these tasks. The process may sound complicated and involves multiple steps which are not essential to understand in order to use this guide. All you need to know is that if you delegate your tokens with an active validator, you will be eligible to get a percentage of rewards earned by that validator. In this way you earn a share of rewards based on amount of tokens you stake and you do not need to purchase any hardware or do any technical geeky work for node maintenance etc.
Before we start, bear in mind that at the time of writing this guide, the staking mechanism is still on TEST-NET which means you do not need any REAL Harmony (ONE) tokens. So please DO NOT attempt to stake any real tokens bought from exchanges like Binance, otherwise you risk losing your coins. The purpose of this article is to walk you through the current process on the TEST-NET so that you understand the steps and are prepared to stake your real ONE tokens when staking goes live on main-net.
The steps are listed below followed by individual explanation and images for each step.
Step 1: Install Chrome extension
Step 2: Create a new Harmony wallet
Step 3: Get some test-net tokens from Official Harmony Faucet
Step 4: Delegate tokens to your desired validator
Let’s look at each step in detail.
Step 1: Install the Harmony wallet chrome extension
a) Download the current version 0.0.10 of Chrome extension by clicking https://raw.githubusercontent.com/harmony-one/staking-dashboard/master/extension_versions/0.0.10.zip
Note: For a link of latest version , please visit https://docs.harmony.one/home/wallets/chrome-extension
b) Unzip the file
c) Type chrome://extensions on Google Chrome web browser.
d) Enable “Developer mode” located in the top right corner
e) Click on Load unpacked button.
f) Select the folder named build in the main folder
One its done, you will see the Harmony Extension enabled as well as a small H (Harmony) icon on the top right corner.
Step 2: Create a new Harmony wallet
Click on the HARMONY H icon on top right and select create a new address.
Choose a name and password for your account and copy the seed phrase somewhere safe as a backup. This is VERY IMPORTANT. Even if this wallet will hold test-net tokens for now, it is good to always practice safe habits. If you have been in crypto for some time, you must know that whoever has these keys has access to the wallet and its funds. Click on Create Address.
After you have created an address, you can now click on go to Harmony
This will take you to the page shown below where you can press the button Use Account.
At this point you can click on the wallet address. This click will copy the address for you.
Step 3: Get some test-net tokens from Official Harmony Faucet
Now go to the official Harmony test net faucet https://faucet.os.hmny.io/ . Enter your ONE address that you just copied, check the checkbox, and click Fund. Now you will receive some (11,000) ONE test-net tokens to this address. Remember that these are just test net tokens and cannot be transferred or sold on any exchange and DO NOT SEND YOUR REAL ONE TOKENS TO THIS ADDRESS YET.
Step 4: Delegate tokens to your desired validator
After you click on the use account button, it will take you to the following screen.
Now you can search for the validator with whom you want to delegate your tokens, in this example i am using my name. Search Madoza and click on the validator. This will open the following page:
Click on delegate button and enter the desired number of tokens you would like to delegate and click next. Consider leaving a little bit left over to cover the network fees.
Click next. The click Confirm and Sign the transaction.
Input your password and click Approve
You will see the following message on the screen.
That’s it! Congratulations you have successfully delegated your test-net tokens with a validator. Now you will also be able to see your wallet address in the list of delegators.
Harmony main net is planned to be released soon and the delegation process will be very similar. Stay tuned for updates!
The next section shows how the same procedure using Math Wallet.
How to delegate your Test-Net tokens using Math Wallet
This section shows how to delegate your tokens using Math Wallet. Math Wallet is a browser extension and a mobile wallet for holding and transacting cryptocurrency. The steps to delegate ONE tokens using this wallet are as follows:
Step 1: Install Math Wallet
Visit the website https://mathwallet.org/en-us/. Here you will see 4 ways you can use this wallet, as a mobile APP, as a browser EXTENSION, as WEB WALLET or connect it to a HARDWARE wallet.
Click on Extension and select your browser. I am using the Chrome browser for this guide.
Click on Add to Chrome. You will see a file being downloaded and then a small black and white M icon appear on the top right of your browser.
Choose a password and create your wallet. Then click on switch network and select Harmony.
Now you will see a message “No wallet, please create or import wallet”. Click on Create Wallet. Enter any name for your new wallet and click Confirm, copy and backup the private keys and click Completed.
Now you will be able to see your newly created Harmony wallet in Math Wallet extension.
Step 2: Sign in and delegate tokens
Click on https://staking.harmony.one/validators to visit Harmony Openstakingnet. You will see a Sign In option in the left menu. Click on Sign in, use an existing address, and then select Math Wallet.
Sign in to your Math Wallet browser extension. You will see a Login Request pop up. Select your wallet and click Accept.
You will be brought back to the homepage of Harmony validators. Now you will be able to see your address on the top left corner under the Harmony logo which means you are now signed in with your wallet.
Search for your favorite validator. In this case I searched for Madoza. Choose your preferred validator and click on Delegate button. Enter the desired number of tokens you would like to delegate and click next. Consider leaving a little bit left over to cover the network fees.
If you don’t have any TEST-NET tokens, then follow the guide in https://medium.com/harmony-one/pangaea-reloaded-now-open-for-delegators-748c68f001c4 to receive your test-net tokens.
That’s it! Congratulations you have successfully delegated your test-net tokens with a validator. Now you will also be able to see your wallet address in the list of delegates.
Stay tuned for updates!
Meanwhile check out the following links about Harmony and community resources.
Website: https://harmony.one/
Official telegram: https://t.me/harmony_one
Official twitter: https://twitter.com/harmonyprotocol
Official Medium: https://medium.com/harmony-one
My personal Delegator website: https://www.harmonyone.tech/
Disclaimer: The information shared is not to be taken as an investment advice, financial advice, or a trading advice. Please conduct your due diligence before making any investment decisions. I have personally invested in ONE but not related to the team in any way at all.
