On August 29 UTC, Rainbow Wallet released version 2.3 with a fully upgraded UI and its operations of the new version are a lot more clear. To help users understand the new version better, we have prepared a series of tutorials. Here is the part 3: How to Make a Delegate and Undelegate your IRIS Tokens.
Why do we need to choose validators to delegate tokens?
IRISnet is based on Tendermint’s BPoS network. The voting power of one validator in the network consensus depends on its total stakes of IRIS tokens (including both self-bonded and delegated). Participating in the consensus, validators can receive commission fees and block rewards.
At the same time, IRISnet sets an inflation ratio for generating staking rewards and moderating circulation of tokens in order to motivate validators and IRIS token holders to stake. The rewards of IRISnet are distributed by the ratio of token staked by delegators and validators. The rewards can be classified into the following three types :
Every validator in the network generates block by turns. The probability of block generation of a validator is in direct proportion to its total stakes of IRIS tokens. The validator receives an extra benefit when it comes to his/her turn for block generation.
In IRISnet, every transaction requires a small number of gas fee. The exact amount depends on the gas burnt in the transaction, but it will not exceed the maximum gas fee designated by users.
Validators or candidates can receive rewards by accepting delegation from IRIS token holders and share the rewards with delegators.
IRIS token holders can receive rewards by choosing validators to delegate. However, how to choose validators?
How to Choose Validators?
- Tap on [Stake] — — go to [validators] to view all of the validators;
- Check validators — — the order of validators can be ranked according to their Stakes, Commission to make the comparison much easier. More indications will be provided with the development of the network.
- Select validators — — to choose appropriate validators, users can investigate the detailed information of the validators including their important on-chain announcement, and his/her actual performance, such as commission rate, recent activity, self-bonded tokend, self-introduction, etc. To investigate the online performance of validators, you can refer to the following factors: Uptime（the longer, the better）, Commission Rate（the lower, the better），Self-Bonded（the higher, the better). Please refer to the website to view their detailed parameters: www.irisnet.org.
1. In IRISnet, validators or candidates have three different status: Active, Candidates, Jailed.
Validators with “Active” status can accept delegation and participate in the network consensus to get rewards.
Validators with “Candidates” status can accept delegation, but are not allowed to participate in network consensus to get rewards.
Validators with “Jailed” status can not accept delegation.
How to delegate?
1. Tap on the validators of your choice in the page of validator list, and then select [Delegate].
2. Enter [Amount], [Memo], and [Password] to finish the delegation;
3. After delegating successfully, tap on [Delegation Details]; you can check your delegated IRIS and rewards, or choose to undelegate/redelegate.
Delegation — — once the transaction succeeds after choosing the appropriate validators, the Delegation will be recorded on the blockchain; then delegators and validators have joint liability. (Share rewards and get punishment together)
What is a joint liability? In IRIS Hub, if an unqualified validator gets punished due to malicious behavior or failure to perform its duty , relative delegator will also be punished.
The situation of getting punishment includes Double Sign, Offline, faking invalid transaction. In the case of a double sign, this validator will get jailed for 2 days and punished by slashing 1 % of their stakes. In the case of downtime and faking invalid transaction, validators will get jailed for 1–2 days. In addition, if validators’ uptime is less than 70% or they are offline, their bonded tokens will get slashed by 0.03%. Therefore, it is significant to choose a reliable validator with a reasonable commission fee to ensure the benefits of delegators.
How to undelegate or redelegate?
If a validator get punished by system because of its misbehavior, delegators can undelegate or redelegate at anytime.
If a delegator wants to undelegate or redelegate, you can tap on [Delegation Details]-select [Undelegate]/[Redelegate]. All the unreceived rewards will be claimed automatically.
Undelegate — — delegator can undelegate a partial or the whole delegation with the current validator. (For the network security, the undelegation will be valid immediately after the transaction is successful, but your token will arrive at the latest 21 days. )
Redelegate — — delegator can redelegate to transfer delegated tokens to a new validator. (For the network security, the redelegation will be valid immediately after the transaction is successful, and you can only redelegate to the same validator once within the latest 21 days. )
After a successful delegation, You can go to [Delegation Records] to check all the detailed information about delegation, redelegation, undelegation and rewards.
Delegation rewards — — delegators can acquire certain rewards by delegating tokens. Rewards should be claimed manually. Learn more; please refer to Part 4 how to use new Rainbow Wallet — — how to earn rewards.
The information above is the third part of the tutorial. If you want to use Cold Wallet to go through the whole process, please go to：Keep Your Private Keys Offline in Rainbow App. If you have any questions related to using the wallet, you can email us at Service@irisnet.org.
For more info:
Rainbow Wallet is the first mobile client for IRISnet. Based on traditional cryptocurrency wallet, it provides staking functions based on Bonded PoS. It starts to support IRIS Hub and Cosmos Hub since version 2.0. Users can directly participate in the blockchain network via Rainbow Wallet, manage IRIS and ATOM tokens, and also choose validators that they trust. By delegating and participating in the on-chain security and governance of IRIS Hub and Cosmos Hub, users together with validators can maintain the stability of the network and receive rewards. For advanced users, Rainbow Wallet also provides features of Watch Wallet and Cold Wallet.