This article has been updated on July 9, 2019.
The first self-evolutionary BPoS( Bonded PoS) blockchain — — IRIS Betanet launched at 5:30 on March 1, 2019 UTC time. The first mobile client for IRISnet Rainbow App has been upgraded to v2.0 on June 21, 2019, and it now supports IRISnet (IRIS) and Cosmos (ATOM)! You can download it straight from IRISnet Official Website, Google Play and App Store.
Thanks for community contributions on explaining how to use Rainbow Wallet. This article took some excerpts from here written by POS Bakerz.
But IRIS Foundation won’t officially recommend any validators for you. Please be sure of the risks of delegation before you delegate.
This article explains the core functions around delegation and is structured in the following way:
1. Why should you delegate your IRIS tokens
2. How to delegate
3. Risks to consider when you delegate
4. Core functions of Rainbow App
1. Why Should You Delegate Your IRIS Tokens？
- You contribute to the security and decentralization of the network by taking part in the validation process- The inflation rate is 4% yearly, which means yearly there will be 8 million IRIS tokens going to be shared by validators/delegators.- You don’t need to take the hassle to maintain the validation node yourself, and can share the rewards from delegating to the validators.Eg: If a validator’s commission rate is 10%, which means as a delegator, you can take 90% of the network rewards this validator earned using your delegation.
2. How to Delegate？
Before you delegate, you need to install Rainbow App and create an address first. The following steps are the same for both IRIS and ATOM.
Once your wallet is created or opened, you will need to click on the following in order to delegate your tokens:
- Go in the Validators tab by pressing “Validators” at the bottom of your screen.
- Carefully select your validators, with criteria such as Uptime, Commission rate, or Reputation, which are shown when clicking on a Validators’ name.
- Once decided, click on the validators of your choice, and then “Delegate”.
- Select the amount you wish to delegate, we recommend that you diversify your holdings among several validators in case of uptime or performance issues.
Risks to Consider When You Delegate
On IRISnet, Profit and Loss Analysis for Delegators are the key factors to consider when choose validators to delegate. Delegators’ tokens are managed by delegator themselves through their own private keys, so there won’t be such danger that the validators might be possible to “steal” delegators’ tokens.
However if a validator is not qualified and has bad behavior such as unavailability, double sign, etc, he will be punished. With the current slashing parameters on IRISnet, when the validator is in jail, delegator won’t be able to enjoy the block rewards as well. In the case of double sign, when the validator is punished by slashing 1 %, delegator will also lost his/her 1% of tokens delegated to this validator. And if a validator’s signature has not been included in more than 30% of the last 34,560 blocks (which amounts to approximately 24 hours, assuming an average block-generating time of 5 seconds), this validator will get jailed and removed from current validator set for 1.5 day, and their bonded tokens will get slashed by 0.03%. More details here.
There are good community contributed tools which gives your good visualization of current active IRISet validators in terms of uptime, commission, self bond, etc.
And for Cosmos validators risks and responsibilities, please check here.
Core Functions of Rainbow
- Wallet Creation: Create a hot wallet, cold wallet and watch wallet;
- Wallet Import: Import the wallet securely with the backup mnemonic;
- Token Managment: Manage, transfer and query the IRIS tokens;
- Delegation: All the validators and their voting power rankings are shown in the App. Users can delegate IRIS tokens to a validator and undelegate them, or even redelegate them to others as they wish;
- Rewards: Check and withdraw the rewards from delegation;
- Transaction Tracking: Each transaction can be traced on the https://www.irisplorer.io/#/home;
- User Settings: User-friendly design for address book, notifications and so on.
JOIN US
If you have any questions or suggestions, please feel free to join IRISnet in the following groups.
- Follow @IRISnetwork on Twitter
- Join us on Telegram and Riot
- Check out our official website
