May 22, 2019

5 min read

A step-by-step guide for Staking QLC and Earning Q-Gas

First of all, thanks to everyone for the ongoing support of QLC Chain. If you are not familiar with us, please visit our website https://qlcchain.org/ and download the resources (https://qlcchain.org/downloads) to have a better understanding of our aspiration and ecosystem.

This is a guide for how QLC holders can stake the QLC and get Q-GAS.

QLC Chain Dual Token structure for communication services

QLC — QLC is the protocol token on the QLC Chain. By holding and staking QLC, people can access a variety of rights, including to issue tokens for the communication services, receive Q-Gas, vote for ledger update and more.
Q-Gas — The fuel token in this economy. QLC holder can benefit from Q-Gas requirement when communication service provider deploys its service on Go-QLC such as massive A2P SMS globally billing and clearance and antifraud message tracker. Q-Gas are burnt from the network once consumed.

Go-QLC reward Q-Gas to Voting Nodes and to Miner Nodes. The pool for voting nodes has a total circulation of 100 million, distributing through 33 years, which equals to 8,302 Q-Gas per day.

The pool for miner nodes is an additional 3% of Q-Gas per year, which is 3 million, equals to 8,219 per day shared among miners.

A more comprehensive FAQ list about Q-Gas, voting & mining nodes can be found here

QLC Chain - Where everyone can operate and benefit from network services

QLC Chain is the Next Generation Public Chain for Decentralized Network-as-a-Service

qlcchain.org

Use this calculator to have an idea about how many Q-Gas you will potentially get.

How to get Q-Gas

Q-Gas will be generated by staking QLC from May 28 via Go-QLC wallet. (The wallet will not accept NEP-5 QLCs until May 28. You can create a wallet, however, please DO NOT make a transaction)

Step 1: Create a QLC Chain Wallet

QLC Chain wallet will have Web version, PC version, and mobile version.

*Please notice that staking function for mobile version will not be available in the first version. Staking from mobile version time TBC.

This guide will take an example from the Web version. The screen captures used in this guide are designer drafts, may be different from the final one.

Go to the QLC Chain Wallet from here: https://explorer.qlcchain.org/createwallet

Or find the entrance here from the main page of the QLC Chain website

When creating a new wallet, make sure you have saved both the Wallet Seed and the Mnemonic Phrase.

After setting up the password, you will have your QLC Chain Wallet. Click on the address and see the details. Please DONOT transfer your NEP-5 QLC to this wallet.

Step 2 Withdraw your $QLC to a NEP-5 wallet

Import or create a NEP-5 wallet. Click the “+ Add new NEO Wallet” in Green and generate or import one. I trust you can handle the rest procedure of transferring fund from an exchange address to your own wallet address too.

Step 3 Invoke Stakings

Click on “My Stakings” on the My Wallets page at the up right corner of the page.

QLC Chain Wallet — My Staking and New Staking page

Click on “Invoke new Staking” on the right corner of the page

Start staking for a voting node by filling in the form, read the rules on the right column carefully.
The “from” and “to” addresses have to be in the Wallet you are operating with.
Staking for being a miner node is not applicable now. Available time TBC, people who are intending to run a miner node or a mining pool please contact the core team.
Click on Review My Staking, review and confirm. Do not close the page until it is confirmed

After the 10 days of locking period, the staking including the rewards will continue automatically until revoked.

Step 4: Check your Q-Gas Earnings

Go back to the “My Staking” Page and check how many Q-Gas earnings you have.
Q-Gas for QLC holders who staked their QLC is distributed on a daily basis.

Step 5: Look out our Q-Gas Awarding programs

In this page, there is a list of “My Rewards”. This list will show your rewards for participating in various Q-Gas awarding programs. The current running one is Confidant ISO. We will lend 100K QLC for each Confidant buyer and the buyer can receive Q-Gas generated from this loan in the “My Rewards” list.

In the near future, we will reward in the forms of other campaigns to accounts that staked QLC.

Next guide will detail how to stake for Confidant , how to accept Rewards, and how to “apply to resume”.