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MediBloc

MediBloc officially supports Cosmostation Wallet — Get Ready for Stake & Earn!

Hello, this is the MediBloc team. The Cosmostation Wallet, which provides validator operations and Cosmos SDK-based infrastructure tools, officially supports MediBloc blockchain. After a later mainnet upgrade, Medibloc Coin (MED) will be staked and rewarded through Cosmostation App Wallet.

What’s good about keeping Medibloc Coin (MED) in the Cosmostation app wallet?

Medibloc Coin (MED) can be kept in the Cosmostation app wallet, and compensation (MED) can be earned by contributing to block creation through validator voting and delegation. In addition, the faster you start contributing to the network by participating in staking early, you can get the greater amount of rewards.

Staking Open Schedule

Staking will be available after the mainnet upgrade. The mainnet upgrade schedule has been decided for August 11. Also, the exchange’s deposit and withdrawal will be suspended according to the mainnet upgrade, so please refer to the notice of each exchange. With the launch of a new version of Cosmostation, including the MediBloc staking feature, you will be able to stake and get MED rewards from then on. The release of new versions of Cosmostation after a mainnet upgrade depends on the inspection period of the Google Play Store and the App Store. (minimum one day to a week)

Get Ready to Stake & Earn!

Staking and delegation functions within the app will not work until a new version of Cosmostation is released. However, before the mainnet upgrade, you can create an MED wallet in the Cosmostation app wallet in advance, and pre-deposit the MED to prepare staking. Please check the policy and guide below.

Important Things to Know Before Staking

  • When staking MediBloc Coin (MED), the annual percentage rate (APR) is approximately 7%. This figure is not guaranteed because it is an expected rate derived from simple calculations. Also, APR varies depending on the rate of commission fee of the validator.
  • The MED will be locked for 3 weeks (21 days) when you unbond MED, which is used at staking. Therefore, deposit and withdrawal is not possible during the unbonding period and compensation for staking is not possible.
  • If a validator acts maliciously to the network or goes offline for a long time and causes verification problems, the MED will be slashed in return. At this point, the delegators who delegated the coin to that validator may also lose the MED. Therefore, you should carefully delegate your coins to a trusted validator and periodically check the validator’s status.
  • If you believe that the validator to whom you delegated your coin is unreliable, you can re-delegate it to another validator immediately. However, you have to wait 21 days to re-delegate again. Therefore, you must carefully select a validator.
  • Delegators can distribute risks by staking multiple validators at the same time.

Cosmostation User Guide (From creating wallet to depositing MED)

  1. Download Cosmostation from Google Play Store and Apple App Store.
  2. Launch the app, click [Create Wallet], and click [MediBloc Mainnet]. You can check the wallet address that starts with ‘panacea’ and check the mnemonic words by setting the password. Make a safe note of the mnemonic word and click [Create Wallet].
    ⚠️ The mnemonic word is used to recover your wallet and should never be lost or forgotten. Instead of saving it as a screenshot or something, it is recommended that you write down the word offline and store it separately. If the mnemonic word is leaked to the outside world, it can cause asset damage due to wallet hacking.
    ⚠️ If you want to use your wallet on another device in the future, you can recover your wallet with mnemonic words.
  3. Your wallet has been created successfully. MED deposits can be made to the address starting with ‘panacea’, which is shown on the top [My Address].
    ⚠️ When transferring money from other wallets, such as exchanges, you must make sure that the address you send starts with ‘panacea’.
    ⚠️ Old tokens, QRC20 MED and ERC20 MEDX cannot be deposited into Cosmostation Mainnet wallet.
  4. To send the MED deposit to another Cosmostation wallet, you can send the money by pressing the blue ‘send’ button on the bottom right.
  5. For a more detailed guide on how to use the Cosmostation, please refer to the link below.
    https://www.cosmostation.io/files/cosmostation_guide_app_en.pdf

Medibloc will continue to make efforts to establish a decentralized medical ecosystem. Thank you.

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Personal Healthcare Information Ecosystem, built on blockchain