ONTO Stake Authorization Guide

Published in

OntologyNetwork

5 min readSep 16, 2019

We are pleased to announce that the new ONTO now supports ONT staking. Can’t wait to try this new feature? Here’s a detailed guide to how to authorize stake in ONTO.

How do I Authorize a Stake in ONTO?

Step 1: Download the latest version of ONTO

Step 2: Open ONTO and click “ONT” in the “Assets” page

Step 3: Click “Stake” on the bottom left and enter the stake page

Step 4: Select a node you want to stake into by clicking “Recommended stake nodes” and enter the stake amount (integer multiple of 500 ONT). For example, if you would like to stake 500 ONT, please enter “1”. After you have confirmed the information, click “Stake now” and confirm your password, and the stake authorization is complete!

After you have authorized a stake, you can view the staking information in “My stake” page. You can claim ONG rewards by clicking “Claim” on the bottom left in the “Node staking” page.

Some Frequently Asked Questions

Which node should I select to have the best return?

You can see which node offers the best return by checking “Last Round Rewards per 10,000 ONT (ONG)” in the “Select node” page. The higher the rewards, the more you can get from ONT staking;

How long does it take for the stake to become effective?

If you authorise your stake in the current consensus round (round 1), it will become effective in the next round (round 2). Each consensus round is 60,000 blocks.

When I submit a stake authorisation, am I still in control of my ONT? Could I lose my ONT?

You are always in control of your ONT. However, once your stake authorisation becomes effective at the beginning of the next consensus round, it will be temporarily locked in a smart contract (please refer to the following question for more information regarding the lock period).

When I stake my ONT for a node, how long is it locked for?

ONT authorised to a node will be effective (start to earn rewards) from the beginning of the next consensus round (round 2). If no action is taken, the ONT will be automatically authorised to that node in each consensus round. If you cancel your stake before ONT staking takes effect, you can withdraw your ONT right away, but you will not receive any rewards nor can you have the Gas fee back; however, if you authorised a stake to a candidate node and you cancel the stake in round 2(when the stake is already in force), you can withdraw your ONT in round 3; if you staked to a consensus node, you can withdraw your ONT in round 4.

How do I know if a particular node will share revenue?

All the nodes display their fee-sharing ratio on https://node.ont.io/. If it shows 0%, then it means that the node will not share the transaction fees with users; if it’s 100%, then it means the node shares all the transaction fees with users proportionally.

What’s the difference between claimable ONG and Gas rewards?

Claimable ONG refers to the transaction fee rewards. Gas rewards refer to unlocked ONG users receive by holding ONT. According to the current unlocking curve, users can receive 3.456 ONG every day by holding 10,000 ONT.

If I authorised a stake in round 1 and cancel the stake in round 2 after it takes effect, do I still earn rewards?

Note: starting from the block height at 6,774,300, if you authorise a stake in round 1 and cancel the stake during round 2, you can still earn the transaction fee rewards of round 2.

There are 2 scenarios:

If you stake to a consensus node, you will receive the transaction fee rewards of round 2 (depending on the node). Your ONT is still locked up in round 3, but you cannot receive any rewards from this round;
If you stake to a candidate node, you will receive the transaction fee rewards of round 2 (depending on the node).

Why does it show “Insufficient ONG balance” when I try to stake?

Submitting your stake will require a 0.01 ONG fee, so make sure you have enough ONG in your wallet.

How do I cancel my stake?

Click “Cancel stake” in “My stake” page and follow the instructions. Before cancelling your stake, make sure you have read the information by clicking “Info” on the top right in the “My stake” page.

How long is each consensus round?

A consensus round has 60,000 blocks. The exact duration depends on how fast blocks are generated. The block production speed is around 1 block per second, and blocks without a transaction will occur every 30 seconds. You can check how many blocks are left before the next round on https://node.ont.io/.

If you have any other questions while using ONTO, please ask us on Discord or Telegram. We will update this FAQ regularly to provide more information.

Are you a developer? Make sure you have joined our tech community on Discord. Also, take a look at the Developer Center on our website, there you can find developer tools, documentation, and more.