OWallet Stake Authorization FAQ

The Ontology Team
Oct 11, 2018 · 5 min read

To read more about OWallet’s stake authorization feature, please refer to this article.

Also, please make sure you are updated to the latest version of OWallet!

My stake authorization submission is not working, why?

Here’s some troubleshooting:

  • You should be entering the units of 500 ONT you would like to stake, so if you would like to stake 500 ONT, please enter “1”, not “500”.
  • If you are using Ledger, please uncheck “NEO compatible address”. Stake authorization does not support NEO compatible addresses.
  • Submitting your stake will require a 0.01 ONG fee, so make sure you have enough ONG in your wallet.

When will I receive my rewards, and where will I receive them?

ONG from transaction fees: Your stake authorization becomes effective at the beginning of the next consensus round. If your stake authorization becomes effective at the beginning of round 2, you will have to wait until the beginning of round 3 to receive all of the transaction fee rewards from round 2. If you cancel your stake authorization in round 2, you will continue to receive transaction fee rewards for the rest of round 2 (if you authorized stake with a consensus node, you will not receive transaction fee rewards for round 3, which your stake is also locked for). You will receive this portion under “rewards” in your “Stake Authorization” page.

ONG from Ontology Foundation bonus (updated):

Before November 2019, users must submit their stake before the beginning of the consensus round which occurs at the beginning of the calendar month and not cancel their stake until the calendar month is over in order to receive Ontology Foundation rewards for that month.

For example

Consensus round A begun on November 25th. If December 1st begins in the middle of consensus round A, you must have submitted your stake before the beginning of consensus round A and not cancel your stake during December to receive the Ontology Foundation bonus for December.

After careful consideration, we have introduced a new distribution approach to the Foundation bonus. As aforementioned, bonuses for nodes are rewarded to users participating in staking on a monthly basis. With the agreement of the nodes of the Triones consensus network, the Ontology Foundation bonus will be calculated every consensus round, which has started from November 2019 and will continue to be settled monthly. Users will be rewarded if their stake is valid within that round. The rewards will be distributed at the beginning of each calendar month. Each month has around 2–8 consensus rounds. Therefore, users may receive their Foundation bonus in multiple batches at the beginning of the month.

Please note: This portion is only manually rewarded around the beginning of each calendar month to those staking in Phecda, Dubhe, Merak, Mixar, Alkaid, Alioth, and Megrez. It is only shared by other nodes at their discretion. We will update this FAQ if other nodes announce an intention to manually share this portion.

When I submit a stake authorization, 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 authorization 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).

If a node is blacklisted you will not lose your ONT. In such an event the authorized stakes from other users will all be returned (please refer to the following question for more information regarding the lock period).

Also, while your ONT is staked you can still redeem unbound ONG on the “Stake Authorization” page at any time.

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

ONT authorized to a node will be effective (start to earn rewards) from the beginning of the next consensus round. If no action is taken, the ONT will be automatically authorized to that node in each consensus round. If the stake authorization is canceled at any time in round 2, then, authorized ONT will be unlocked at the beginning of round 3 (for candidate nodes) and at the beginning of round 4 (for consensus nodes).

Can a node change the reward proportion for others?

Yes, but the amount you see in your OWallet is always the amount that will be valid for the whole of the next consensus round.

For example:

It is consensus round 1 and a node has the proportion set to 100%. If they want to change it to 50%, it will only become valid at the beginning of consensus round 3, and the proportion for consensus round 3 will only show in OWallet from the beginning of consensus round 2. You need to check each consensus round to see whether or not your reward proportions will change in the next consensus round!

How long is each consensus round?

Each consensus round is 60,000 blocks — there are no gaps between rounds, once the 60,000 blocks have passed it will immediately switch to the next consensus round. You can see how many blocks it is until the next consensus round on the Stake Authorization page in OWallet. The block production speed is around 1 block per second, and blocks without a transaction will occur every 30 seconds. The consensus round is currently around one month.

What does “reward proportion for others” mean?

This is the portion of rewards received the node has chosen to share with users who have authorized stakes with them in the next consensus round. If it is 100%, they’re sharing all of the rewards with others, if it is 0%, they are keeping all of the rewards to themselves.

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.

OntologyNetwork

A high-performance public multi-chain project + a distributed trust collaboration platform. Telegram: http://t.me/OntologyNetwork Reddit: https://old.reddit.com/r/OntologyNetwork/

The Ontology Team

Written by

Active project domain: https://ont.io/

OntologyNetwork

A high-performance public multi-chain project + a distributed trust collaboration platform. Telegram: http://t.me/OntologyNetwork Reddit: https://old.reddit.com/r/OntologyNetwork/

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