Delegated staking in Paytomat Wallet

Paytomat
Paytomat
Oct 22 · 4 min read

Just yesterday we made a new release of Paytomat Wallet. The biggest feature we added this time is an ability to stake your PTI to existing PTI nodes. This is a very convenient service, since you might not have enough tokens sometimes, yet you still want to generate revenue in PTI.

Such process is called delegated staking (aka the proxy staking), meaning you delegate your assets to another EOS account. This allows even those with a very limited budget to stake small amounts, 100 or 200 PTI for example. In general, delegation is similar to bank interest, where you give your funds to the bank and receive a small profit in return.

To delegate PTI tokens you need to follow a few simple steps:

1. Go to your PTI account and click STAKING.

2. Then click PROXY STAKE.

Staking screen will show a lot of different info about your staking progress, including the total amount of staked PTI, a list of accounts you delegated your PTI to and your daily profit .

3. Select a proxy owner.

After you choose to set up a proxy, you’ll see a list of PTI nodes’ owners you can pick from to delegate your tokens. On the left side of each node you can see its rating which is based on the total number of nodes bought vs the total number of nodes sold. In other words, people who do not unstake their tokens will be higher on the list because they proved themselves as trusted network operators.

4. Define the amount and a payment method. Confirm the operation.

Lastly, you need to input the transaction’s details. These are the amount of PTI you want to delegate to a selected node and the payment method (most of the time this will be your main PTI account). Make sure to enter the info correctly and confirm your actions with biometrics or pincode. If everything goes according to plan, you’ll see a success screen.

The income will start to generate during the next cycle (monthly) giving 80% to the delegator (your EOS account) and 20% to the delegated node (proxy EOS account).

Proxy Unstaking

A similar process applies to PTI unstaking. To do that, go to the STAKING screen and click on the account you’ve delegated your tokens to. It will be under the Items tab. Then hit UNSTAKE and confirm your operation with biometrics or pin code.

Notice that you can unstake only the full amount of your staked tokens for a given account, there’s no partial unstaking. In case you proxied your PTI for multiple accounts, you have to do the unstake for each of them. The overall unstaking takes 72 hours, the exact same time used to unstake a full PTI node. This is an EOS-related security measure to prevent people from spamming the network and restrict access of funds withdrawal in case your account is hacked.

During this time your tokens will be shown in staked balance, you can verify it while trying to proxy your tokens.

We hope this short tutorial will help you to set up a proxy with ease. There’s also a video tutorial, so you want to check it out if you’re more of a visual person.

In any case, if you have any questions, drop us a line in our community channel.

Paytomat

Decentralized System for Cryprocurrency Payments

Paytomat

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Paytomat

Decentralized system for cryptocurrency payments https://paytomat.com

Paytomat

Paytomat

Decentralized System for Cryprocurrency Payments

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