How to stake Semux
Semux blockchain launched on January 20, 2018 and it’s powered by BFT consensus. There are 100 network validators with a yearly yield of 40% as for May 2019. Welcome to my guide how to stake your $SEM.
How many blocks and new coins forged per day
On average there is 2880 blocks forged per day. The block rewards are:
3 SEM until the 2 millionth block;
2 SEM from blocks 2 million to 6 million;
1 SEM from blocks 6 million to 14 million.
After the 14th million blocks, Semux will transition to a fee market.
As for May 2019, there are 8640 SEM created daily, or 86.4 SEM per validator. This amount will drop to 5760 SEM daily or 57.6 per validator in December 2019.
How many coins do you need for staking SEM
There are no limits here, you can start staking even if you have 1 SEM, all you need is to be able to pay the 0.005 SEM transaction fee to vote for validator.
How to find a public pool/validator?
You can find full list of validators in semux-core wallet in the
«Delegates» tab. Note that not all validators share their block rewards, you can find the list of public pools at http://pool.7u.org/. There are also private validators who don’t share rewards with voters.
How much you can earn by staking SEM?
The yield from staking is not fixed, it dependents on many variables, for example the amount of staked $SEM. On average the ROI is close to 40% per year as for May 2019, but there will be a block reward adjustment in December 2019 from 3 SEM to 2 SEM after 2 years of mainnet.
These are some variables the yearly ROI depends on:
- the amount of SEM staked out of the total available supply.
- the amount of votes for a specific public pool, and the pool fee
- number of transaction in block
- the block reward. 3 SEM in 2018–2019, then 2 SEM till 2023, then 1 SEM for 8 years.
Based on current average network stats/pool fee/pool coins — you can get 1 SEM per 1000 votes daily. But if you want to stake a large amount of coins, I’d suggest you to distribute coins into equal shares and vote for different validators. This will increase your yield because payouts of overvoted pool can be lower.
How to vote via official wallet?
- Open your desktop wallet, click “Delegates” on top menu.
2. Scroll down and find the best validator for you. For example, it would be “bear” validator, select it (blue when selected).
3. Now you need to select the address from which you want to vote for the selected validator (if you have only 1 address in wallet , then you don’t need to select)
4. In the final step — just input how many coins you want to vote for the validator and click “vote”.
Wait 30 sec for transaction confirmation and you will see your coins in “Votes from Me” column. That’s it, now you are staking SEM.
In case you want to unvote some coins, make previous steps (1–4), but in the final step input number of coins in unvote field and click “unvote”.
If you are not a validator, then you don’t need to keep your wallet or PC up and running for staking. Just vote and earn.
Of course, validators must be online 24/7 and there are a strict requirements to a hardware: https://github.com/semuxproject/semux-core/blob/master/docs/Delegates-and-Validators.md#recommended-validator-setup
How to vote via web wallet?
Go to https://semux.online/. This is the light Semux web wallet.
1. Load your wallet file and input password.
2. Click “Delegates” and find the best validator for you:
3. Select validator just like in desktop version it will be blue if selected, select your wallet from which you want to vote.
4. In the “Action” field put number of coins you want to vote and click “vote”. You will see the alert like this:
5. Click “OK”, wait 30 sec for confirmation and check “My votes” column.
What is the difference between core wallet and web wallet?
The main difference between core wallet and web wallet is that you don’t need to download all blockchain data for voting or sending SEM. If you use web wallet — you need to have access to backup file + password or private key.
But keep in mind that in the crypto world there were cases of phishing attacks on web wallet sites, and as a result, users lost their money. When you are using web wallets, please, double check the domain name and SSL certificates.
Where to get SEM
You can buy it in these exchanges STEX (recommended as for May 2019), Tokok or Citex.
You can follow official discord and get some SEM for free by participating in bounties and contributing to Semux Ecosystem.
Talk to devs here: https://discord.gg/qQVckKZ
