Stegos Staking Pools Just Got MUCH Simpler

StegosRich
Jan 15, 2020 · 4 min read

At Stegos, we are committed to making things intuitive and user friendly. Our staking pools were created to make staking as accessible as possible, but KYC requirements went against this. So we got rid of them.

Aggressive pruning, network sharding, and fast data messaging all prepare the Stegos network for worldwide adoption. In order to see that level of activity, our ecosystem of software and applications must be as easy to use and accessible as possible.

Staking pools were created with this idea in mind: users without the resources or technical know-how to operate a staking node should still be able to take advantage of staking returns.

In keeping with that ethos, we’ve streamlined the process of using the staking pools to make it as straightforward as possible.

No KYC. No Registration. No Hassle.

Users can now send STG to The Vault directly.

Simply send the desired amount of STG (at least 20,000) to the pool address, and in the comment field, indicate the lockup period and your STG address, separated by a single space: <1, 3, or 6><space><wallet address>. Make sure you generate a payment certificate for your records.

That’s it. Seriously. You’re all set. Kick back and relax as your STG accumulates staking returns. (But don’t relax too much! You need to be on the lookout for upcoming competitions and promotions involving the pools.)

The Process in Detail

Head here to find the pool address and a repeat of these instructions. Double check that you’re on the correct page by checking the authentication links on the right hand side.

Open your wallet.

Click “Send” to create a new transaction.

Select the account you want to use from the drop down menu.

Under “Recipient Address” use the address from this link.

For “Amount” enter the amount of STG you want to deposit to The Vault (at least 20,000)

In the “Comment” field, enter a comment in the following format: <lockup period> <space><wallet address>, where the lockup period is 1, 3, or 6 and <wallet address> is your return wallet address. Put a single space between the two.

You must fill in the comment field correctly, or we will not be able to process your deposit. If you don’t provide your address, we will not be able to return your tokens.

Click the “Generate Payment Certificate” box. It’s important to have a certificate to prove you made your deposit.

Press “Next”

Double check that you’ve done everything correctly, then press “Send”.

You’re done! Your deposit will arrive in just a few seconds.

What Happens Next?

Once you’ve made your deposit, you don’t need to do anything. Deposits will be staked at 12:00 CET each weekday.

We’re working on a staking pool bot which will be able to provide all kinds of stats and assistance. We’re hoping the first version will be live by the end of January.

Security First

We thought KYC was necessary for our protection and yours, but it proved impossible to make it work with our strong privacy ethos.

But with increased privacy comes increased responsibility. You must ensure that you’re sending the tokens to the right address and that you’ve filled in the comment field correctly. If you make a mistake, it may not be possible to recover your tokens. You also need to be on the lookout for scams and spoofing.

We’re taking responsibility for our side of things, too. The pool address and full instructions have been uploaded here by our CEO Joel. By uploading them to Keybase, you can be sure you have the right address. Make sure you’re on the right Keybase page. Joel’s username is joelreymont. All lowercase, all one word, no punctuation. Follow the links on the right to double check.

Do NOT use an address or instructions from anywhere other than that link, and please don’t post the address anywhere, including our own channels. (You’ll notice I haven’t posted the address directly here. Medium isn’t secure enough.)

No-one from the Stegos team will ever contact you about the pools, except to refer you to that link above. The address will never be on Twitter, reddit, or any social media.

Happy Staking!

The Stegos Team

Please note: double check your transactions and make sure you’ve indicated the terms of the deposit in the comment correctly. While removing KYC is the best decision from a privacy perspective, the downside to this transition is we lose a lot of our “fix it” power. If you don’t properly highlight your wallet address in the comments section, there is no mechanism to return your STG at the end of the lockup.

Website: https://www.stegos.com

Forums: https://forum.stegos.com

Telegram: https://t.me/stegos4privacy

Wallet: https://github.com/stegos/stegos-wallet/releases

Wiki: https://github.com/stegos/stegos/wiki/

stegos4privacy

A platform for privacy applications