How to stake Uniworld (UNW) on UniWallet?
What is UNW?
UNW is the coin of the Uniworld ecosystem. UNW is a native token on the Unichain network, officially launched in April 2020 after the mainnet process was successful. On November 2, 2021, a successful hardfork version 2.0 was released with new features such as send future, URC30 token…
UNW is stored in the Uniwallet wallet. The wallet address starts with “U”-UPUpEzAnQinorn8kNA6xqgwBkz8pUrGS32
The UNW transaction is very fast (TPS 1–3s, Blocktime 1–3s), high scalability (through crosschain and multichain), easy to use and has a low fee (0,000267UNW).
Rewards for staking UNW
The Unichain network operates under the DPOS-Hotstuff mechanism (similar to Facebook’s Libra coin), which is an upgraded form of POS that helps increase democracy and the voting rights of the UNW holding community in the network’s activities and development of the Uniworld ecosystem.
The Unichain network has 55 witness notes (33 main nodes and 22 minor nodes). The witness nodes are the validators involved in the process of validating blocks and executing transactions on the blockchain network. UNW holders can participate in the operation of the network by voting for any Witness node and receiving block rewards every 6 hours.
The maximum inflation is 2.15% but usually less due to the burning process (e.g. witness node creation fee of 500 UNW, transaction fee…). For more details, please refer to: Unichain witness node benefits.
So, with a 1 billion UNW total supply, the whole network each year will generate a maximum of 21,500,000 UNW rewards that will be divided among voters (UNW stakes) and validators in the ratio of 6:4.
In the new stage, when competition is low, we will mine UNW through Stake UNW in Uniwallet wallet, which will give us higher profits.
With the POS network, staking is simply the act of locking the coin in the wallet and waiting for the reward, but with DPOS, you need to lock the UNW number, then vote for the Witness node (validators), and receive the reward every 6 hours. Note that the unlock time is after 3 days.
Create a new UNW wallet (Uniwallet)
Download the Uniwallet app on your phone.
· Install Uniwallet for IOS here.
· Install Uniwallet for Android here.
In the open Uniwallet application, click “create now” to create a new wallet. Click “Continue” (Figures 2 and 3) after reading through some small notes about Uniwallet.
Enter “Password” and confirm your password. The interface is moved to the wallet information section.
Uniwallet wallet address, private key, and Mnemonic Phrase are all part of the wallet information.This is very important personal information. You need to take pictures, take notes, and store them extremely carefully because they are the key to logging into your assets. (You can click the copy icon next to the above code to save it).
Enter the “PIN” code and confirm the “PIN” code to complete the wallet creation process. So you have created a new Uniwallet (the wallet interface is shown as the last picture, with the wallet address in the red frame).
How to stake UNW?
Step 1: Login to Uniwallet app on your phone
You can log in with “Private key” or “Mnemonic Phrase”, enter “Password” (Transaction password must have more than 8 characters, special characters, and uppercase characters), enter the “PIN” code for your wallet, and confirm the “PIN” code.
Step 2: Lock the UNW coin to convert it to the corresponding number of votes.
Click “ Freeze “ bandwidth mode to lock your UNW coin. The number of votes will be calculated by the system corresponding to the number of coins you have (1 UNW = 1 vote).
Enter the number of UNW you want to vote: you can enter it manually or click on the number “%” (25, 50, 75, 100) below, the system will automatically calculate the corresponding number of UNW, click “Freeze” to continue
Enter “ PIN “ code , enter “ Password “, the number of successful UNW coins will be displayed in the “Locked” section (Figure 3).
Step 3: Vote for Witnessnode
The number of coins you successfully locked in step 2 will correspond to the number of votes you can vote for the Witnessnode you want (Show balance in “Your available”)
The section below shows the Witness nodes with their addresses. Click on the Witness node you want to vote for, enter the “PIN” code, enter the number of votes (“0 the number can vote”), click Vote to complete progress.
The system notices success, the number is displayed in the “Total votes” section.
How to unstake UNW?
At the main interface, press “Freeze” to go to the interface as shown in Figure 2. The number of coins you can unlock will be displayed below. “…UNW are ready to unlock”, press “Un-Freeze”, enter “PIN” code, and enter “Password” to complete the process of unlocking your UNW coin.
Normally your coin will be locked for a minimum of 3 days. After 3 days, you can unlock this part of your coin and put it in your wallet any time you want.
How to withdraw rewards?
At the main interface of the wallet, the amount of coins paid from your staking process will be displayed in the “Rewards” section. To withdraw this coin, click “Withdraw”, enter “Password”, click “Confirm” to complete the process. The system reports success, the reward will be accumulated and displayed in your wallet balance.
December 8, 2021
Unilab DAO network
