IoTex Staking and Reward System (Steps)

Before we jump into the Voting/Staking topic, let me explain what are Delegates, what are their roles and why they are important. And also we will briefly explain why it is important for Voters to Vote for delegates.

What are Delegates and why are they important

Delegates are important as they contribute to the Network, they ensure the maintenance of the servers and the networks. Furthermore, they are the ones who creates, validates blocks and most importantly process smart contracts and transactions. They are also known as Consensus Delegates and manage/maintain and Grow the network of specific Tokens, in this case “IoTex”. The more Votes a delegate gets, the more chances they have to be in the Top 36 ranking where their Node gets selected in order to produce Blocks. Thus, obtaining tokens as rewards and distributing amongst the Voters.

Why is it Important for Voters to Vote for Delegates

As IoTeX uses Roll-DPoS as a consensus mechanism, which is an advanced and improved version of DPoS (Delegated Proof of Stake). These mechanisms are based on the “delegation” of mining to a selected number of “delegated” nodes, i.e. all the network nodes are supposed to “delegate” (by “voting”) other nodes to mine blocks on behalf of the entire network (which overall makes this kind of blockchain very fast and scalable). So to understand better we need to know that, Votes to get a higher rank is not the sole purpose but rather without these votes there would be no reputable delegates. And without these honest reputable delegates there would be no blockchain in existence. In other words, both contributions from Delegates and Voters are as important.

IoTex Staking

So as we know, with the on growing number of IoTex supporters, all Token Holders can vote for delegates in order to run the consensus. And the delegates are ranked according to how many Votes they received and are rewarded for it. The rewards the delegates receive are the Distributed at a certain percentage to the voters. Note: Each delegate have their own percentage of reward distribution.

Voting and Duration “epoch”

Token Holders are required to Stake a certain amount of Tokens and receive Vote power in return. The Ratio is 1:1 (1 IOTX=1 Vote), Voters can earn Bonus Vote for their stake duration. The Stake duration is referred as the “epoch” on the platform, in other words “1 epoch=1 Day”. Remember, “ More Votes= More Rewards”, the longer you stake the higher the Vote Bonus. There is a calculator available of the IoTex website where you can get an estimate of how much you will earn for your votes and the Duration you chose to stake. Link To Calculator: https://iotexlab.io/vcalculator

In-depth explanation on how to vote

To vote your need to visit “member.iotex.io”. One of the 1st steps to proceed you will need to install “Metamask” which can be integrated with your browser and be used to vote on the iotex website. Once Metamask is installed, you need to add “IOTX” to your wallet. To do so click on “Add Token” and chose “Custom Token”. Then paste the IOTX contract address after you will be able to see IOTX in your wallet. Most importantly, don’t forget to have enough of ETH in your wallet as it will be used as Gas Fee for voting process. Connect Metamask wallet(Web Version) to allow voting. You need to login with your Metamask wallet and connect IoTex wallet to Delegates.

With your Account, you can vote for as many Delegates as you want. The process is very simple, You chose the delegate you wish to vote for, Click on “Vote” and input the amount of IOTX Tokens you wish to Vote with. It will show you how many Votes you have at the button of the page. After that you can chose the time duration(epoch) you want to stake. You can also choose if you want to Auto stake or Manual Stake. The difference is, Auto Stake retains your duration of votes until the “epoch” you chose has been reached, while Manual Stake decreases the Duration until the “epoch” has elapsed. After that, confirm your transaction and it will trigger 2 smart contracts on “Metamask”. To save cost on your transaction, the best option is to click on “Edit” in the “Gas Fee” section in your Metamask wallet and select advance. Then set your “Gas Price” to “2” and “Gas Limit” to “60,000”. Then confirm both the smart contracts to complete the Votes.

After the Duration reached you can chose to unstake your token or extend your voting duration. Note: You can change your Votes and extend your duration anytime you want to get more bonus votes. To Vote, it’s good to have at-least 1 bucket to vote per delegate and even better 5 different buckets.

Votes and Rewards From Delegates

Each Delegates have their own % of reward system. They give a description of how many percent% of the rewards are distributed amongst voters and how much is kept for maintenance and team. This can been seen when you click on the delegate you want to vote for or just below their names it’s written “View delegate reward system” as shown below. It is also advisable to follow each Delegates you vote for on their Social Media for regular updates.

Voting on Compatible Wallets

There are many Mobile wallets which support staking and it is easier to use compared to the website version. All you need to do is, search for IoTex Staking in DApps Section and follow the same steps as mentioned above, except the Metamask part as you have to provide access directly to Mobile Wallet.

Things To Know:

• You Can Change/Move your Votes at anytime to other delegates
• - The Staking Rewards does not depend on the type of wallet you use but rather on the “Delegate you vote for”
• - Some Delegates have payouts every 3 days or 1 Times a week (Depends On Who you chose to vote for)
• - Payouts are sent to the same Address you voted with
• - The longer Duration “epoch” you vote for the higher the Rewards
• - When you Unstake/Withdraw it takes 3 days to process to ensure “Security and Stability” of the Network
• - IoTex is in the process of Token Swap To their own native token
• - In the future when the delegates distribute rewards it will be in IOTX native Tokens

Credits for a better understanding on why it is important to have Delegates and Voters goes to IoTexLab: iotexlab.io, Visit their web for more info.

Related Links:

IoTex Website: member.iotex.io

Official Telegram Group: t.me/IoTeXGroup

Wallets which supports IoTex Staking:

• Cobo Wallet
• - Trust Wallet (Supports Swap To IoTex Native Token
• - IoTex Geeks Wallet (Supports Swap To IoTex Native Token)

Hash ID: 10y6c