In this step-by-step guide, you can learn how to earn a 1-2% yield with the EOS tokens using SimplEOS Wallet. You can also use Anchor and other EOS wallets.
Obtaining a private key via Wombat Wallet
To create an EOS account in SimplEOS, you need a private key imported from your existing EOS wallet. We will illustrate the process of obtaining a private key from the Wombat wallet.
Download the Wombat Wallet and install it. Head to Settings and select the Keys & Accounts section.
If the private key has already been purchased before, it will be displayed on the screen and you can copy it in order to import it into another wallet.
If the account has not been used yet, add a couple of EOS tokens and purchase the private key (costs 2 EOS). It will take 5–15 minutes after payment in order to generate it. When Wombat verifies the payment, you will receive your personal private key. Copy it — you will need it to create an EOS account in the SimplEOS wallet.
Setting up a SimplEOS Account
SimplEOS is a wallet made solely for the EOS ecosystem and fully integrated with all features available in the EOS.IO software. It is a desktop application compatible with the most popular operating systems and it’s available on Github to be audited by the community.
In order to install the Wallet Desktop application on your PC or MAC, go to the developer’s webpage and press the Download button (According to your OS).
Install the program and run it. The wallet will be installed automatically — all that remains is to create an account. Press the Import existing key button.
After that paste the private key, that you have copied from the Wombat Wallet and press Next.
Create and enter a strong password that is used to access encrypted wallet files, then store it in a safe place: on paper or in a password manager. In case someone takes possession of your computer, he will not be able to access the wallet without knowing the password. Click Next.
Set up the Lockscreen if needed.
Congratulations! You have successfully imported your EOS account into the SimplEOS wallet and can now use it to vote. For this, PowerUp your account.
Using the PowerUp
Activate PowerUp via bloks.io or claim it for free here. Learn more about PowerUp in our article on Medium.
Staking/Voting for rewards
The amount of EOS staked is also your voting power. Only staked tokens contribute to voting power when you vote for Block Producers. Summarising, stake EOS if you wish to vote and get returns! Otherwise, just power up your account for transactions.
Staking is possible through the Vote section of the wallet. To earn 1-2% APR by voting and staking, you must specifically vote for a proxy that provides rewards (for instance, ‘everstakeone’). While voting for BPs helps them to maintain their level of service and supports the EOS ecosystem it doesn’t provide you with rewards. Still, voting for BPs is highly encouraged.
Voting for a Block Producer (BP)
Block producers act as validators of the blockchain network, thereby making a significant contribution to the open ecosystem of EOS, which we also wrote about in the article, the link to which you find above. For more information on block producers and AtticLab in particular, visit the EOS BP Research Portal.
In order to vote, move to the Vote menu, located at the left side of the panel, and choose the Vote for Block Producers option.
In the list of active block producers, find Attic Lab BP (atticlabeosb) by manually scrolling the page or using the search function.
Select a block producer and click the check-box on the right side and press the Confirm Vote(s) button. Users have an opportunity to choose and vote for up to 30 BPs.
Note: voting for block producers does not entitle you to receive rewards. This is used to motivate BPs to maintain a high quality of service and actively develop the EOS ecosystem.
Voting for proxies to earn rewards
In EOS, proxies are given the right to vote for BPs using the delegated votes of the holders. Vote for Everstake proxy to start earning! To quickly find the required proxy, use the search box and enter the proxy name: everstakeone.
Confirm your selection by clicking the Confirm Vote button.
Don’t forget that you need to stake EOS in order to be able to vote and get rewards. Don’t get confused: we don’t stake to get resources for performing transactions. We stake to vote.
For that, on the Resources page enter the amount of CPU and NET to stake (in EOS). We use a small amount for CPU in our example, just for a reference. Also keep in mind that you don’t need to stake much of NET — 0.1 EOS will be enough for that. Stake CPU to get actual rewards.
When you stake and vote for ‘everstakeone’ proxy, the yield is 1-2% and it will be applied to the total amount you staked.
Ready! You voted for the Everstake proxy and will now receive rewards.
How to Unstake EOS
Use the SimplEOS wallet or bloks.io to unstake. There is a three-day waiting period to unstake, for you to save your tokens from theft should your keys ever be compromised. After a cool-down period, you will be able to transfer tokens again.
FAQ on Voting in EOS
You can check EOS Voting Stats here.
Voting Analytics is available here.
All EOS account holders are kindly requested to vote for the ideal Block Producer candidates. You can vote for up to 30 Block Producers at a time. The information below is provided by EOS Community:
How long is my vote valid for?
Your votes are valid for a long time. However, they do have a half-life of 365 days. This means after 90 days, the votes are worth 80% of their original weight.
How often can users vote?
EOS accounts will be able to vote as many times as they want, every time an account changes its choices, the votes are allocated to the producers chosen.
What happens if I change my vote?
Every time you vote, the previous votes are overwritten with the new votes. This happens each time you vote, so new choices you make will overwrite the old ones.
Does voting cost me anything?
Voting for your favorite block producer candidates is absolutely free! It is important to select candidates that you feel will help the community and the EOS network.
When will voting end?
There is no end date for voting. You can vote and change your vote as many times as you want. Votes will keep being accepted as long as the EOS network is available.
Is Voting Secure?
As long as your private key is safe. Do not use your private keys in places that you don’t trust. We recommend not using private keys on any website directly.
About AtticLab BP
AtticLab (Kyiv, UA) was founded in 2016. In the very beginning, we developed blockchain solutions for banks and other financial institutions in collaboration with Ambisafe, Alliance Bank, and Humaniq. Now our diverse and experienced team allows us to focus on building our own blockchain applications. Our roadmap of the projects includes cryptocurrency exchange Cryptagio and open-source banking software openbankIT.
The mission of AtticLab is to create a compliant and decentralized financial system that benefits all its participants. As part of our strategy, we support open-source blockchain initiatives and share our expertise with the blockchain community by delivering guides and educational content as well. Our past experience of working with banks and other financial institutions gives strong evidence that the modern financial system suffers from the “code is the law” attitude. The future decentralized financial system needs arbitrage. That is why we believe in the approach that the EOS team sticks to. To facilitate the development of the EOS ecosystem, AtticLab has become the EOS Block Producer and shares its expertise along with resources with the global community.
Being EOS Block Producer
At AtticLab, we believe in the concept and technology behind EOS. That is why we commit our resources to its development and mass adoption. As a Block Producer, we run a complex infrastructure with nodes located in Ukraine, Singapore, Germany and other countries.
As a Block Producer, AtticLab:
• performs technical tasks (creates and validates blocks, hosts full seed node and backup servers);
• bears governance responsibilities (manages buggy accounts, take-down notices of files, manages hard and soft forks).
Support the AtticLab/Everstake team by voting. This will help us to intensify our support of the EOS Ecosystem and add to the platform development.
Useful links
Wallets
Wombat Wallet (free tx and automated resource management)
Anchor Wallet (free accounts and free tx)
