How to stake DOCK using Dock JS App
What is Dock (DOCK)?
Dock is an open-source network providing infrastructure and tools for issuing verifiable credentials using blockchain technology. With Dock, an individual or entity can create their own decentralized identity (DID) and manage it, and with blockchain technology Dock verifies its authenticity.
The Dock token serves three main purposes: Governance, Network Operations, Staking, and Validating.
Dock is listed on several exchanges such as Binance, Kucoin, Huobi, Wazirx, Hotbit, Gate.io. Token holders play an important role in the Dock network by selecting validators to run and secure the Dock network and, as a result, are eligible to receive token rewards. Follow the steps below to participate as a staker on Dock.
How to create accounts?
In the Dock JS App, navigate to the Accounts tab and click on + Add account.
Complete the name and password fields. Save the mnemonic seed in a safe place.
Tip: Read our article to find more about crypto security:
You have to create 2 accounts: stash and controller. Stash accounts hold the tokens that are staked, similar to a savings account. Its private key should be as secure as possible in a cold wallet. Controller accounts signal choices on behalf of the Stash account, like payout preferences and staking tokens to a validator. It should only hold a minimal amount of funds to pay transaction fees.
To get your Dock account details for transferring tokens, click on the address in the field. Your token address will appear on the right side of the page.
Tip: It would be convenient to rename accounts as STASH and CONTROLLER for example. This will help avoid confusion in the future.
How to Stake?
To start the staking process, go to Network Tab> Staking and choose Account actions. Then click the +Nominator button.
Set up your accounts and choose your payment destination, which should typically be the Stash account. The "Stash account (increase amount at stake)" option enables you to simply accrue the rewards into the amount you are staking and earn compound interest. Besides, it is possible to get the rewards to another account, from which you can manage your tokens.
Enter the number of tokens you intend to stake and click Next. Dock Network does not have a minimum staking threshold, but you should take into account the network’s fee for delegation and similar transactions.
Tip: Be mindful of the amount that must remain in an account for it to remain active. That amount is 1 DOCK on Dock, so it's recommended to keep at least 1.5 DOCK in your account to be on the safe side.
Click on Nominate on an account you've bonded and select a validator from the list. In this Guide we stake with Everstake for a reference — you are free to choose any validator.
Choose only reliable and trusted validators like Everstake — a reliable staking provider trusted by the entire blockchain community.You are now bonded which means your tokens are locked and could be slashed if the validators you stake misbehave. Be careful about the validators you choose since you will be slashed if your validator commits an offense.
Our delegators can safely stake their crypto assets. We use only high-quality servers, thanks to which we manage to achieve almost 100% uptime.
Our public key: 3EEZZ5AFagmFP4BPPRYSuEXhYJhN6oPdFN9xQ1KKmRSRsH38
Check the details of the transaction and, if everything is correct, click Bond and Nominate. Then you should authorize the transaction.
Congratulations, you are now a Nominator!
You can manage your staking operations in the Staking menu, click Account Actions and then click the three dots on the account field. There is an opportunity to perform the following operations: bond more funds, unbond, change controller account, change reward destination, set nominees.
Tip: If you have bonded your tokens, a period of 7 days needs to pass before you can unbond. Once your tokens are unbonded, you need to issue another transaction, namely, Withdraw Unbonded in order to be able to transfer your funds.
Subscribe to Everstake on social networks to receive the latest news from the world of cryptocurrencies and read useful staking guides!