ICON is a blockchain technology and network framework that enables independent blockchains to communicate and transact with each other. Promoted as a “blockchain of blockchains,” ICON aims to create a more interconnected blockchain network. This interconnectivity is made possible through ICON’s proprietary “Blockchain Transmission Protocol” and “xCall,” which have opened the door to cross-chain interactions that were previously impossible.
At the heart of the ICON network is a unique blockchain engine known as the “loop chain.” This engine is designed to handle a high volume of transactions per second, making it an optimal solution for a broad array of decentralized applications.
The ICON network is powered by its native cryptocurrency ICX, which serves multiple critical functions. ICX is used for transaction fees, protocol governance, and participation in the network’s Delegated Proof-of-Stake (DPoS) consensus mechanism. The PoS model incentivizes active participation in the ICON network by rewarding stakers with ICX tokens. Consequently, ICX forms the lifeblood of transactions and operations within the ICON ecosystem.
In this guide, we’ll explore ICX staking using Hana Wallet for iOS.
What is Hana Wallet?
Hana Wallet is a secure, multi-chain cryptocurrency wallet that simplifies the use of digital assets. It stands out as ICON’s first multi-chain wallet with DApp compatibility, asset management, and governance across multiple chains.
Hana wallet was created and maintained by the ReliantNode P-Rep team. Its primary goal is to make managing assets across many blockchains easier than in the past when one had to use a different wallet for every blockchain. With Hana Wallet, users can now manage their assets and connect to their preferred blockchains from one application.
Hana Wallet allows users to access their preferred dApps on all supported blockchains and offers a thorough view of a user’s assets, including tokens and NFTs, across several chains. The wallet places a high premium on security and takes numerous precautions to secure user assets. This includes non-custodial storage, biometric identification, a single 12-word seed phrase for key management, and ledger support for bigger crypto holdings, among several other security precautions.
To further increase security assurance, SlowMist has audited Hana. Hana Wallet supports a broad variety of blockchains, including Ethereum, ICON, Polkadot, Polygon, Avalanche, Binance Smart Chain, Kusama, Astar, and others.
How to set up Hana Wallet: Step-by-Step Guide
Step 1: Download, Install, and Configure Hana Wallet
Start by downloading Hana Wallet in the App Store.
After downloading the app, Hana Wallet will offer you the opportunity to establish a new account and secure it with a password.
Step 2: Set up and Keep Your Seed Phrase Safe
Save 12 words as your seed phrase. Considering this is the only way to restore your account, be sure to keep your seed phrase in a secure location. You can type out the words on paper or save them onto a hard disk. We advise taking advantage of programs like 1password or Bitwarden.
Next, Hana will request that you verify the seed phrase.
Step 3: Select Your Chains and Finish the Setup
Hana will take you to the selection page after you click Continue. Here, you will have a variety of chains to add to your wallet. For the purposes of this guide, we’ll keep things simple and only use ICON. But you can always choose more. To complete the wallet creation procedure, click Accept & continue.
How to SEND AND RECEIVE ICX
You can begin transferring ICX as soon as the wallet is prepared. To access the Send/Receive page, click the arrows symbol in the bottom panel. Tap Receive and choose ICON to deposit. You will be directed to a page where you can transfer tokens using a Hana-generated QR code or an address. The sending process functions similarly by entering an address into Hana.
STAKING AND VOTING PROCESS
Once you have some ICX, you are now eligible for the staking and voting process. Start by clicking the Earn tab. You will be taken to a page where you can cast your votes. Here you will find a list of P-Reps (public representatives): operators of the ICON network serving as delegates. The top-25 are chosen as Main P-Reps. They gain representative rewards and advantages from block production and validation based on the number of votes they obtain.
One of the Main P-Reps for ICON is Everstake.
First, choose the amount of ICX you want to give to a P-Rep by clicking Allocate votes. Next, drag a slider that appears to raise the overall number of votes.
After the distribution of votes, staking will begin. Rewards are given out every day except for the first 48 hours after the initial bet.
Unstaking ICX
Unstaking is done in a similar way. Go to the same page you landed on during the staking process and drag the slider down to zero. Remember that unstaking will require 5–20 days.
This concludes our guide on staking ICX using Hana wallet. With this simple process, you can quickly stake your ICX and start generating income.
If you have any questions, feel free to reach out to our ICON Blockchain Manager on Twitter.
