Zilliqa is a high-throughput blockchain designed to maximize the number of transactions confirmed per second. It focuses on features of a sharded architecture that addresses the scalability limitations seen in some other blockchains. Zilliqa's smart contract layer features a proprietary programming language called Scilla, which enables developers to build scalable dApps without worrying about high transaction fees, low speed, and scalability.
This guide will show you how to stake ZIL tokens via the Moonlet Wallet.
What Is Zilliqa?
Zilliqa improves chain scaling using network sharding, a distinctive feature of Zilliqa. Sharding divides a network into several mini-blockchains called "shards." Due to shards, all data coming into Zilliqa's blockchain can be processed in smaller sections and shared asynchronously among the shards. Sharded network is ideal for processing complex computational tasks such as financial modeling, training neural networks, data mining, analytics, and machine learning applications.
Zilliqa's network capacity is several hundred thousand TPS. Its architecture relies on task parallelization to distribute work and computation within a peer-to-peer network, allowing delegators to stake coins and earn rewards safely.
Its blockchain uses a proof of work protocol known as the Practical Byzantine Fault Tolerance mechanism, which involves using both primary and secondary nodes and allows a consensus to be reached even when malicious nodes are present. Zilliqa's protocol isn't the same as that used on Bitcoin, so this feature allows staking tokens.
To learn more about Zilliqa, please read our article Introduction to Zilliqa: A Blockchain Platform Designed to Scale in Transaction Rates.
What Is the Moonlet Wallet?
Moonlet is a convenient multi-currency mobile wallet designed for holders of ZIL and some other blockchain tokens by taking into account the aspects of each platform. The wallet supports the storage, transfer, and staking of ZIL tokens. Users can also integrate Ledger devices in the Moonlet app. The main page contains a quick guide to importing Ledger.
Why Stake $ZIL?
You can stake Zilliqa tokens to make a passive profit on the funds you already have. Zilliqa has a unique approach to mining that combines PoW elements for Sybil resistance (preventing a 51% attack) and the BFT system for consensus reliability. Delegators can earn rewards by delegating their ZIL to validators. In return, delegators are paid blockchain transaction fees as a reward. The combination of sharding and its unique approach to security and issuance brings speed, cost, and security benefits to Zilliqa users.
How to Set Up a Moonlet?
The Moonlet Mobile Wallet app is available for iOS and Android devices. Select the link to install the app:
On the main screen of the Moonlet mobile wallet, three options are available:
- Recover the existing wallet.
- Connect another wallet or device (Ledger).
- Create a new wallet.
We will create a new wallet in the application. Click Create to continue. Read and accept the Terms of Service and Privacy Policy.
The next step is to save the recovery phrase. The recovery phrase is a 12-word mnemonic password that allows you to restore your wallet to other devices or clients if you lose access to it. Without a recovery phrase, you cannot restore access to your funds. Write the words on paper or any other offline medium in the order shown on the screen. It is important to follow this sequence.
Do not store your recovery phrase on digital devices. That is not secure. Also, under any circumstances, do not share or pass on the mnemonic password to anyone—it belongs to you only. Click Hold to unveil to display the words on the application screen. Click Next to display the next four words, and so on.
Enter the words under the indicated numbers to check the correctness of the recovery phrase you’ve saved. If everything is entered correctly, a new wallet will open. At this point, Moonlet will ask you to set a PIN to enter your wallet quickly. The PIN will protect the wallet on the smartphone from unauthorized access by third parties.
After that, set up and verify your 6-digit PIN. Finally, the wallet has been created. Now you can top it up.On the main screen of the application, select the ZIL blockchain as shown in the left-hand screenshot below. An account for ZIL tokens will open to display account statistics and your coin balance. Select the ZIL section as shown in the right-hand screenshot below.
To delegate tokens and receive rewards, open your ZIL account by clicking on it on the main screen of the application and then click All nodes to choose a validator. The Moonlet validator is selected there by default. You can easily find and select Everstake on the list of all validators. Click Next to continue.
Enter the number of ZIL tokens you want to stake. Use the buttons at the bottom of the screen to add a fixed amount of your tokens or stake half or all of the tokens. Note: 10 ZIL is the minimum amount to stake. Leave some coins to pay commissions for future transactions, or replenish the wallet again if you have staked the entire amount.
Now sign the transaction and wait for it to be added to the network. After the transaction goes through, you will see it on the list of transactions. Click on the transaction for details.
All transaction details will be displayed here: the amount, validator, status, and so on.
How to Unstake ZIL?
Information on staking and validators is available in the My Stakes section of your ZIL account. Click on your validator to display the details. Here you can vote for this validator again or unstake your tokens by clicking the Unstake button.
Enter the number of ZIL tokens you want to unstake and confirm the action. After that, sign the transaction to finalize the unstaking process. A delegator can unstake their deposit a day after staking it. The unstaking process can take about 14 to 25 days.The deposit will be frozen for about 24 days. After the unstaking period is over, the tokens will be available for withdrawal. The ZIL will not be earning a profit during the waiting period.
Conclusion
Enter the number of ZIL tokens you want to unstake and confirm the action. After that, sign the transaction to finalize the unstaking process. A delegator can unstake their deposit a day after staking it. The unstaking process can take about 14.The deposit will be frozen for about 14 days. After the unstaking period is over, the tokens will be available for withdrawal. The ZIL will not be earning a profit during the waiting period.
Everstake is a validator for over 70 blockchains and has a dedicated team of community, DevOps, and R&D specialists. You get your blockchain community representative with Everstake.
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