ICON Staking Guide Through ICONex Mobile Wallet
ICON’s idea to make many blockchains operable under one ecosystem is what makes this platform so attractive in terms of the current functionality and future development. The Proof-of-Stake consensus algorithm provides a high-security level while allowing all network participants to stake the native cryptocurrency called ICX. In this guide, you will discover a quick step by step guide on ICX staking via mobile ICONex wallet.
Please note, that if you want to change your current delegate then it takes from 5 up to 20 days to unstake your ICX tokens.
Moreover, the ICON network doesn’t have a minimum staking amount, so users even with a small number of ICX tokens can participate in the staking process.
Once you install the application, choose to create a new wallet.
Select to create the ICX wallet, enter the desired password, download your wallet Keystore files and a private key.
Once you will be in the main menu click on ‘Thumbs up’ button and choose to ‘Stake’.
In the staking menu you can choose the desired amount of ICX you would like to stake by dragging the slider.
Choose the appropriate amount and click the ‘Submit Button’.
It’s also important to mention, that you may be getting an error during the staking process which is caused by the system clock which differs from your current time zone. In this case, the network will reject your staking attempt until you synchronize your clock with your current geolocation.
Please allow up to an hour for your stake to get confirmed by the network.