During the last few years, a countless number of projects decided to tap into the blockchain space, providing ideas and solutions that could help the financial sector in a variety of different ways. But many companies failed due to inconsistency in their efforts, and only a few of them were able to push the limits, releasing promising blockchain networks.
IOST is one of those ecosystems, which aims at empowering and supporting online services with scalable, efficient and secure technology. In this material, you will find a simple step-by-step instruction related to the IOST staking process.
Step 1: Account Creation Process
Mostly, IOST tokens can be staked via different mobile wallets that can be found on the official project’s website. At the moment there’s only one solution called iWallet which allows staking IOST on a desktop computer. It comes as a Chrome extension that can be downloaded from the Google Play.
Once you install the iWallet extension, click on the ‘Create an account at a third-party platform’
You will be transferred to the IOST account creation page, where you have to choose the desired wallet name.
Check the safety instructions box and proceed further.
Please note, that to create an account you have to send 150 IOST tokens to the ‘iostcreator’ address and only 10 IOST will be burned for account creation.
Ensure that you have a correct memo when sending IOST tokens from an exchange or wallet to the aforementioned address.
Once a transaction will be confirmed on the blockchain, proceed further and write down your private key which can be used later to restore account access.
Before you stake IOST you need to buy so-called ‘i-Ram’ which will be spent as a network resource for your financial operation. You have to spend at least 2–3 IOST to acquire sufficient number of i-RAM to stake, which floats around 300–500 bytes.
To do that, simply click on the i-Ram section in your wallet.
Choose the desired amount and submit your request.
Step 2: Actual Staking Process
Open the IOSTABC website to choose a validator that you want to stake for.
Your wallet should automatically authenticate on the website.
Click on the ‘Producer Vote’ section.
Enter the ‘Attic Lab’ into the search bar.
And simply click on the ‘Vote For It’ button.
In the pop-up menu choose the desired amount of IOST that you want to stake.
Confirm your intent to perform this financial operation.
Congratulations! You have successfully staked your IOST.