TokenPocket: Vote for BPs and Earn Rewards in EOS
There are not that many universal wallets, which allow users to satisfy their needs and at the same time, offer a high-quality service. Considering the given factors, we have decided to create a guide, which will provide you with a step-by-step guide regarding the topic of earning a 2-3% yield with the EOS tokens.
Do not know how does Voting works in EOS? Why Vote? No problem, the Everstake team has provided detailed answers to the given questions in our second guide. Interested? Press the Link.
On top of that, before starting our journey In the world of TokenPocket, we would like to remind you that since April of 2021, the PowerUp model has replaced the previous staking approach model and REX approach. Of course, we have described the mentioned model in detail in our previous article, so you could learn more – EOS transition to PowerUp article. Model Solutions for Possible RAM, CPU / NET issue.
To download an application for TokenPocket Wallet, just search in the App Store or PlayStore “TokenPocket” and search for a similar app shown on a screenshot below. At the same time, here you can find links to the given app on different platforms and OS:
Just keep in mind that Desktop versions of the TokenPocket just allow you to overview an existing situation and do not give you an opportunity to vote and earn rewards. Thus, we are going to use the smartphone app.
After opening a downloaded application, there are two main ways through which it is possible to enter into a wallet: To create a new account or to import an existing one. During the given guide we will vote and earn rewards through an existing Wombat wallet account, but will also show how to create one.
In order to do so, first, press the No Accounts Button.
After that Choose your preferred way, through which you want your account to be created. In the given case, we are going to press the Email/Phone button.
Then, enter your e-mail address and a special one-time code, which will be sent to your email account.
After that, you will have to set an account. To do so, type an account name in the first line. What is most important, it should be unique and satisfy the length parameters set for the EOS accounts. Then, set a password and agree with the service regulations and privacy clause. After that just press the Next Step button.
Finally, you will have to pay a standard fee to get an account. After paying a given amount through Alipay or WeChat you will get access to your wallet.
As there are many free wallets, which offer high-quality services, we are going to use one of them and import the existing Wombat wallet into a TokenPocket Guide.
Obtaining a private key
To create an EOS account in Anchor, you need a private key from your wallet, which can be obtained from any crypto wallet that supports the EOS Power Up model: for example, Wombat. We will illustrate the process of obtaining a private key using the example of the Wombat wallet.
So, download the Wombat Wallet and install it. To get the private key, go to the Wombat wallet settings and select the Keys & Accounts section.
If the private key has already been purchased before, it will be displayed on the screen and you can copy it in order to import it into another wallet.
If the account has not been used yet, add a couple of EOS tokens and purchase the private key (costs 2 EOS). It will take 5–15 minutes after payment in order to generate it. When Wombat verifies the payment, you will receive your personal private key. Copy it — you will need it to create an EOS account in the Anchor wallet.
Setting up a TokenPocket Account
To import a Wombat wallet account, go to the landing page and press the I have an account button.
Enter a private key obtained from a Wombat wallet and set a password. In order not to forget your credentials you are even able to set a hint.
You are all set! Now you should be able to view all the available assets, transfer them, receive more or even swap. For now, let's proceed with the aspect of staking.
You need to stake EOS to be able to vote and get rewards. Don’t get confused — we don’t stake to get resources for performing transactions. We stake to vote.
For that, on the Resources page enter an amount of CPU and NET to stake (in EOS). We use a small amount for the CPU in our example, just for reference. Also, keep in mind that you don’t need to stake many NET resources — 0.1 EOS will be enough for that. Stake CPU to get actual rewards.
In case if you stake and vote for the ‘everstakeone’ proxy, the yield is 2–3% and it will be applied to the total amount you staked.
Let’s say, you have staked 1000 EOS for CPU and 0.1 EOS for NET — you’d get 2–3% yield on 1000.1 EOS, which is ≈20–30 EOS per year.
Also, staking your tokens in exchange for voting adds a three-day buffer for you to save your tokens from theft should your keys ever be compromised. Once you stake your tokens, there is a 72-hour cool-down period until you’re able to transfer them out of your account.
Voting for a Block Producer (BP)
After staking a certain amount, go back to the main menu and press the Vote button.
Under the EOS Vote Menu, search for atticlabeosb Block producer, as shown below.
Select the given BP by pressing the ‘+’ Button.
Finally, in order to finalize your vote, verify your password.
Note: voting for block producers does not entitle you to receive rewards. This is used to motivate BPs to maintain a high quality of service and actively develop the EOS ecosystem.
Voting for proxies and getting rewards
In EOS, proxies are given the right to vote for BPs using the delegated votes of the holders. To get the reward, vote for proxies like the one from Everstake (everstakeone).
To quickly find the required Proxy go to the “Proxies Voting” menu and search for Everstake. After that, press “Vote Him” button and confirm your selection by typing your password one more time.
Congratulations! You voted for the Everstake proxy and will now receive rewards.
FAQ on Voting in EOS
You can check EOS Voting Stats here.
Voting Analytics is available here.
All EOS account holders are kindly requested to vote for the ideal Block Producer candidates. You can vote for up to 30 Block Producers at a time. The information below is provided by EOS Community:
How long is my vote valid for?
Your votes are valid for a long time. However, they do have a half-life of 365 days. This means after 90 days, the votes are worth 80% of their original weight.
How often can users vote?
EOS accounts will be able to vote as many times as they want, every time an account changes its choices, the votes are allocated to the producers chosen.
What happens if I change my vote?
Every time you vote, the previous votes are overwritten with the new votes. This happens each time you vote, so new choices you make will overwrite the old ones.
Does voting cost me anything?
Voting for your favourite block producer candidates is absolutely free! It is important to select candidates that you feel will help the community and the EOS network.
When will voting end?
There is no end date on voting. You can vote and change your vote as many times as you want. Votes will keep being accepted as long as the EOS network is available.
Is Voting Secure?
As long as your private key is safe. Do not use your private keys in places that you don’t trust. We recommend not to use private keys on any website directly.
AtticLab (Kyiv, UA) was founded in 2016. In the very beginning, we developed blockchain solutions for banks and other financial institutions in collaboration with Ambisafe, Alliance Bank, and Humaniq. Now our diverse and experienced team allows us to focus on building our own blockchain applications. Our roadmap of the projects includes cryptocurrency exchange Cryptagio and open-source banking software openbankIT.
The mission of AtticLab is to create a compliant and decentralized financial system that benefits all its participants. As part of our strategy, we support open source blockchain initiatives and share our expertise with the blockchain community by delivering guides and educational content as well. Our past experience of working with banks and other financial institutions gives strong evidence that the modern financial system suffers from the “code is the law” attitude. The future decentralized financial system needs arbitrage. That is why we believe in the approach that the EOS team sticks to. To facilitate the development of the EOS ecosystem, AtticLab has become the EOS Block Producer and shares its expertise along with resources with the global community.
Being EOS Block Producer
At AtticLab, we believe in the concept and technology behind EOS. That is why we commit our resources to its development and mass adoption. As a Block Producer, we run a complex infrastructure with nodes located in Ukraine, Singapore, and Germany. Our top-notch hardware and software allow us to be in the TOP-5 of the fastest EOS Block Producers.
As a Block Producer AtticLab:
– performs technical tasks (creates and validates blocks, hosts full seed node and back-up servers);
– bears governance responsibilities (manages buggy accounts, take-down notices of files, manages hard and soft forks).
You can support the AtticLab/Everstake team by voting for us. This will help us to intensify our support of the EOS Ecosystem and add to the platform development.
Telegram Support Chat: https://t.me/everstake_chat
Wombat Wallet (free tx and automated resource management)
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