Everstake - Learning Center

IOTEX Voting

What is IOTEX?

IOTEX is a scalable multi-blockchain platform created for equal transacting of people, services, dApps and IoT devices. Being on the latest stages of development, the IOTEX mainnet is already launched and backed by top participants of worldwide blockchain sphere, such as Binance, Huobi, Kenetic Capital, Blockchange, and more.

IOTEX uses the innovative Roll-DPoS consensus mechanism, an extension to DPoS with improved decentralization, new approaches to trusted and private on-chain computing, and fast and scalable multi-chain architecture.

+++++

What is IOTEX Voting?

Voting in IOTEX is the process of delegation of parts of user wallet balance to one or multiple delegates to promote them to take part in the transaction verification process. In return, the voters receive corresponding parts of the yields, collected by delegates during the verification process.

Although it sounds like transacting, the voted IOTX tokens remain blocked on the users wallet, and get back to full control of the user once un-voted.

+++++

What are IOTEX Delegates?

The Delegates take part in the Roll-DPoS process by verifying and approving all upcoming transactions, running calculations for dApps, and keeping the whole blockchain network up and running.

Unlike the most of DPoS blockchains, the network selects random delegates with votes from the pool, instead of only the top ones, for each epoch. This allows more delegates to partake in the consensus, and more voters to get rewards. The Roll-DPoS consensus increases decentralization and also decreases inflation by issuing new tokens to more users than in most blockchains.

+++++

How profitable is IOTEX Voting?

Currently, the median annual yield of IOTEX voting is estimated at 10%. The actual yield depends on the stability of your delegate node and correctness of its rewards. All delegates take a fee, which is usually required for running a node successfully. Everstake holds a 10% fee, and the IOTX annual staking yield displayed already accounts it. Use the Everstake IOTEX staking calculator to get more precise numbers.

+++++

How to find a good IOTEX Delegate?

A good IOTX Delegate should have 100% uptime and as few missed blocks as possible. These numbers can only be achieved by highly professional teams of hardware and software engineers, who run stable and up-do-date nodes.

It would be a great advantage if a validator takes part in the IOTEX community, is acquainted with all cons and pros of the platform and puts the efforts into the further development of the platform and community. A website with clear contacts information and transparent team overview is also a plus.

+++++

Why vote IOTEX with Everstake?

Everstake is built by Attic Lab, a team of blockchain and cryptocurrency professionals. We have great expertise in building blockchain products of all kinds, ranging from small developer tools and comfortable mobile wallets to exchanges and sophisticated business-oriented enterprise-level blockchain tools.

We have experienced software and hardware specialists who built us staking machines for all best DPoS blockchains in existence. We offer continuity and comfort and care about the loyalty of our customers, who can stake any coin with us, with the same level of transparency, the stability of rewards, and comfort.

+++++

Step-by-step IOTEX Voting guide:

Voting in the IOTEX platform is as simple as it can be, with the IOTEX Voting website. To start voting and gaining yields, follow these steps:

  1. Open the Everstake page on the IOTEX Voting website [ https://member.iotex.io/delegate/5cfe57253324884dff6c209f;]
  2. Press Vote and log in to your Metamask wallet;
  3. If you have an existing voting bucket staked, choose the corresponding option;
  4. If you don’t have a bucket, choose ‘Stake and vote from wallet’ option, enter the amount of IOTX you want to vote with, and press Proceed to Vote.
  5. After you have confirmed the two smart contract transactions, you have started voting and collecting rewards with Everstake!