Ki Chain: Platform Review and XKI Staking Guide

The Ki Foundation team has developed Ki Chain, a blockchain platform based on the Cosmos Ecosystem (ATOM), which aims to provide traditional and crypto investors with a convenient investment and trading platform that will significantly expand their opportunities and provide easy interaction with the crypto industry for traditional investors. 

Ki Chain developers aim to build a bridge between centralized (CeFi) and decentralized finance (DeFi) by developing an integrated blockchain platform with its own XKI token, which serves as the main driver of the ecosystem.

The first products of the Ki Chain ecosystem are Klub.ki and Ki Desktop Wallet. The crypto wallet is available now: XKI holders can store XKI and stake it to receive rewards.

What is Klub.ki

Klub.ki is an exclusive private wealth club that combines CeFi and DeFi features and operates as a neobank (all financial services are provided online only). In other words, by using Klub.ki, customers can manage both traditional assets like stocks or real estate and crypto assets – all on one platform. For DeFi opportunities, Klub.ki provides convenient access to DeFi platforms such as AAVE, Compound, BlockFi, and others.

However, you won’t be able to get access to Klub.ki’s tools just like that. You must be invited by one of the current members of the club. But this is not the only condition: in order to use all the features of Klub.ki, users must hold a certain amount of XKI tokens. For now, you can visit Klub.ki and leave a request for joining which should be processed by the Ki foundation.

XKI token and Ki Chain staking

XKI is a native Ki Chain token that provides access to all platform services and functions: asset management, exchange, staking, and others. The Ki Chain blockchain operates on the Delegated Proof-of-Stake (DPoS) principle. This means that the network is conditionally divided into validators and delegators.

• Validators are the nodes of the network operators. They stake their own and delegated tokens to get the right to add new blocks and process transactions.
• Delegators are other XKI holders who cannot directly stake tokens, but they can choose the validators they like and delegate XKI to them, paying a certain commission from the accrued rewards in order to also participate in staking. When delegated, tokens do not leave the owner’s wallet.

XKI staking is available in the Ki Desktop Wallet. We will discuss how to stake XKI tokens a little later. For now, let’s briefly explain how staking works on the Ki Chain platform.

How XKI staking works

New tokens are generated every 5 seconds – this is the period for accruing rewards for stakers. To stake XKI, you need to become a validator or delegate your tokens to one of the validators, which delegators can change at any time. Everstake is one of Ki Chain validators. If you hold and buy XKI and are going to stake it, you can delegate tokens to Everstake on favorable terms and receive rewards.

XKI delegates start receiving rewards as soon as the tokens are staked, but the unstake period during which crypto holders will not be able to make transactions with tokens is 21 days.

According to the Ki Chain rules, if a validator’s performance drops significantly, it is temporarily excluded from the validation process. Read more about this here.

In this case, delegators stop receiving rewards from this validator. A simple way to solve this problem, so as not to wait 21 days for an unstake, is to immediately change the validator to one of the acting ones and continue receiving rewards with no gap.  

How to get XKI tokens

Ki Chain tokens are traded on liquid.com crypto exchange in pairs with BTC & USDC.

Also, XKI could be swapped on Cosmos decentralized exchange Osmozis.zone with many cosmos-based tokens, including ATOM, using Keplr wallet for this purpose. If you want to buy XKI on Osmosis, please follow foundation.ki/buy-xki.

How to stake XKI

To stake XKI tokens, you need to download and install Ki Desktop Wallet on your PC and top up the balance. Ki Desktop Wallet is a Ki Chain wallet that allows you to perform crypto transactions with XKI tokens: store, transfer, and stake. Also, within one account, you can create several wallets according to customizable categories as follows:

• Private

• Work

• Multisignature 

The wallet was released along with the launch of the kichain-1 mainnet. Next, we will describe to you how to create a wallet and stake XKI tokens using the Ki Desktop Wallet.

How to create a wallet

Download the wallet distribution from the official Ki Foundation GitHub repository or via direct links for your operating system:

• Windows 
• MacOS
• Debian

Let’s illustrate the staking process using Ki Desktop Wallet for Mac OS as an example.

Step 1. Install the wallet on your computer

Run the installation wizard, select the destination path and just follow its instructions. The wallet will install automatically.

Step 2. Launch the wallet

Once launched on the home screen, choose whether you want to import an existing wallet using a seed phrase or create a new one. We need to generate a new wallet, so select Generate New Wallet.

Come up with a name for your wallet and click Generate Wallet.

Step 3. Create a wallet backup

 

Ki Desktop Wallet will generate a 24-word wallet recovery seed. You will need it in case your device is lost or damaged and you cannot access your funds. Write down the words in sequence on paper and put them away in a safe place so as not to lose them. Then click Proceed.

 

We wrote in detail about the rules for storing the seed phrase in this article:

Crypto Security Guide: How Not To Lose Your Funds When Using Cryptocurrency.

Then fill in the missing words to make sure the seed is correct and click Verify.

Step 4. Create a password

 

Protect your wallet with a strong password. Do not use such and similar passwords: qwerty, 012345, qwert12345. Here is an example of a good password: # hCx3 $ fD4nB (9Xp. Then click Save.

How to delegate tokens

So you have created a wallet and after topping it up you can stake XKI. You can manage multiple wallets in Ki Desktop Wallet. One wallet is displayed on the screen – the one you created previously.

First, you need to get an address. To do this, simply click on the wallet. 

Then you can see your wallet address just in the upper-left corner under the wallet name, click on it to copy.

As soon as XKI arrive in the wallet, you can start staking.

Step 1. Open the wallet control panel

 

In order to access the control panel and staking, click on the wallet.

Step 2. Select the validator

Go to the Delegation tab, and choose the validator from the list. To quickly find the right validator, for example, Everstake, enter its name in the search string. Then click Delegate.

Step 3. Delegate tokens

 

Specify the number of XKI tokens that you want to stake. You can also manually configure the network fee by moving the slider. The larger the commission, the faster the transactions are confirmed. Then click Delegate.

 

Hint. Leave a few tokens so you have something to pay the commission with when you delegate, transfer tokens, or collect a reward.

You sent the tokens to be staked but the validators still need to confirm the transaction. You can track the status of the transaction in the Transactions tab simply by clicking on that transaction. Usually, it takes a transaction just a few seconds to appear, but if you don’t see it, click the Refresh button on the right of the top bar to haste the UI.

Then you will be redirected to that transaction’s page.

Or you can find it using Ki Chain Explorer by going to the Delegations tab of your validator inside the VALIDATORS section, where you can find it by your wallet address among all existing delegations.

Besides web explorer, to keep track of XKI transactions and staking you can utilize application that suits your smartphone:

• App Store
• Google play

 

If the transaction is confirmed, XKI tokens have been staked, and now you will receive rewards every time your validator commits new blocks. 

 

Step 3.1 Redelegate tokens

 

If your validator does not deliver the necessary performance: i.e. skips blocks and/or has been slashed, you can easily redelegate tokens to another validator.

To do this, in the Delegation tab of your wallet, find the validator you want to move the delegation from, and click Redelegate.

In the window that appears, in the To validator field, select from the drop-down list the validator to whom you want to redirect your delegation, for example, Everstake (or simply enter the name of the validator in this field and it will be pulled up automatically). Then, as in step 3, enter the amount, fee, and password, and then click Redelegate.

Immediately after confirming the transaction, you continue to participate in the staking and receive rewards.

How to withdraw rewards

To withdraw the accrued rewards, go to the Withdraw tab and click Withdraw next to the name of your validator. In the window that appears, enter your password and click Withdraw.

Usually, rewards reach your wallet account almost immediately, which you can delegate afterward and increase your earnings even more. 

Happy staking XKI with Everstake validator! 

Also, you may want to learn How to Stake XKI via Cosmostation Wallet.

 

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