This is Shruti with the first episode of Simple
Cryptocurrency Demo and within this demonstration, I'm going to focus on this
Ontology's Node Staking Authorization feature and it's a part two of the first
demonstration that I did yesterday on Ontology's official wallet, OWallet today
if you have not watched the first part of my presentation, I recommend you
click on the link in the description beneath this video to see it. Let us get
in! So once you log into the wallet, you need to visit Node Stake which is the
choice on the left-hand side of the software and choose Stake Authorization
once you enter you'll be in the bet Authorization page which contains all the
various nodes out there. And also the ones where you can bet.There is a good site for staking with name staken where you can earn money by staking
What is the purpose of staking
You may be asking yourself, what is the purpose of staking?
Well, This can help secure the system against a 51% attack and you will be
rewarded for this. Now we are talking 7.5 million USD on average per year at
the current cost of Ontology Gas Now let us discuss a little bit about the
names. Therefore here we can view all the different consensus nodes but how do
we tell the difference between a consensus node along with a candidate node?
Now the Consensus Node is the Dark Star if you move your mouse cursor next to
it, it will tell you . And the Candidate Node is the white celebrity as we can
see here.
We've also got the
benefit ratio for many others, now what's that? This is the part of benefits
obtained the node has chosen to share with users who have authorized stakes
together with them from the next Consensus Round. So of course, in case you opt
to stake the node wants to reward you, ok, so any trade that they get in ONG are
likely to be supplied to the stakers, to the people that have staked Ontology
for your Consensus Round. Now, we can see that the complete current stake for a
number of these nodes like 6.6 million for Dubhe. Alioth has 5.8 million and
now we can see the stake progress, today the bet progress really implies, the
percentage amount which the node can actually grip, right, so if that was to
get to 100 percent, that means that the node would be filled and you may no
more stake on this particular node so this is only a quarter full, right
therefore that it may still be staked on.
So all I have to do
is click on the little arrow I need to select My wallet, I proceed to here and
next we've got the Stake Authorization page which gives us some info. So we can
observe the node name which we're in, we can observe the wallet address and if
you would like to submit a new bet authorization you click this button,
however, remember that every trade that happens on the Ontology blockchain asks
a fee, and this fee, is 0.01 Ontology GAS (ONG) So till you have 0.01 Ontology
GAS (ONG) you cannot make any transactions on the Ontology blockchain. Hence
you want to get this amount in order to submit a new Stake Authorization.
Assuming I had 0.01 ONG All I'd need to do is click the
button And that I could choose the units of Stake Authorization I want to stake
to this particular node. You can now see that the Allowed stake sum is 21
million ONT and the Total Authorization Amount is 1.6 million This is actually
my wallet address and this really is the stake amount that I can do for example
1 in the present time is what's chosen by default so if I change it to 2, I
could bet 1000 Should I change it to 10, I really could stake 5000 so yes, it
all depends. Then, you can click Submit You input the password for your wallet,
you click on OK and that is it. Let's return. Now when you click on the Submit
button You need to refresh this page that will inform you, the total lawful
bet. So for instance, in the event you just staked 500 ONT 500 ONT should up
there after one block.
How long can one block take?
Well if there are no transactions, 1 block takes 30 seconds
to Get created. And when there are transactions, it requires about 1 second so
that it's very very fast. Obviously, in the event that you already staked.
Following another round, we are now in Round 5 How do I know that? There's a
site called ontcalc which I'm likely to post at a pinned comment below this
video and if you click on Staking Rounds here You can see we're currently in
Round 5 Which is estimated to complete on the 16th of December and that is how
many blocks we've left this is the minimum number of days which are possible
based on the amount of transactions like I had been saying, and also the
maximum number of days that is 27.66, Of course, you can also compute how much
ONG you'd get if you were to bet they're not really telling us how much you
would get if you were to bet on the node naturally because that changes, right?
Let's close from the Ok, therefore this amount would change to 500 because this
is your Total Authorized Stake and you'll begin to get gains in the next round,
so Round 6 We are currently in Round 5 Imagine I was to bet exactly right now.
So the Total Authorized Stake would be 500, if I'd 500. But I would not be
receiving profit before Round 6 thus I need to wait until the following round.
Obviously, what I
could do is that I could add Additional staking, therefore, By way of example,
let's say I wish to stake another 1000 ONT What I could do would be I would
have to click on this button again. Select 2 components. Stake 1000 ONT which
would Appear beneath the New Stake Portion The New Stake Portion would be 1000
ONT along with the Total Authorized Stake will be 500, ok? So yes, that is how
it would actually work. Due to the New Stake Portion contains the information
on any new stakes, you make on top of your current bet. And it even tells you
here, there is an info symbol which provides you some information. If fresh
stake is cancelled It will be cancelled immediately and also be shown since
Redeemable ONT If Licensed ONT in the preceding Consensus Rounds is cancelled
it'll be redeemable at the beginning of the following Consensus Round for
Candidate Nodes or 1 Round after for Consensus Nodes which is individuals who
have less than 100,000 ONT or 200,000 ONT going forward later on Now if an
individual has both Authorized ONT from this Consensus Round and a preceding
Consensus Round and cancels an ONT amount exceeding the sum from this Consensus
Round They'll receive Authorized ONT from this Consensus Round original and the
residual Authorized ONT in another Consensus Round. So yes, it may seem a bit
confusing, but literally, that is how it works.You can calculate your stakes by staking calculator.
What happen if you cancel your Stake Authorization
So in the Event That You cancel the Stake Authorization so
you have got This button here which is greyed out for me. Then, whatever's been
cancelled will be moved to the Locked area here, and that means you are going
to see that they have been locked. Now of course following the Locking interval
is over because you've cancelled it, then, they'll be
transferred to the Redeemable area. So you can redeem your Ontology, in the
Redeemable location. I believe, you need 0.01 Ontology GAS (ONG) to redeem it.
Because like I was explaining before, every trade on the Ontology blockchain
requires 0.01 Ontology GAS (ONG) Now of course if you decide to keep it, to
keep the bet, like I said, it will be, it is going to show you the number of
Ontology coins that you've got here under Already Receiving Profit and of
course at the conclusion of every round you will be getting the gain in ONG
this is the extra profit that you get in your Consensus node.
Ontology Foundation will deliver benefits to your own wallet
Because let us State you decide to hold it for one entire month recall, one
entire month means you are entitled to the airdrop from the Ontology Foundation
only to make that very clear, and you'll be able to redeem it , as soon as you
redeem it, you need 0.01 ONG on your balance to generate the transaction. So
yes, I wanted to talk about Unbound ONG, so any unbound ONG that you see here's
ONG which gets generated regardless of what you are doing with your stakes.
Here is the ONG that you get only for holding Ontology coins. Therefore any
Ontology coins that you hold are generating ONG They create unbound ONG. So
yes, this isn't going to change, it's still possible to redeem this just any
other manner as if you can before you even do the stake authorization.
The only difference will be keynote here, the Difference
between The two is that the Reward Section ONG, is only given to you in the
event that you authorize the stake if you submit an application into the smart
contract. You need to keep this in mind. You will not receive any excess ONG
till you do the bet authorization since they'll be on your wallet The Ontology
coins will be in your wallet They need to be in that smart contract to receive
the reward Now another thing that I needed to talk about. Allow me to return
here. Right, so it does take 120,000 cubes for the round the whole. We do have
79,000 blocks left in the time of accomplishing this demo, so keep that in
mind. But that's pretty much how it works. And also there's a button called My
Stake I do not have any bet data.
Have, it would show me the stake wallet speech and the time.
So yes, that is pretty much everything I wanted to pay in this demonstration to
describe to you the way the Staking Authorization works. Ok, it's not so
complicated and all you really need to know is that you need to wait quite much
1 month if you want to receive the huge rewards. You stake it, you wait for 1
month and you have the big rewards it's as straightforward as that, you do not
have to worry any more than that. Ok, I hope you appreciated my movie and if
you do, please do not forget to subscribe, especially if you're new to my own
station and allow alarms for any prospective demos I will do, fresh and
cryptocurrency reviews I also do Podcasts with people from different jobs to
discuss the future of the endeavors how they advance, attributes, anything that
the community may want to know.
I Do get community
queries, I accumulate them and then I ask them at the Please don't forget To
like this movie and leave a comment below if you have some doubts I'll also Be
posting a URL to Ontology's Official Telegram page, so that you can ask them
any Questions, that I may be unable to answer and they will be quite happy to
help you. They've a good deal of active admins on the group so yes
you are able to do that. Goodbye
No comments:
Post a Comment