Step by step guide for staking on mobile phones
Staking is the process of holding ICX tokens in a cryptocurrency wallet to support the operations of a blockchain network. Essentially it means locking your ICX tokens in the wallet to receive passive income in the form of reward ICX tokens. The current annual reward rate is around 18.6%.
In other words, staking is very similar to having an interest-bearing bank savings account that provides passive interest.
The Public Representative(P-Rep) nodes validate transactions and handle overall governance of a blockchain network by participating in the processes of reaching consensus and defining key governance parameters. They are an important part of the staking process as the users need to choose a P-Rep that will represent them in the network.
ICON staking process is divided into the 3 phases:
- Staking — the initial phase where users choose the amount of ICX tokens they want to lock on the network
- Voting — the phase where users choose the P-Rep they want to give their votes to help them increase their role in the network.
- Claiming — collecting stake rewards/dividends
Stake reward is the same for all, no matter which candidate you vote for. To help the network and decentralization it is recommended to support smaller and active P-Reps.
If you like the guide please support StakedTech as a P-Rep with your votes.
Staking on Mobile phones
The first step before staking is to install the official wallet ICONex and create a new personal wallet. The ICONex wallet has both iOS and Android versions and can be downloaded from the App Store or Google Play.
- Installing the ICONex app
2. Creating a new wallet
3. Staking operation in the Wallet
Once you create a new wallet this is how your default wallet dashboard will look like.
If you have transferred ICX to your wallet, the next step is to navigate to press the Thumbs up button and then go to the Stake mini tab.
To start the stake, the staked amount needs to be adjusted either by moving the slider or by manually typing the amount to be staked in the Stake box.
Your ICX tokens are now staked and you are now ready to Vote for the P-Rep(s) of your choice. Please support us by voting for StakedTech validator.
Select the P-Reps tab to see the list of all available P-Reps.
You can add the P-Reps to your My Votes tab by clicking the + button.
To cast the votes to selected P-Rep (you can vote up to 10 P-Reps) you need to choose the number of votes in a similar way how staking was done — the voting amount needs to be adjusted either by moving the slider or by manually typing the amount to be staked in the Stake box.
Confirm Voting by pressing the Vote button. Your votes are now recorded on the blockchain and link to the relevant transaction is issued.
Vote and Confirm now. Your votes are now recorded on the blockchain and link to the relevant transaction is issued.
You have successfully staked your ICX and voted for your Public Representative (P-Rep) node on the ICON network. You are now part of the network and you are ready to collect your staking rewards from the next distribution.
5. Collecting your staking dividends
On ICON network staking rewards are issued in the form of I-Score. To claim your ICX rewards press the I-Score button.
To claim your ICX rewards press the Claim button.
Congratulations! Your first staking rewards are collected.
If you want to restake newly acquired ICX to increase your staking income than you need to go back to the Staking phase and repeat the staking and voting process to add new ICX to the previous amount.
If you like the guide and share our vision, please support us as your P-rep with the votes.
StakedTech is the ICON network Public Representative actively involved in securing the network and representing the community in the ICON network governance.