Edgeware Staking Guide

Learn how to stake EDG token on the Edgeware blockchain using Polkadot JS and the Polkadot Browser Extension.

How to stake EDG on the Edgeware Blockchain using Polkadot JS & the Polkadot Browser Extension

In this step-by-step guide, you will learn how to stake your EDGs, the native token of the Edgeware blockchain, using Polkadot JS and the Polkadot Browser Extension.

More precisely, in this tutorial you will learn how to:

1. create an Edgeware Stash Account
2. create an Edgeware Controller Account
3. stake your EDG token
4. manage your Edgeware Staking Operations

Before you get started

Make sure to install the Polkadot.js Browser Extension before you get started. You can download the extension for Chrome/Brave and FireFox.

Step 1: Create an Edgeware Stash Account

Once you successfully installed the extension, click on the orange little “P” button in your browser bar to open the interface. Click the little “Gear Icon” in the upper right corner and choose “Edgeware (live)” under “Display Address Format For”.

Afterwards, click on the “Plus Icon”.

If you participated in the Edgeware Lockdrop, you can import your Edgeware Seed into the Polkadot Browser Extension by choosing “Import account from pre-existing seed”. Enter your mnemonic seed phrase — do not share this with anyone & always store securely!

Otherwise, click “Create new account (root or derived)”. Uncheck the box next to “Derive new account from existing” & click “Create an account from new seed”.

How to create an Edgeware Stash Account

Write down your mnemonic seed phrase and securely store it. Whoever has access to the mnemonic seed also has access to your funds! Check the box on the bottom and click “Next step”. Choose a descriptive name for your Stash account as well as a strong password. Then click “Add the account with the generated seed”.

Never share your Mnemonic Seed Phrase!

Congratulations, you have successfully created your Edgeware Stash account. You will now also find the address in Polkadot JS under “Accounts” — reload the page if this is not the case. You can now fund this account.

Step 2: Create an Edgeware Controller Account

In order to successfully bond your funds and nominate your validator set, you need a separate account, namely your “Controller Account”. You will perform everyday staking operations like changing validators or claiming rewards using this account.

To create your “Controller Account”, use the Polkadot browser extension. Click the plus icon in the top right corner. Then click “Create new account (root or derived)”.

Now you have two options:

• derive the new account from your existing account: it will be accessible with the same seed (mnemonic phrase) of the account it was derived from

or

• create a new account with a new seed: the new account will be independent of the old one and have a separate seed (mnemonic phrase)

We prefer the second option because we want to have independent keys, which is why we have to uncheck the box at the top. Then, click “Create account from new seed”.

How to create an Edgeware Controller Account

Write down your mnemonic seed phrase and securely store it. Whoever has access to the mnemonic seed also has access to your funds! Check the box on the bottom and click “Next step”. In the next window, choose a descriptive name for your Controller account as well as a strong password. Then click “Add the account with the generated seed”.

Again, never share your Mnemonic Seed Phrase!

Congratulations, you have successfully created your Edgeware Controller account. You will now also find the address in Polkadot JS under “Accounts” — reload the page if this is not the case.

Step 3: Stake your EDG token

On the Polkadot JS website, make sure that you are connected to the Edgware mainnet. You can change the network by clicking the network symbol in the top left corner of your screen.

Polkadot JS supports several networks, make sure to choose “Edgeware” before you continue

Before starting the Nomination process, send some funds from your Stash to your Controller account in order to cover transaction fees (~ 2 EDG should be plenty).

To start the staking process, click “Staking” in the “Network” drop-down menu. Afterward, visit the “Account actions” tab and click the “+ Nominator” — button.

Time to start the staking process!

Choose the Stash & Controller accounts accordingly, choose the amount of EDGs you want to use for staking under “value bonded”. Make sure to leave some funds in your Stash account. Bond a max. of 95% of your tokens so that you are still able to pay for transaction fees.

Choose a destination account for your rewards under “payment destination”.

Then click “next” to bond your token.

Make sure to leave some EDG unbonded, so that you can pay for the transaction fees

You can nominate up to 16 validators. Simply select the validators of your choice by clicking on them in the left box. You can unselect them from the right box by clicking on them again. Alternatively, you can also use the search bar in the top to look for specific validators by name or address.

Our Validator Addresses:

hqf1BwtVzGV1zjSDwzepecxCEyShefaHtBzDocUGMVKf5kk

k92Zx5xayKd6ipQix2JtTNUCfZFmRibXYdxKyJ8C58Smth3

j2R7Uxh1kecHYg7tf2aCeMRYoDgmznkvQEqbS3r4bVgJuTS

nShihyXFu6T1FAYeoiUTmB7pKJEXWUggW3e73y45Nk9XBYP

jNfUKF57BKJDjvtANYBmEUF3abuLnJvaW5NYZ2QvVeqMaoW

jk2Vys3VpfXdRJyjFUGQDa1YouoG9MhcrCzvAnV6zGfTeFW

jsdgaoVY1N9GXbzXUXVnrFe1yj7caimGAKdWDBtTD4nTV3U

hcrLPPgN8WMiQ4QE448q2H2tETo4n2XSYrSshiGVy3pXwo4

hjyKQDwX4vSaoE9orpNaXAVcDnQaugtSUiK9f6Gh3L3twSH

j6TThUUUEVz4zPxj754GmAXSbrT7dgcAttWj8eaNynwF4Jf

Then click “Bond & Nominate”.

Please note that you cannot specify the amount delegated to a particular validator. Your bonded DOTs will be spread out among the validators you selected according to the NPoS algorithm.

Choose your validators wisely — we recommend doing some research about them before your nomination

In the following window, click “Sign & Submit”. Afterward, enter your password and click “Sign the transaction” to conclude your nomination.

This concludes the Nomination process

Congratulations, your are now a Nominator on the Edgeware network!

Your nominations will be effective in the next era (~ in up to 6 hours).

Step 4: Manage your Edgeware Staking Operations

You can manage your staking operations with Polkadot JS. In the “Staking” menu, click “Account Actions” and then click the three dots on the very right to perform the following operations:

• Bond more funds
• Unbond
• Change controller account
• Change reward destination
• Set nominees

The “account actions” tab in the “Staking” menu is where you can perform the relevant actions

Please note that if you have bonded your tokens, a period of 7 days needs to pass before you can unbond. Once your tokens are unbonded, you need to issue another transaction, namely “Withdraw Unbonded” in order to be able to transfer your funds.

What are “Active Nominations”, “Inactive Nominations” or, “Waiting nominations”?

“Active nominations” & “Inactive nominations” are the validators of your nominations that are currently in the active validator set. In general, your only one validator will be shown as “active”. That is because the algorithm used to distribute your stake is optimized so that each validator in the set roughly has the same amount of stake backing him/her. Your stake is therefore usually only backing one of the validators you nominated.

“Waiting nominations” are the validators that are currently not in the active set.

Let’s connect

In case you have any questions, need more assistance or simply want to chat, always feel free to reach out to us via Telegram, eMail, Twitter or LinkedIn!