Minter is a blockchain network that lets people, projects, and companies create and manage their own coins.
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- How to stake BIP?
Staking in Minter can be done by running a validator node, which requires a sophisticated infrastructure setup, or very easy by delegating to one of the Staking Providers.
Follow these steps to delegate BIP:
- Create a wallet in web, iOS or Android
- Study the list of available validators (Minterscan , Monster’s Ranking, Interchain) and pick the one that is the most reliable and with the commission that fits you best
- Copy the validators address (starts with Mp…) and insert it in your wallet.
- Select the amount of coins that you want to delegate and click send. Bingo!
Don’t forget to re-delegate the rewards once per 24 hours to get the highest profit possible.
- How much can I earn staking BIP?
The individual Minter rewards depends on the Block Rewards, Block Time, Transaction Fees and Total Staked.
Every block one staker is randomly selected to validate a block. The block reward and transaction fees are accrued into a pool. Every 120th block the reward pool is distributed between all active validators after deducting a 10% commission for the DAO and a 10% commission for Developers. Validators are then distributing the rewards to their delegators after deducting their commission.
In our Staking Calculator you can play with the above mentioned metrics to understand the dynamics and create all kinds of reward scenarios.
- What are the requirements to stake BIP?
The only requirement for staking BIP is the minimal stake in the selected validator. There are only 1000 slots per validator, so, the amount of BIP you have must be bigger than the current stake in slot number 1000.
- Is there any risk to stake BIP?
Besides the risk of private key loss, there is a slashing mechanism which can happen in two cases:
– Double signing: If someone reports on chain A that a validator signed two blocks at the same height on chain A and chain B, this validator will get slashed on chain A
– Unavailability: If a validator’s signature has not been included in the last 12 blocks, 1% of stake will get slashed and validator will be turned off
Though, the majority of validators have software tools that protect their stakes from slashing – the validator will automatically turn off and stake burning will be prevented.