Staking Tomochain coin: Learn how to stake tomochain coin
tomochain staking
Staking Tomochain coin: Learn how to stake tomochain coin

By quintomudigo | cryptoforex street | 29 Nov 2019


Tomochain is a native coin of the Tomochain platform. The Tomochain coin can be transferred from one smart contract address to another. The first smart contract address must pay a gas fee in order for the transaction to reach the second smart contract address. The gas fees will be considered as an income to the validators running and securing the tomochain network.Because of this,tomochain coin is being considered to be a decentralized asset.Developers can also create their Dapps on the tomochain network and use the tomochain coin to pay for fees for running their Dapps on the tomochain network.The fees will go to the validators running the tomochain network.Developers can also create and issue the tokens of their Dapps on the tomochain network. In order to transfer the tokens of their Dapps from one smart contract address to another,they will be required to pay a gas fee. The fee will go to the validators running the network.In order for the validators to run the network,they will need to have some tomochain coin in their account. They will receive them in form of votes from several stakers who would want to take part in the tomochain staking process. In order to participate in the staking of tomochain so that you can receive reward when your coins are being used to secure the tomochain network and to validate transaction on the tomochain network,here are the process involved in the tomochain staking;

  1. visiting the Tomochain website.

The first thing you should do is to visit the tomochain website. On their website,you will be able to get several sectors. Click on the product sector. On the product sector,there is several sub-sectors. On those sub-sectors,click on tomomaster. Here is the link to the tomochain website; https://tomochain.com/  After you have clicked on the tomomaster sub-sector,you will be redirected to the tomomaster website   

2. Login to the tomomaster

On the tomomaster,you will be required to login. Before login,here is the link to the tomomaster if you have not yet been redirected to it from above; https://master.tomochain.com/  After visiting the tomomaster website,you can click on the login link. When click on the login link,you will be redirected to the login section where you can either login using the tomowallet which is highly recommended though you need to download the tomowallet .You can also login using the private key/mnemonic phrase,metamask, ledger wallet and trezor wallet. We will use private key for the sake of web wallet users.Here is how the login sector for private key looks like;  

tomomaster  

 

From the above image,there is privatekey/mnemonic sector. In that sector,insert your private key or mnemonic phrase created on your tomochain wallet and click on the save button. If you have not created one then you can create by following the link from below;

https://wallet.tomochain.com/   

3. Being redirected to the tomomaster account after login  

After you have clicked on the save button from above,you will be redirected to your tomomaster account where your address is also indicated. Here is how it looks like

tomomaster wallet    

On my tomomaster wallet above,my tomomaster wallet is being indicated. You should always make sure that you deposit some tomochain in your tomowallet so that the balance can be reflected on your tomomaster account.

  4. Delegating your smart contract address balance to masternode

On your tomomaster account,click on tomomaster so that you can be redirected to several masternode. After making your click on tomomaster on your top right hand side ,you will be redirected to several masternodes as below;

  tomomaster masternode    

From the above image,150 masternodes are being indicated.Click on the vote button of the masternode you want to delegate your smart contract address balance to so that they use it to secure the network and to validate the transaction taking place on the tomochain network. In return,you will be receiving reward for that.After you have clicked on the vote button of the masternode you want to delegate your smart contract address balance, you will be redirected to a staking page indicating your smart contract address and the smart contract address of the candidate you will to delegate your balance to. A blank space to insert the balance of the amount you want to delegate will also be indicated as well as the reward you will be receiving per day based on the amount you will have delegated. The minimum amount to delegate is 100 tomochain.Here is how it looks like;  

tomomaster sstaking  

From the above image,upon entering the amount of tomochain to delegate,you should click on next and your amount of votes will automatically be unlocked such that you will start receiving your reward on a daily basis. You can unlock your votes upon completion of your staking period. Now that you know ,it think that you can also start delegating your tomochain coin as explained from above so that you start receiving your reward. If you feel that we should also own some tomochain coin for helping you know about it,then here is our tomochain wallet;

0xfbbb2c225f1d48ec1528abc7e17904b0b4ec92c8  
   


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


cryptoforex street
cryptoforex street

Cryptoforex street provides knowledge related to cryptocurrencies, tokens and blockchain technology. The knowledge consists of different cryptocurrencies with passive income, crypto mining, crypto staking and many more.

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