How to stake MINA | Full guide How to delegate in Mina Protocol

Hello, friends!

This is fast guide “How to stake MINA”

Let’s start!

First Part: Staking MINA with Auro Wallet

  • 1) Visit https://www.aurowallet.com/
  • 2) Click on button Chrome or FireFox browser.
    Example will be for Chrome browser, but the same for FireFox.
  • 3) You will see the information about extension Auro Wallet.
    Click “Add to Chrome
  • 4) After several second you will see the icon of Auro Wallet at the top-right corner. Click on it!
  • 5) You can Create new address, or Restore existing address. Click on “Create
  • 6) To use Auro Wallet you need to agree with Term of use. Click on “Agree
  • 7) Create password 8) Re-enter password 9) Click on “Next
  • 10) Only you is responsible for keeping mnemonic in safety! If you lose it, nobody can restore it! Click on “Next
  • 11) This is your mnemonic — 12 words. Write it on a paper! Better 2 times! Never share it!
    12) Click on “Confirm Backup
  • 13) Input 12 words in the same order like in your mnemonic
    14) Click on “Next
  • 15) Congrats! New address is created! Everybody, who has mnemonic of this address, can get access to address from any point of the planet Earth! So, never keep your mnemonic in Google Drive or iCloud. Click on “Start
  • 16) To stake MINA, you need to have MINA at the balance of your address. To know your address click on “Receive
  • 17) Copy your address using QR-code or 18) click on “Copy Address” to paste it wherever you want. Your address is not a private information. You can share it with somebody who wants to send you MINA

All new addresses is “Inactivated”. Address become “Activated” automatically after the first deposit of MINA to new address. Activation price is 1 MINA.

  1. As you can see, I have two transactions by 2 MINA each, but only 3 MINA on available balance. 1 MINA was automatically taking from my balance for activation of address.
  2. To become a delegator (staker) and get reward for it, go to menu “Staking
  3. You will see the information about rules of staking in Mina Protocol. You MINA always will be at your address, even if you delegate it. You can always send MINA from your address to any other address.
  4. If you wanna get a reward for staking, click on”Go to staking
  5. Mina Protocol has a lot of Block Producers. How to choose BP, I will write later. Now, you can use search option to find BP by the name. I choose web34ever. Why? I write about it later)
  6. Click on the name of BP, and after click “Next

Don’t stop to read at this place, because in the next part I will explain you a lot of important moments on the example of StakingPower Wallet!

Second Part: Staking MINA with StakingPower Wallet

You can find the information how to install StakingPower Wallet at the GitHub, but I public it in this guide too.

Left screen — Google Play | Right Screen — App Store
  1. Install TestFlight
  2. Scan the QR-code and follow the instructions
1st, 2nd and 3rd screenshots
4th, 5th and 6th screenshots
7th, 8th and 9th screenshots

Price of address activation is 1 MINA.
The payment will be debited from the balance automatically, directly after the first deposit with 1 MINA or more.

“Delegation” and “Staking” is the same!

10th, 11th and 12th screenshots

DPoS — Delegated Proof-of-Stake. One of a kind of consensus in the Blockchains. The rules of interaction between participants inside of the network and distribution of the new coins emission

  • You will see the big list of Block Producers. They are all different, but all of them have the same functions: keeping the blockchain and secure the network. You can choose only one BP for one address. About parameters of BP, and how to choose BP - I will write later. I will delegate MINA to BP web34ever - it’s very professional Validator from Distributed Validators Syncstems, that support Mina Protocol for a long time. Also, he is public person and help to russian-speaking community of Mina. You always can ask him questions, and he will not only answer, but also explain you how it works. I’ve got a lot of free knowledges from web34ever, and I don’t feel shy to recommend him like a Block Producer. And I ain’t got any reward or payment for this information about web34ever.
    I support those, who supports me!
    Click on the name of BP
  • You will see details of transaction.
    To send MINA” and “to delegate MINA” is a transaction.
    Every transaction has fee.
    More fee you pay, more faster transaction will be accepted by BPs.
    Every BP produce block by the random line.
    Queue probability of block producing depends of BP’s stake. At first, BPs choose transactions with the biggest fee, not with the biggest amount.
    So, more fee you pay - more faster your transaction will be in the blockchain.
  1. Choose the Network Fee:
    - Moderate is 0.001 MINA
    - Fast is 0.002 MINA
    - Very fast is also 0.002 MINA
    (less MINA — more time, or more MINA — less time)
    Fee for transactions will slowly grew up with growing of the amount of transactions
  2. Click on “Send
  • Input your password to proof that to send transaction is your wish, and after click “Confirm
  • Now, your transaction in the mem-pool, waiting when BP will put it into block and creating of zkSNARK
    1) You can click “View in Block Explorer" to see the process of transaction recording into the Blockchain
    2) You can close page with transaction details. It will move you to the main staking page

You will see all details of your BP, but the most important is:

  1. Contacts of your BP.
    By this contacts you always can get connection with your BP. If BP haven’t contacts — it’s strange. Of course, BP can’t steal your funds. Delegated MINA is always at your address, and only you have possibility to move it somewhere. Not BP, not CEO, not Google. Nobody can get your balance until only you control the mnemonic of your address.
  2. Fee of BP.
    Network distribute new emission of coins proportional amount of BP’s stake. BP get 100% of network reward for its own funds. Delegator (staker) get from the BP 100% minus Fee of BP. If web34ever has fee 3%, then Delegator will get 97% of reward, and 3% will go to BP to pay for electricity, internet and other node infrastructure. Some of BPs can make 0% fee, but this is not endless. This is something like a “marketing” to attract more delegations. When BP sell the reward, price of MINA goes a little bit down. And when BP reinvest reward back to stake, price of MINA goes up.
    Less circulation of MINA at the market — bigger price of MINA.
  3. Click on “Change Staking Pool", if you want to change your BP for another. Your funds always will be at your balance. But you need to pay transaction fee for changing BP.

Don’t stop to read here! The next part will bring you much more important knowledges. And Knowledge is a Power!

Third Part: Staking MINA with Clorio Wallet

The main rule “Never share your mnemonic with nobody!”, also works for the private key: “Never share your private key with nobody!

***

***

Everything I’ve wrote — is my personal experience.
Nobody pay me for this! I live with donations!

--

--

Get the Medium app