Posted 10 months ago | by Catoshi Nakamoto
As announced in Wanchain’s recent AMA with the Bitsquad, Ben Armstrong, a.k.a. BitBoy Crypto, has launched a Wanchain Storeman node. Wanchain Storeman nodes are responsible for performing and verifying crosschain transactions. They are an integral part of Wanchain’s industry-leading decentralized cross-chain architecture.
Delegation means staking your $WAN in someone else’s node. By delegating to the BitBoy Storeman node, the entire Bitsquad can earn rewards together while helping to build the crosschain DeFi world!
Below is a written guide outlining how to delegate your $WAN to the BitBoy Storeman node. A video walkthrough is also available. Do your part and help blockchain reach its full potential!
1. Install the Wanchain Desktop Wallet
You need to install the Wanchain Desktop Wallet. Be sure to download and install the right version for your operating system.
Click the Windows, Mac, or Linux button.
This will bring up the terms and conditions screen.
Click “OK” to begin the download then initiate the installation.
Be sure to carefully read and accept the terms and conditions.
Select an option then click “Next”.
Click “Install” then wait for the installation to complete.
Check the “Run Wan Wallet” box then click “Finish”.
Your Wanchain Desktop Wallet should open automatically.
Set a strong password of your choice.
Make sure you have the “Create Phrase” option selected. You can read the password requirements by hovering over “i” as shown below.
Click “Next” once you have backed up your seed words.
This step is very important! You need to carefully write down your 12 seed words, in order, on a piece of paper. Saving them digitally is unsafe. Best practice is to make multiple copies of your seed words and keep them in different secure locations.
Note: Your seed words are the keys to your wallet. Never share them with anyone under any circumstances. Scammers can steal your funds if they have your seed words. Keep them safe!
Input your seed words in order by clicking the words then click “Done”.
This is to confirm your seed words were written down correctly. If you make a mistake here, you can click “Previous” to go back and try again.
Congratulations! Your wallet has now been set up successfully set up!
2. Prepare your $WAN Account
View your $WAN account overview
Use the menu on the left to navigate to Wallet → WAN → Wanchain, as in the the screenshot below.
Send $WAN to your account
From your $WAN account overview, you can edit your account name, create more wallets, copy your deposit address and send some $WAN.
You’ll need at least 100 $WAN for delegating and some extra for gas (0.1 WAN).
Note: You can buy $WAN on any of these markets. Alternatively, you crosschain some assets using Wanchain’s crosschain bridge then get some $WAN on WanSwap. All crosschain transactions are eligible to automatically receive a bit of $WAN from Wanchain’s universal crosschain faucet.
3. Delegate $WAN to the Bitboy Storeman node
View your Delegation overview
Once you have deposited some $WAN on your address, use the menu on the left to navigate to Storeman →Delegation, as in the screenshot below.
Click “New Delegation”.
This will cause a pop-up window to appear.
Select “Bitboy Node” from the Storeman drop-down list, input the amount of $WAN you wish to stake then click “Next”.
As in the screenshot below.
Click “Send” to start delegating your $WAN to the BitBoy Storeman node!
Earn $WAN rewards with the rest of the Bitsquad!
You should now see your staked $WAN listed in the “My Stake” box. Your cumulative rewards will be displayed in the “My Reward” box as you earn them. “Claimable Amount” shows the amount of $WAN rewards you can claim. “Avg Network Reward” shows the current expected APR.
As shown in the screenshot above, you can click “Top-up” to add more $WAN to your stake. Click “Exit” to withdraw your staked $WAN and “Claim” to claim your $WAN rewards.
You can also view your delegation history. After staking $WAN in the BitBoy Storeman node, it will take a couple minutes for your delegation’s status to change from “Pending” to “Success”.
Some other important details
- You can claim your $WAN rewards every day.
- You can top up your stake at any time during the Storeman work cycle.
- You can initiate the withdrawal of your original stake at any time. However, it will only be returned once the current Storeman Group work cycle is finished. Work cycles typically run from around the 10th to the 10th of the following month.
- If you want to initiate the withdrawal of your original stake, you need to click “Exit” before the end of the current calendar month. Your $WAN will then be claimable once the current Storeman Group work cycle is finished (around the 10th day of the following month). If you do not click “Exit”, your staked $WAN will simply continue to earn rewards.
- Once you have clicked “Exit” and waited for the current Storeman Group work cycle to finish, you need to click “Claim” for your $WAN to be returned to your original wallet.
Join our Telegram Tech Support channel. Our support team is standing by and happy to help!
Note: If you receive a DM offering help, block them immediately. Admins will never DM you first! Never share your seed words with anyone, period.
True DeFi is interoperable — Wanchain, the Wide Area Network chain, is the world’s premiere decentralised blockchain interoperability solution. Our mission is to drive blockchain adoption through interoperability by building fully decentralised bridges that connect the world’s many siloed blockchain networks. This crosschain infrastructure empowers developers to build truly decentralised crosschain applications to power the future of DeFi.
Original article published on Wanchain’s Medium.