estake.io

Polkadot

Validator Address to nominate:

15TFYgkh93qeEDAcZpmEcKSbRwC1VuJt8X2HVMgpt1MiuCPp

Status:

Parity Polkadot

Fee:

1%

Uptime:

100%

What is Polkadot?

The Polkadot protocol is designed to allow unrelated blockchains to securely talk to each other, so that value or data can flow between, say, the Ethereum and Bitcoin blockchains without any intermediary. It’s also designed to be speedy and scalable, via the use of many parallel blockchains (or “parachains”) that take much of the processing demand off of the main blockchain.   

The Polkadot token (DOT) serves two main functions within the Polkadot network: it’s a governance token, which allows holders to have a say in the future of the protocol, and it’s used  for staking, which is the way the Polkadot network verifies transactions and issues new DOT. DOT can be bought and sold on exchanges like Coinbase as part of your investment strategy. 

 

How is Polkadot structured?

The Polkadot network includes a main blockchain called the “relay chain” and many user-created parallel chains (or “parachains”). It also has a connecting layer, or “bridge,” that allows value and data to be transferred between most blockchains — and can even be used to connect to non-blockchain databases.

How does Polkadot work?

The reason Polkadot can process all of this information is because the many parachains do a lot of the heavy lifting for the main relay chain. As a result, the Polkadot network can process more than 1,000 transactions per second, compared to about 7 for Bitcoin and 30 for Ethereum. As the network grows and more parachains are added, Polkadot should get even faster, with speeds that could hit a million transactions per second.


The relay chain is responsible for achieving consensus and transaction delivery … among parachains. Parachains … are application-specific blockchains within the Polkadot network. Each parachain is an entire blockchain in and of itself, with its own logic and features.

How does staking work on Polkadot?

Polkadot uses a proof-of-stake consensus mechanism (as opposed to the proof-of-work system Bitcoin uses) to secure the network, verify transactions, and create and distribute new DOT. There are several ways DOT holders can interact with staking system — depending on how much time, technical knowledge, and money they want to devote.

  • Validators do the most work — it’s a major commitment, and requires technical knowhow. To become a validator, you need to run a node (one of the computers that makes up the network) with little to no downtime and stake a substantial amount of your own DOT. In exchange, you get the right to verify legitimate transactions, add new “blocks” of transactions to the relay chain, and potentially earn newly created DOT, a cut of transaction fees, and tips. (On the flip side, you can also forfeit some or all of your staked DOT for acting maliciously, making a mistake, or even having technical difficulties).
  • Nominators allow regular investors to participate in staking indirectly. You can delegate some of your DOT to a validator you trust to behave according to the rules. In exchange, you get a cut of DOT earned by your chosen validators. Be careful with who you choose: you also can forfeit some of your stake if your validator breaks the rules.
  • There are also two specialized roles that typically require less of a commitment than becoming a full validator but more technical skill than is required to be a nominator: Collators keep track of valid parachain transactions and submit them to the relay chain validators. Fishermen help find and report bad behavior across the network.
 

By staking and participating in the network via any of the above roles, you may be able to receive DOT rewards. DOT holders also have a say in the governance of the network and are able to vote on proposed software upgrades.

To know more about Polkadot’s ecosystem

👉 Website
👉 Twitter
👉 Discord
👉 Github

¿How to stake Polkadot?

Requirements

  • Chrome or Brave browser.
  • A Polkadot address with some available DOT

Steps

  1. Install Polkadot JS Extension: Open https://polkadot.js.org/extension/ in your browser and install it.
  2. Import your Polkadot address into the Polkadot JS Extension:
    1. Open Polkadot JS Extension.
    2. Click on Import account with pre-existing seed.
    3. Enter your seed phrase.
    4. Add a descriptive name for your account.
    5. Enter a password for the account and click next.
    6. Click on Add the account with the supplied seed.
  3. Open https://polkadot.js.org/apps in your browser and allow access to the extension.
  4. Connect to the Polkadot network: In the top left corner make sure you are connected to Polkadot hosted by parity. If not, click and make the switch.
  5. Nominate estaker.io
    1. In the top navbar hover over Network and select Staking
    2. Click on the Account Actions tab
    3. Click on the + Nominator button
    4. Select your imported account as Stash and Controller. Its is recommended to have a separate account for the controller but not required.
    5. Adjust the amount of Dot you want to bond and click next.
    6. Nominate estaker.io
      1. Search for estaker.io and double click on the account to add it to your list of nominated accounts
    7. Click Bond & Nominate
    8. Open Polkadot JS Extension, enter the password for your account and then click Sign the transaction.
    9. All done! Now you wait for your nomination to be active! 
    10. Your nomination will be inactive until the next era (1 day), so please remain patient!

Ready to stake?

Wainting list open for nominations

You can delegate your assets safely, directly from your wallet. Once you’ve delegated, you will automatically start earning staking rewards as we successfully generate new blocks.

Just enter your name and email below, and we’ll go over some personalized options with you!