How to do the Kusama staking, please carefully study the staking tutorial~
1 Storage Account and control account
Before entering Kusama staking, set up storage and control accounts. Storage and control accounts can be set to the same address, as well as to different addresses. Generally, when you have a large amount of KSM assets, you can set two different addresses. This applies to the nodes, and for ordinary clients the same address can be selected.
Of course, if you pay special attention to address security, you can also choose two different addresses, the prerequisite is to ensure that the private key or mnemonic words of both addresses are carefully backed up, and the both addresses must have money.
In Huobi wallet, created KSM default address sets to the storage account. The control account is selected in the address drop-down list, you can choose the same, as well as import other address, select different addresses as the control account.
What is the difference between the storage and control accounts used for?
In short, the storage account is about the money, the control account is about work. When bonding, you have also bond the storage account money, and when voting staking you have to perform it by control account.
2 Choose the way to obtain rewards
After setting up the control account, you also need to choose the way to obtain rewards, Kusama provides three ways to obtain rewards: rewards to the storage account (re-investment), rewards to the storage account (non reinvestment), rewards to the control account.
Reinvestment means that having been obtained this time rewards will automatically vote the next time node and continue to obtain the rewards. Suitable for long-term staking users.
Short-term users can choose not to reinvest.
The third situation, the rewards are sent to the control account, usually tend to node selections.Please choose according to the actual needs. You can make changes at any time.
3 Bond and Unbond
Before staking operation, you must first bond (bond). The number of bonds is not recommended to be the amount of all bonds, leave part of KSM to do miner fee transfer later. A certain miner fee (0.01 KSM) is required for bonding.
Click “Bond”, enter the number of bonds, and after entering security password, it is successfully bonded.
If you do not want staking, provide unbond to redeem already staked KSM. Unbonding process is very simple, click “Unbond”, enter the number of unbonds, and enter the security password again. The miner fee (0.01 KSM) is also required for unbonding. When the current unbond amount is less than 0.01 KSM, the system will unify 0.01 KSM unbonds (the minimum unbond amount is 0.01 KSM).
Important note: after submitting unbond, it is impossible to redeem immediately to the account’s wallet address. 7 days are needed to redeem to the account, you can click on the button in the right upper corner to see staking details information. When countdown to redemption is over, click on “Redeem”, unbonded KSM will be redeemed to account’s wallet address.
4 Select validator (node) staking to vote
After bonding is complete, click to verify the node, you can select up to 16 verified nodes in the node list. These 16 verified nodes’ poll is a randomly assigned by the system number the user sent.
Click “Vote”, enter the security password, submit staking successfully.
5 How to obtain rewards
Rewards are automatically knocked by each node to the voting address, if you did not get rewards, please contact each node for confirmation. It is recommended to select more reliable nodes when voting.