Ontology - Node Staking Authorization with OWallet Demo

1. Ontology - Node Staking Authorization with OWallet Demo Hi and welcome! This is Shruti with the principal scene of Simple Cryptocurrency Demo and in this demo, I'm going to concentrate on the Ontology's Node Staking Authorization highlight and it's section 2 of the underlying demo that I did yesterday on Ontology's authentic wallet, OWallet now on the off chance that you have not viewed the initial segment of my demo, I suggest you click on the connection in the depiction beneath this video to watch it best staking coins How about we get directly in! So once you sign in to the wallet, you ought to go to Node Stake which is the alternative on the left-hand side of the product and select Stake Authorization once you enter that you'll be in the stake Authorization page which contains all the various hubs accessible. furthermore, the ones where you can stake on. so I'm going to talk a smidgen about that. what is staking? You might solicit yourself, what is the motivation behind staking? Indeed, this will help secure the system against a 51% assault and you will be remunerated for it. Presently The Ontology Foundation has put aside 10,000,000 ONG to compensate stakers every year for the following three years.we can take help of staking calculator for calculation reward. Presently we're talking 7.5 million USD by and large every year at the present cost of Ontology Gas Now how about we talk a tad about the names. so here we can see all the diverse accord hubs however how might we differentiate between an agreement hub and an applicant hub? Presently the Consensus Node is the Black Star in the event that you move your mouse cursor alongside it, it will disclose to you that. also, the Candidate Node is the white star as should be obvious here and the proof of best staking coins.

2. We've additionally got the reward extent for other people, presently what is that? So this is the part of remunerations gotten the hub has imparted to clients who have approved stakes with them in the following Consensus Round. So obviously, on the off chance that you choose to stake the hub needs to compensate you, alright, so any exchange that they get in ONG will be given to the stakers, to the general population that have staked Ontology for the Consensus Round. Presently, we can see that the all out current stake for a portion of these hubs like 6.6 million for Dubhe. Alioth has 5.8 million and we can see the stake improvement, presently the stake advance really implies, the rate sum that the hub can really hold, right, so if this somehow happened to get to 100%, that implies that the hub would be full and you can never again stake on this particular hub so this is just a quarter full, right so it can in any case be staked on. Presently state for instance I chose to stake. So i should simply tap on the little bolt I have to choose my wallet, I go to straightaway and here we have the Stake Authorization page which gives us some data. So we can see the hub name that we're in, we can see the wallet address and on the off chance that you need to present another stake approval you click this catch, in any case, remember that each exchange that occurs on the Ontology blockchain requires an expense, and this charge, is 0.01 Ontology https://explorer.ont.io/GAS (ONG) So until you have 0.01 Ontology GAS (ONG) you can't make any exchanges on the Ontology blockchain. thus you need this sum so as to present another Stake Authorization. Accepting I had 0.01 ONG All I would need to do is click the catch and I could choose the units of Stake Authorization that I need to stake to this particular hub. Presently you can see that the Allowed stake sum is 21 million ONT and the Total Authorization Amount is 1.6 million This is my wallet address and this is the stake sum that I can accomplish for instance 1 right now is what is chosen as a matter of course so in the event that I change this to 2, I could stake 1000 If I change this to 10, I could stake 5000 so truly, everything depends. at that point, you can tap on Submit You enter the secret word for your wallet, you click OK and that is it. We should return. Presently once you click the Submit catch You have to invigorate this page Which will let you know, the all out approved stake. So for instance, in the event that you just staked 500 ONT 500 ONT ought to up there after one square. how does one blockchain? Well if there are no transactions, one block takes 30 seconds to get created. and if there are transactions, it takes about 1 second so it's very very fast. Of course, if you already staked. after the next round, we're currently in Round 5 How do I know that? There's a website called ontcalc which I'm going to post in a pinned comment below this video and if you click on Staking Rounds here You can see we're currently in Round 5 Which is estimated to finish on the 16th of December and this is

3. how many blocks we have left this is the minimum number of days that are possible depending on the number of transactions like I was saying, and the maximum number of days which is 27.66, Of course, you can also calculate pos coins how much ONG you would get if you were to stake they're not actually telling us how much you would get if you were to stake on the node of course because that varies, right? Let's close out of this Ok, so, this amount would change to 500 because this is your Total Authorized Stake and you will start to receive profits in the next round, so Round 6 We're currently in Round 5 Imagine I was to stake exactly right now. So the Total Authorized Stake would be 500, if I had 500. But I would not be receiving profit until Round 6 so I need to wait until the next round. Of course, what I could do is I could add extra staking, so, for example, let's say I want to stake another 1000 ONT So what I could do is I would have to click this button again. Select 2 units. Stake 1000 ONT and that would show up under the New Stake Portion The New Stake Portion would be 1000 ONT and the Total Authorized Stake would be 500, ok? So yes, that's how it would actually work. Because of the New Stake Portion contains the information on any new stakes, you make on top of your existing stake. and it even tells you here, there's an information symbol which gives you some information. So if new stake is cancelled It will be cancelled immediately and be shown as Redeemable ONT If Authorized ONT from the previous Consensus Rounds is cancelled It will be redeemable at the beginning of the next Consensus Round for Candidate Nodes or 1 Round later for Consensus Nodes which is people that have less than 100,000 ONT or 200,000 ONT going forward in the future Now if a user has both Authorized ONT from this Consensus Round and a previous Consensus Round and cancels an ONT amount exceeding the amount from this Consensus Round They will receive Authorized ONT from this Consensus Round first and the remaining Authorized ONT in the next Consensus Round. So yes, it may seem a bit confusing, but literally, that's how it works. what happen if you cancel staken authority? So if you cancel the Stake Authorization so you've got this button here which is greyed out for me. Then, anything that's been cancelled is going to be moved into the Locked area here, so you're going to see that they've been locked. Now of course after the Locking period is over because you've cancelled it, then, they will be moved to the Redeemable area. So you can redeem your Ontology, from the Redeemable area. know about best staking coins Now I believe, you need 0.01 Ontology GAS (ONG) to redeem it. Because like I was explaining earlier, every transaction on the Ontology blockchain requires 0.01 Ontology GAS (ONG) Now of course if you decide to keep it, to keep the stake, as I said, it will be, it will show you the number of Ontology coins that you've got here under Already Receiving Profit and of course at the end of each round you will be receiving the profit in ONG this is the extra profit that you get from the Consensus node. Ontology Foundation will send rewards to your wallet Because let's say you decide to hold it for one entire month remember, one entire month means you are entitled to the airdrop from the Ontology Foundation just to make that very clear, and you will be able to redeem it again, once you redeem it, you need 0.01 ONG in your balance to produce the transaction. So yes, also I wanted to talk about Unbound ONG, so any unbound ONG which you see here is ONG which gets generated regardless of what you're doing with your stakes. This is the ONG that you get just for holding Ontology coins. So any Ontology coins you hold are producing ONG They produce unbound ONG. So yes, this is not going to change, you can still redeem this just any other way like you could before you even do the stake authorization. The only difference is keynote here, the big difference between the two is that the Reward

4. Section ONG, is only given to you if you authorize the stake if you submit it to the smart contract. You need to keep this in mind. You will not get any extra ONG until you do the stake authorization because they will be in your wallet The Ontology coins will be in your wallet They need to be in that smart contract to receive the reward Now the other thing I wanted to talk about. Let me go back here. Right, so it does take 120,000 blocks for the round the complete. We do have 79,000 blocks left at the time of doing this demo, so keep that in mind. but that's pretty much how it works. And also there's a button here called My Stake I don't have any stake data. so, of course, nothing is showing up here, but if I did have, it would show me the stake wallet address and the time. So yes, that's pretty much all I wanted to cover in this demo to explain to you how the Staking Authorization works. Ok, it's not so complicated and all you really need to know is that you need to wait pretty much 1 month if you want to get the big rewards. You stake it, you wait 1 month and you get the big rewards it's as simple as that, you don't need to worry any more than that. Ok, I hope you enjoyed my video and if you do, please don't forget to subscribe, especially if you're new to my channel and enable notifications for any future demos that I will do, new and cryptocurrency reviews I also do Podcasts with people from different projects to discuss the future of the projects how they progress, features, anything that the community may want to know. I do get community questions, I accumulate them and then I ask them in the Podcast to get the answers Thank you very much once again! proof of staking coin list Please don't forget to like this video and leave a comment below if you have any doubts I will also be posting a link to Ontology's Official Telegram page, so you can ask them any questions, that I may not be able to answer and they will be very happy to help you. They have a lot of active admins on the group so yes you can do that. Thank you very much once again and have a lovely day! Goodbye