This article was first published on Stories by yoyow on Medium
Delegated Staking is a brand new feature provided by the YOYOW Mainnet 2.1. YOYOW uses a mixed consensus algorithm of “POS+DPOS”, allowing users to easily participate in YOYOW’s network governance as a Staker. Users can lock the tokens they hold to the YOYOW network, and authorize trusted nodes to use the block processing weights contained in their tokens to obtain block processing rewards corresponding to the weights. At present, POS block producers can obtain block processing rewards when processing blocks. Based on the current (August 2020) staking rate, participating in Staking can get about 7% block processing rewards every year.
Delegated Staking enhances YOYOW’s network security and also improves the overall staking rate of Mainnet tokens. YOYOW’s Delegated Staking feature does not transfer the token itself, nor does it transfer the ownership of the token, but only delegates the weight of the token participating in block processing to the block producers. After receiving the block processing rewards, the block producer divides the profits with users according to the preset distribution ratio. The division of profits is automatically operated by the YOYOW network according to the rules set on the chain, without manual intervention. The distribution ratio is set by the block producer according to its own operating status. In the current setting, the block producer can allocate up to 90% of the block processing rewards to the users participating in delegated Staking in proportion.
[How to participate]
At present, in YOYOW command line wallet and mobile wallet, you can directly participate in delegated staking. We take mobile wallet as an example.
- Open the mobile wallet and click the “Discover” button
- Click “Staking Mining”
- In the list, you can see the distribution ratio and annualized reward ratio provided by the block producers
- Select a block producer and click “Staking”
- Enter the number of ...
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