What Is Staking?
Staking is the process of locking up DJTX coins to support a network while receiving a reward in return. These rewards vary depending upon the staker and staking purpose.
For instance, Council Members stake a set amount of DJTX as a requirement for the duration of their council term. In return the rewards they receive are in the forms of monetary compensation, increased network utility & governance contribution.
Staking Parameters on Dijets Network
When a validator is done validating it receives back the DJTX coins that were staked. The validator also receives a reward for helping to secure the network provided the validating node was sufficiently responsive and correct during the time it validates.
Staking rewards are sent to the nominated wallet address at the end of the staking term as long as all of these parameters are met.
Mainnet
- The set amount that each Council Member must stake is 25,000 DJTX for 1 year or the council's term.
- The minimum amount that a validator must stake is 2,000 DJTX
- The minimum amount that a delegator must delegate is 25 DJTX
- The minimum amount of time one can stake funds for validation is 2 weeks
- The maximum amount of time one can stake funds for validation is 1 year
- The minimum amount of time one can stake funds for delegation is 2 weeks
- The maximum amount of time one can stake funds for delegation is 1 year
- The minimum delegation fee rate is 2%
- The maximum weight of a validator (their own stake + stake delegated to them) is the minimum of 3 million DJTX and 5 times the amount the validator staked. For example, if you staked 2,000 DJTX to become a validator, only 8000 DJTX can be delegated to your node in total.
A validator will receive a staking reward if they are online and responsive for more than 80% of their validation period, as measured by a majority of validators, weighted by stake.
A Council Member validating must always aim for its validating node to be online, accurate and responsive 100% of the time.
If your reported uptime is not close to 100%, there may be something wrong with your node setup, which may jeopardize your membership. If this is the case, contact us on Qowalts so we can help you find the issue.
Validators
Validators secure Dijets Primary Network and its Child Chains, create new blocks, azimuth indices and process transactions. To achieve consensus, validators repeatedly sample each other. The probability that a given validator is sampled is proportional to its stake.
When you add a node to the validator set, you specify:
- Your node’s ID
- When you want to start and stop validating
- How many DJTX you are staking (For Council Members this amount is 25,000 DJTX)
- The address to send any rewards to
- Your delegation fee rate (For Council Members this must be set at 1.33%)
Delegators
A delegator is a DJTX holder, who wants to participate in staking, but chooses to trust an existing validating node through delegation.
When you delegate stake to a validator, you specify:
- The ID of the node you’re delegating to
- When you want to start/stop delegating stake (must be while the validator is validating)
- How many DJTX you are staking
- The address to send any rewards to
The minimum amount that a delegator must delegate is 25 DJTX.
Validator Stake for Council Members
You should have already completed your Dijets Node setup requirement to follow the staking process below.
Have your NodeID at hand. This is the ID that was generated when you first built and started Dijets Node.
Ensure 25,000 DJTX balance in your Method Chain.
You can only submit your stake if you have DJTX on Method Chain. Alternatively you can make an intra-chain transfer to have the required DJTX balance in the Method Chain.
- To confirm the NodeID for the validator's stake, restart your Dijets Node.
Log into your wallet using the Singleton Wallet address you generated. Make sure the wallet has 25,000 DJTX coins on Method Chain.
Fill out the form with Staking details and submit the transaction.