How to nominate in Centrifuge
In this guide we will walk you through the nomination process in Centrifuge.
First of all, head to the polkadot user interface and make sure you are connected to the right network
You can either use the same account for both your controller and stash accounts, or use two separate accounts (recommended). If you choose the latter, you should make sure you have a tiny amount of CFG in your controller account and the CFG tokens you are willing to stake on your stash account.
The stash account is the one holding your funds while the controller account will be responsible to act on behalf of the stash account for nomination and validation purposes.
Setup Nominator
Network → Staking → Account Action tab then click on Nominator
Select your stash and controller account from the drop down and choose the amount you would like to bond. Also keep in mind that you will need some CFG to pay for transaction fees. Do not bond all the CFG you have in your account. Keep few for transaction fees.
Finally choose a payment destination. By default it is set to stash account (increase the amount at stake).
Note that when you bond your tokens, they are locked. In order to unlock them you will need to unbond them and the process takes 7 days.
Payment destination
- Stash account (do not increase the amount at stake): Sends your rewards to your stash without bonding them.
- Stash account (increase the amount at stake): Sends your rewards to your stash account and are automatically bonded.
- Controller account: rewards are sent to your controller account
- Specified payment account: You can specify any account to receive rewards.
Choose the right validators:
Several points should be taken into consideration when choosing the right validators:
- Choose more than one validator
- Check that the validator has a verified identity.
- Use the “Select to Maximize Profits” option to choose the validators with which you will have the most profit.
- Pay attention to the commission
- Make sure that the validator is not oversubscribed
You can refer to this article for more information
Input your stash account password then click on sign and submit. The transaction will be processed within seconds.
Nominations will be active until the next session, and nomination status will change from Waiting nomination to Active nomination.
You can stop your nomination at any time. You can also:
- Bond more funds: increase your stake
- Unbond funds: This process takes 7 days. Unbonded funds cannot be staked
- Withdraw unbonded funds
- Change controller address
- Change reward destination
- Set nominees: choose new nominators
You can support us by voting for InchainWorks in Centrifuge. Our addresses are
4e9y4xECrhry4Jq3csAiaqcxw4hCeVaXMKfD5vNyjcgu4V3E
4biWypk6RCtrqyBrtSc9LYof3Nw2EKtdXHcqQsR9JLpGyubv
About centrifuge
Centrifuge aims to deal with the problem of inter-company expenses. Currently, it takes an average of 60 days for business-to-business expense invoices to be paid, which is proving to be a burden especially for small and medium-sized businesses. It is difficult for them to financially bridge this delay via traditional financing methods which only cover a small part of the financing of inter-company expenditure. Centrifuge OS was developed with the aim of filling this void, and allowing small and medium-sized businesses to have better access to finance.
Using the Centrifuge chain, companies can convert their real world assets (RWA) into non-fungible tokens (NFT). This allows asset originators to put these NFTs as collaterals in the Tinlake pools.
About InchainWorks
InchainWorks is a staking service that currently combines over $ 5M in staking assets. We offer staking services in different blockchain networks such as Ethereum 2.0, Kusama, IrisNet, Kava, Edgeware, E-money, Centrifuge, Bluzelle and Desmos.
For more information:
Website: https://inchain.works/
Twitter: https://twitter.com/inchain_works
E-mail: contact@inchain.works
