In this guide we will walk you through the bonding and nomination process in Edgeware.
Edgeware is a high-performance, self-upgrading WASM smart contract platform, in the Polkadot ecosystem.
You will need to create two accounts in order to complete this process; a stash and a controller account. Also, you should make sure you have a tiny amount of EDG in your controller account and the EDG you are willing to stake on your stash account.
To make it simple; 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.
First of all, head to polkadot UI and make sure you connect to the right network.
TASK 1 — Accounts creation
So let’s first create your stash and controller account. There are two ways to create your account. You can either use the user interface or generate your account via subkey.
First go to Accounts and then click on Add account.
Set a name for the account and a password. You will need to store your raw seed/mnemonic securely as you will need it to recover/access your account. You will be prompted for your account password for all the operations related to the account e.g. transfer, bond, nominate, restore JSON.
Controller and Stash account keys can be either sr25519 or ed25519.
When you’re done, click on save and download your account backup.
The back up you have downloaded, is a JSON file that you can use later in order to restore your account. To do so, go to Accounts then Restore JSON. Drag your file to the box and enter the password you have set while creating the account.
If you would like to use Subkey you will have to first install it. You can follow this guide to do so.
When you’re done installing run the following command:
subkey -n edgeware generate
The output will look like this:
Secret phrase `favorite liar zebra assume hurt cage any damp inherit rescue delay panic` is account:
Secret seed: 0x235c69907d33b85f27bd78e73ff5d0c67bd4894515cc30c77f4391859bc1a3f2
Public key (hex): 0x6ce96ae5c300096b09dbd4567b0574f6a1281ae0e5cfe4f6b0233d1821f6206b
Address (SS58): 5EXWNJuoProc7apm1JS8m9RTqV3vVwR9dCg6sQVpKnoHtJ68
Note that the most secure way of creating an account is using subkey
Repeat this process two times to generate the stash and the controller accounts.
Task 2 — Bonding
From the staking tab on the left click on account action on upper right and then on the new stake button.
Select your stash and controller account from the drop down as well as the amount you would like to bond. Also keep in mind that you will need some EDG to pay for transaction fees.
Choose a payment destination. This is where your staking rewards will go. You can choose to stake your rewards automatically or keep them unstaked in your stash or controller account. By default it is set to stash account (increase the amount at stake).
When you’re done click on the Bond button.
Enter your account password and click on Sign and submit
Task 3 — Nominate a validator
Now that you have bonded your tokens you can choose a validator to nominate. You can nominate up to 16 validators. Be careful while choosing who to nominate as you will get slashed if your chosen validator commits an offence. Besides that, prior to choosing a validator to nominate, you should check the validator’s uptime/reputation as well as the validator’s commision.
You have now successfully bonded your stash to your controller account. You can now nominate a validator by clicking on the nominate button.
In the nominate validators window, the most profitable validators are selected automatically. If you would like to choose a specific validator, you can do so by unselecting the “Use an automatic selection of the currently most profitable validators.”
It will be shown as below. You can then select any validator you want. If you would like to support us you can vote for InchainWorks by entering the following address:
Click on nominate, enter your account password then click on sign and submit.
You are now successfully nominating, and your nomination will be effective on the beginning of the next ERA.
If you decide for some reason to stop nominating a validator, you can do it simply by clicking on the stop button, your account will then be set to chill which means that it won’t do anything.
Why stake with InchainWorks?
We understand that the value of any network relies on the security of each of the nodes that compose it. We do also understand that compromising one node means compromising the whole network. In fact, any component of the network should be able to protect itself from an ever-expanding list of intrusions and attacks. That is why our team constantly strives to achieve the highest possible security standards for the nodes we maintain and operate. Our experience have allowed us to set up a node’s security best practice which is constantly updated and upgraded and that is applied to any of the nodes we set up. We also have our own multichannel monitoring software that notifies us whenever there is a problem with any component of our platform. Besides that, we also make use of monitoring software provided by the trusted validators.
We offer a hybrid approach to infrastructure which consists of having multiple public clouds from different service providers, while taking into account redundancy as well as uptime through setting up two backup nodes for each node we operate; that will take over in case the main one is malfunctioning. Moreover, we have structured our network topology in a two layered sentry node architecture. In this configuration, our validator nodes are isolated from other nodes in the network, and are only connected to their private sentry nodes. They are based on different public clouds which are privately connected to our validator node servers which are located in secured colocation data centers. Those private sentry nodes are in their turn connected to our public sentry nodes, which are connected to the internet. This allows us to mitigate the risk of compromised key through hardware security modules ,keep IP addresses of the validator node as well as those of our private sentry nodes private, and last but not least protect our validator node from DDoS attacks.
An uptime of 99,0182% have already been proven with previous and actual nodes we manage. Our current environment, network infrastructure and security practices are extremely reliable.
Validator Address : iy8TPsfbXGq3r5feaRdeSgfgweaoa7giSCX4yRbec92Q4FU