Complete guide to staking SXP, how to earn passive income with SXP coins, and why SXP is a smart investment.
What is SXP
What is SXP voting?
Solar uses DPoS for consensus, which requires users to vote for delegates, who will consequentially take part in the transaction verification and block propagation process. Relay nodes are used for storing the full copy of the blockchain, connected nodes list, and running the blockchain as a whole.
The Delegate nodes consist of one or multiple relay nodes, and a forger component, which verifies, signs, and propagates new transactions. Unlike many other blockchains, Solar only allows voting for one delegate from an address.
What are Solar Delegates?
Solar Delegates verify transactions and run dApps calculations, and get rewards from transaction fees, which are shared back with the users who lease to them. The Delegates also incorporate a relay node that stores the full blockchain history and can provide transaction details in a matter of seconds.
Solar requires a powerful computer with a stable Internet connection, and a stake of 3 million SXP coins to run a node, so solo staking is not a viable option for most network users. Instead, they lease their stakes to other nodes to take part in the process and get rewarded.
How profitable is SXP Voting?
SXP provides a stable yield of around 10% annually to all delegators that take part in the voting process. Yearly returns are somewhere around 8-12%, depending on which delegate you choose to vote for as different delegates pay out different amounts.
Step-by-step SXP Voting guide
Step 1 . Access the SXP wallet, and click on Delegates. (If you haven’t created a SXP wallet, read the instructions here)
Step 2 . Click on the delegate you want to vote for, if you don’t see them in the list, click Search delegates then enter the delegate name.
In this example, we vote for delegate genesis_0. There are many delegates to choose from, each delegate has different contributions and different rewards sharing ratios. Read the proposals of the delegates and choose your favorite: delegates.solar.org
As for you, which delegate you like to vote for? Select the delegate by entering their name. Then click Confirm.
An information panel about the delegate will appear including the delegate’s name, the number of votes, and the delegate rank, …… Click Vote to continue.
Step 3. The system suggests fees to complete this vote transaction. However, the suggestions given are often quite high, while just putting in the magic number 0.03 SXP is enough for almost transactions.
If you follow this step correctly, you will save a bit of SXP, congratulations! Continue to enter the passphrase in the box below and click Next .
Step 4 . Once again check whether the delegate information and the transaction fee are correct; then click Send. Wait about 5 seconds for the tx to be broastcasted on the blockchain.
The screen will display a successful delegate voting process similar to this
Congratulations! You have completed the voting delegate process. After voting for the delegate, you will receive a daily reward from the delegate you elected. Some delegates share rewards every 24 hours, others share every 3 or 7 days. Read the delegate proposals carefully to know more about them.
If the information on this website is helpful to you, consider voting for Delegate arktoshi! Thank you! Happy staking! 🔥