Social staking is the backbone of the Empow network. With the Proof of Social Reputation consensus algorithm, you can become a contributor to the blockchain network running beneath Empow by staking your EM. Also, if you stake more than 10,000 EM, you can have the chance to become a verifier of Empow social platform, an important position making the content flow on Empow authentic.
This piece will step-by-step guide you on how to do the staking/unstaking & become an Empow’s verifier. Notice that you can do all these activities both in the Empow app version & on the Empow web version (via emscan.io & empow.io).
App version
Normal staking/unstaking
To stake in the app version, just open the app and open Settings by clicking on the gear icon on the bottom bar. Here, you choose ‘Stake’
The staking screen will be opened. Just fill in the amount of EM you want to stake and you will be good to go. There is no required minimum staking amount, which means you can stake EM with any amount you want even if it’s very small. Choose ‘Stake’ and your staking transaction will be processed immediately.
Here is the Tx Hash of the staking transaction shown in the snapshot above https://emscan.io/tx/Gn57oh5uFV7oZEsSBFCY8VuqoajHvG15rAAjbPND4vmQ. You can see that 1 EM has been staked successfully.
In the app, the ‘stake packs’ display 1 EM in your staking account. Currently, the interest rate for Empow social staking is around 0.082% DPR, which means you can expect the APR of nearly 30%.
If you want to unstake, just click on the ‘Unstake’ button right next to your staking account balance and the system will start to process your requirement. Basically, the unstaking process is the reversed version of the staking process. Remember that you only have the unstaking right only 1 day after the moment you staked. That’s why in the snapshot below, the unstaking transaction is still pending.
Become Empow’s verifiers & earn 10 EM for each content verified
If you intend to stake more than 10,000 EM, we highly recommend you to stake at the ‘Verifier’ feature instead of the normal staking feature. With this, you can be the one verifying the quality of content on Empow platform, thus making you earn more and the content flow on Empow more clean & authentic. Staking at the ‘Verifier’ feature also maintains the 30% APR you can get when doing the Empow social staking.
To stake at the ‘Verifier’, on the bottom bar, just choose ‘Verifier’ and click on ‘Stake now’
Now fill in the required number of EM you need to give out (10,000 EM) and hit ‘Stake’. It takes a few seconds for the staking transaction to be processed.
Now the ‘Stake Packs’ shows 10,000 EM in your staking account. If you want to withdraw your Verifier position, just simply click the ‘Unstake’ button and the unstaking process mentioned above will start.
After staking at the ‘Verifier’ feature, you now hold the Verifier position in the Empow platform, which means you need to do your work of verifying user-submitted content on Empow. To do your new job, simply get back to Verifier screen and you will see tons of content waiting for you to verify.
The reward for each qualified content verified by you is 10 EM. Besides, you can still receive 0.082% DPR on your 10,000 staked EM.
Web version
Similar to doing in the app version, the process of staking/unstaking & becoming verifiers has also been streamlined at the max level to all users.
To stake EM , head to emscan.io, access to your wallet and choose ‘Stake’. The staking screen will be opened and all you need to do is just fill in the amount of EM you want to stake.
To become Verifiers, head to empow.io, access to your wallet and choose ‘Verifier’ on the top bar. The next steps you need to go through would be the same as what you do in the app version.
That’s it. What are you waiting for now? Stake EM, become the verifiers and earn more EM now!
Here is where you can find out more information about Empow:
Empow Blockchain Technical Paper: https://docs.google.com/document/d/1S3aUgQfzAJrCCMhuUcHt_jL9osfO6JWWjhBnpHqVv6A/edit#
Website: https://empow.io/
Empow blockchain explorer: http://emscan.io/
Twitter: https://twitter.com/EmpowNetwork
Telegram: https://t.me/empowofficial
Facebook: https://www.facebook.com/Empowofficial/