EOS is one of the top altcoins and probably the biggest rival to Ethereum when it comes to dApps and smart contracts. There is a lot of hope and enthusiasm around this project.
The EOS co-founder, Dan Larimer, is also the founder of the Delegated Proof of Stake (DPoS) concept. With DPoS consensus, there is a ‘staking’ feature where you can get more coins when you agree to vote and stake in the network. And of course, Dan Larimer implemented the DPoS consensus algorithm into EOS.
Staking is essential on the EOS blockchain because it gives your account resources like CPU, bandwidth, and NET. To do any kind of action in the blockchain, you need to use these resources.
So, how do you to stake EOS? Let’s get to the point.
Download SimplEOS (or Scatter Desktop)
There are many multi-crypto wallet applications that support EOS, but most of them do not allow you to stake EOS. In order to start staking, you need to download specific EOS wallet applications that support this feature. There are two wallets that we can recommend; they are SimplEOS and Scatter Desktop.
This tutorial uses SimplEOS due to its easy-to-use UI. To start, go to https://eosrio.io/simpleos/. Download the wallet version that’s compatible with your OS.
After you download and install SimplEOS, you can start the application.
Here, you can import an existing key if you already have an EOS wallet. To do this, you need to export your EOS private key from your other wallet application, and import it to SimplEOS by using that Import Existing Key button. It’s quite easy if you are already familiar with the private key importing-exporting process.
You can also click Request New Account and start using a new account with SimplEOS. Keep in mind that EOS account creation works a bit differently than with Bitcoin or Ethereum. You might want to check this tutorial if you want to request a new account with SimplEOS.
You need EOS coins in your wallet before you can stake them.
Stake Your EOS Directly
Once you are logged into your account, you can stake your EOS directly with the ‘Vote’ menu. There are several different buttons on your left side of the screen. Click Vote and you will see the screen below.
Here, you can click Stake your EOS, on the top-right section of the screen.
You can set how many EOS coins you want to ‘stake’ on the network. Use the slider and click Set Stake. That’s it!
To unstake your EOS coins, just move the slider to the left (to the amount you wish to stake), and wait for 72 hours.
You can also vote for block producers that you prefer under the section Vote for Block Producers!
Last but not least, if you want to manage your resources, find the Resources tab from your menu on the left side.
Here you can delegate and stake for resources like NET and RAM. Have fun!
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