Stake, Delegate and Withdraw
Last updated
Last updated
The basic requirement to become a Ubit chain validator is to have a stake amount of at least 10,000 Ubit tokens. The stake amount is the sum of staked and delegated Ubit tokens of the address. This guide walks trough the process of using MEW (MyEtherWallet.com) in the process of using Ubit network.Roadmap - Those functionalities will be built into our Studio and will not require any technical knowledge in the future.
There are two options to stake (both should be called from the address which would be the validator)
1.Send Ubit tokens to the consensus contract - 0x7eFA0D9149dcAcD0A15F265C0152842b6dBaEDED on the fuse network.
2.Call the `stake` function on the consensus contract - 0x7eFA0D9149dcAcD0A15F265C0152842b6dBaEDED on the fuse network.
Ubit token holders who don't want to run a node by themselves but still wish to participate in governing the network can delegate any amount to one of the validators.Delegating is done by calling the `delegate` function on the consensus contract with the validator address as data (see screenshot from MEW).
Both stakers and validators can withdraw their Ubit tokens, up to the staked/delegated amount, at any time. The withdrawn amount will be deducted from the validator stake amount, and if the stake amount becomes below the minimum stake amount - the validator will be removed from the Ubit chain validators list.There are two options to withdraw:
1.Call the `withdraw` function on the consensus contract with one parameter - the amount to withdraw. This call is for stakers, and will reduce the stake amount of the sender address.
2.Call the `withdraw` function on the consensus contract with two parameters - validator address and amount to withdraw. This call is for both stakers (who can use their own address as the parameter) and for delegators to withdraw their delegated stake on a specific validator.
