Nomination Special Topic
This special topic introduces the nomination related topics. Nomination is a key link in the XPoS consensus mechanism. The nominator must nominate the verifier, and then the verifier can perform transaction verification and block production.
The nominee selects the validators who can operate and maintain the blockchain network on their behalf by pledged the tokens held in their hands, and enjoy the rewards obtained by the validators during the operation process, and bear the corresponding punishment at the same time.
The validator is an active participant in the network that participates in the block generation and transaction finality mechanism, while the nominator plays a more passive role. As a nominee, you don’t need to run your own node, and you don’t need to worry about online running time. However, good nominators conduct due diligence on the verifiers they select. When nominators look for validators, they should pay special attention to the proportion of rewards they receive and the risks they expose if they are punished.
To become a nominator and make a nomination, you need to follow the following steps:
- Add the wallet
To be a nominator first, the user must have an EcoBall blockchain wallet and hold some ECO tokens. Please see here for [How to get ECO tokens? ]
Then find the "Stake" function menu through the wallet and enter the Stake subsystem. The Stake subsystem has the core functions of the system, including the list of validators, accounts, and so on.
The validator list will list all current validators. Select a validator to view detailed information, including the validator ID, the number of ECO tokens held, the number of ECO tokens staked by the nominator for them, the commission rate charged, and the current income obtained and the last block number they generated.
There are core functions such as "Stake" and "Nomination" in the account. The user clicks the "Nomination" button and the system pops up a nomination window. This window includes information such as the address and balance of the nominator's wallet, and more importantly, there is an "Adding quantity" in the input box, the nominator enters the amount of ECO you intend to stake, and the wallet balance will automatically subtract this amount. It should be noted that you should leave as much balance as possible to facilitate payment of other transaction fees. The transaction fee currently defaults to 0.0001ECO, and some adjustments may be made with the development of the ecology in the future.
After inputting, click "Confirm" to complete the wallet Adding. The validator nomination can be carried out below.
- Choose a validator
Once the wallet is added, it means that the tokens in your wallet is locked. If the validator you nominate makes a mistake, you may be fined. All added funds can be allocated to up to 16 validators. Please choose the validator carefully, because if your validator breaks the law, your staked deposit will be fined.
Click "Nominate" on your added wallet account, and a window will pop up, asking you to choose 1-16 validators. Although you can choose up to 16 validators, due to the [Phragmén election algorithm], your stake may be distributed to different validators you choose in different proportions.
After selecting the validator to nominate, click "Confirm", and your nomination process is completed and will be activated in the next round of validator election.
Assuming that at least one of the validators you nominate ends up in the valid validator set, you will start to receive the rewards allocated to you.
- Stop nomination
At some point, you may decide to stop nominating one or more validators. You can change nominee at any time, but unless you cancel the binding, you cannot get back the staked token. To stop nomination, find the corresponding nomination record on the stake interface, click "Stop Nomination" or "Stop Verification" (different display according to different roles), the system will ask you whether to confirm the stop, after confirmation, the status of your pledged token Becomes "bound". This means that these tokens can be re-nominated or staked again. To retrieve them, you need to [unbind].
Regardless of your consideration, you can unbind your wallet at any time and get your stakes back. But please note that there is a delay period for unbinding, which is generally called the unbinding period, which is a cooling-off period. During this period, you cannot transfer your tokens, nor can you get any staking rewards. To cancel the binding, you must [Stop Nomination] before proceeding to the next step.
If you have successfully stopped the nomination, find the corresponding nomination record on the stakes interface, click "Unbind Funds", select the funds to be unbound, click "Unbind", and then confirm the transaction. If the unbinding is successful, your fund balance will be displayed as "unbound" and show how many tokens are left, and you will fully unlock the amount.