This is fast guide “How to stake MINA”
- First part about staking MINA using browser (Auro Wallet)
- Second part about staking MINA using mobile app (StakingPower Wallet)
- Third part about staking MINA using Desktop Wallet (Clorio Wallet)
First Part: Staking MINA with Auro Wallet
Auro Wallet is open source wallet.
You can find a code at the GitHub:
Here is the Telegram group of Auro Wallet: https://t.me/bitcat365
- 1) Visit https://www.aurowallet.com/
- 2) Click on button Chrome or FireFox browser.
Example will be for Chrome browser, but the same for FireFox.
- 3) You will see the information about extension Auro Wallet.
Click “Add to Chrome”
- 4) After several second you will see the icon of Auro Wallet at the top-right corner. Click on it!
- 5) You can Create new address, or Restore existing address. Click on “Create”
- 6) To use Auro Wallet you need to agree with Term of use. Click on “Agree”
- 7) Create password 8) Re-enter password 9) Click on “Next”
- 10) Only you is responsible for keeping mnemonic in safety! If you lose it, nobody can restore it! Click on “Next”
- 11) This is your mnemonic — 12 words. Write it on a paper! Better 2 times! Never share it!
12) Click on “Confirm Backup”
- 13) Input 12 words in the same order like in your mnemonic
14) Click on “Next”
- 15) Congrats! New address is created! Everybody, who has mnemonic of this address, can get access to address from any point of the planet Earth! So, never keep your mnemonic in Google Drive or iCloud. Click on “Start”
- 16) To stake MINA, you need to have MINA at the balance of your address. To know your address click on “Receive”
- 17) Copy your address using QR-code or 18) click on “Copy Address” to paste it wherever you want. Your address is not a private information. You can share it with somebody who wants to send you MINA
All new addresses is “Inactivated”. Address become “Activated” automatically after the first deposit of MINA to new address. Activation price is 1 MINA.
After you will have MINA at the balance of your address, you can delegate it to Block Producer (BP) to get a reward for delegation. Also, it calls “staking”
- As you can see, I have two transactions by 2 MINA each, but only 3 MINA on available balance. 1 MINA was automatically taking from my balance for activation of address.
- To become a delegator (staker) and get reward for it, go to menu “Staking”
- You will see the information about rules of staking in Mina Protocol. You MINA always will be at your address, even if you delegate it. You can always send MINA from your address to any other address.
- If you wanna get a reward for staking, click on”Go to staking”
- Mina Protocol has a lot of Block Producers. How to choose BP, I will write later. Now, you can use search option to find BP by the name. I choose web34ever. Why? I write about it later)
- Click on the name of BP, and after click “Next”
7) You don’t send any MINA when delegate it, but this is transaction, and you need to pay Network Fee. Also, you have an optional field “Memo”. Don’t misunderstood “Memo” and “Mnemonic”. Memo is just a note for transaction. Some centralized exchange will ask you to input memo to deposit MINA. When nobody ask you to fill the memo, you can write nothing, or write anything. It will be in the blockchain forever
Never input your mnemonic (12 words or more) to memo field. You will lose your funds!
8) You can choose 3 different options to pay fee: Slow, Default and Fast. More you pay, more faster transaction will be in the block. But we don’t hurry) Choose slow for now, and after click on “Next”
9) Always check transaction details before confirming. This is the last chance to fix any mistake. After confirmation nobody cans return something back!
10) If everything is right, click on “Confirm”
11) Now your transaction is pending, but soon it will be include by BP to the block. You need to wait. How much? Depends of the Network Fee you paid)
12) Return back to main menu, to see the result of your delegation
Don’t stop to read at this place, because in the next part I will explain you a lot of important moments on the example of StakingPower Wallet!
Second Part: Staking MINA with StakingPower Wallet
StakingPower Wallet is an open source wallet, and you can see the code at the GitHub: https://github.com/crackerli/coda-mobile-wallet
You can find the information how to install StakingPower Wallet at the GitHub, but I public it in this guide too.
iOS users need to:
1. Install TestFlight
2. Scan the QR code image below and follow the instructions:
Android users can find StakingPower Wallet in Google Play:
Open StakingPower Wallet and you will see this:
Click on “Create new wallet”
Pay attention that nobody watching you and click on “I understand”
This is your mnemonic (don’t misunderstood with memo) — unchangeable password to your address. Write it down to paper, better 2 times! If you lose it, nobody can restore it! After, click on “Continue”
To be sure that you record mnemonic right way, select the words in the correct order. If you made mistake, click on “Clear”
After you input words in the correct order – click on “Continue”
Create a password, and re-enter it again. Click on “V in circle”. If you lose your password you will need to reinstall app, and import your mnemonic to restore the access to your address.
If you lose mnemonic — nobody can help you to restore access to your address!
After, click on “Continue”
This is menu of your address. To stake MINA, you need to have a MINA on your address. To see your address, click on “Receive”
As you can see, your address is “Inactive”. To activate your address you need to pay 1 MINA. It will be automatically done, after you send more than 1 MINA to your address. Click on your address to copy it
To copy your address, you can scan QR-code or just click on many letters and digits — this is your mina-address.
You need to send MINA directly on this address.
If you miss one or more letter or digit — you will lose your funds
Now you can withdraw MINA from exchange to your mina-address, or send your address to someone, who will send you MINA.
Price of address activation is 1 MINA.
The payment will be debited from the balance automatically, directly after the first deposit with 1 MINA or more.
When you will have MINA on a balance of your address, you can delegate it to Block Producer (BP), and get reward for delegation.
“Delegation” and “Staking” is the same!
You can have several addresses in a one wallet. To understand difference between “wallet” and “address“, watch this video. Click on “Stake“
You will see all your addresses in wallet.
Click on address without delegated amount: no “V in circle” and name of BP upon the balance of address.
You will see the information about staking in Mina Protocol. Different DPoS-Blockchains have different rules of staking. Click on “Select a Staking Provided”
DPoS — Delegated Proof-of-Stake. One of a kind of consensus in the Blockchains. The rules of interaction between participants inside of the network and distribution of the new coins emission
- You will see the big list of Block Producers. They are all different, but all of them have the same functions: keeping the blockchain and secure the network. You can choose only one BP for one address. About parameters of BP, and how to choose BP – I will write later. I will delegate MINA to BP web34ever – it’s very professional Validator from Distributed Validators Syncstems, that support Mina Protocol for a long time. Also, he is public person and help to russian-speaking community of Mina. You always can ask him questions, and he will not only answer, but also explain you how it works. I’ve got a lot of free knowledges from web34ever, and I don’t feel shy to recommend him like a Block Producer. And I ain’t got any reward or payment for this information about web34ever.
I support those, who supports me!
Click on the name of BP
- You will see details of transaction.
“To send MINA” and “to delegate MINA” is a transaction.
Every transaction has fee.
More fee you pay, more faster transaction will be accepted by BPs.
Every BP produce block by the random line.
Queue probability of block producing depends of BP’s stake. At first, BPs choose transactions with the biggest fee, not with the biggest amount.
So, more fee you pay – more faster your transaction will be in the blockchain.
- Choose the Network Fee:
– Moderate is 0.001 MINA
– Fast is 0.002 MINA
– Very fast is also 0.002 MINA
(less MINA — more time, or more MINA — less time)
Fee for transactions will slowly grew up with growing of the amount of transactions
- Click on “Send”
- Input your password to proof that to send transaction is your wish, and after click “Confirm”
- Now, your transaction in the mem-pool, waiting when BP will put it into block and creating of zkSNARK
1) You can click “View in Block Explorer” to see the process of transaction recording into the Blockchain
2) You can close page with transaction details. It will move you to the main staking page
1) When your transaction will be accepted, you will see the name of your BP upon the amount of balance
2) Your always can see the all information about your BP, and also change your BP. For this click on your address
You will see all details of your BP, but the most important is:
- Contacts of your BP.
By this contacts you always can get connection with your BP. If BP haven’t contacts — it’s strange. Of course, BP can’t steal your funds. Delegated MINA is always at your address, and only you have possibility to move it somewhere. Not BP, not CEO, not Google. Nobody can get your balance until only you control the mnemonic of your address.
- Fee of BP.
Network distribute new emission of coins proportional amount of BP’s stake. BP get 100% of network reward for its own funds. Delegator (staker) get from the BP 100% minus Fee of BP. If web34ever has fee 3%, then Delegator will get 97% of reward, and 3% will go to BP to pay for electricity, internet and other node infrastructure. Some of BPs can make 0% fee, but this is not endless. This is something like a “marketing” to attract more delegations. When BP sell the reward, price of MINA goes a little bit down. And when BP reinvest reward back to stake, price of MINA goes up.
Less circulation of MINA at the market — bigger price of MINA.
- Click on “Change Staking Pool“, if you want to change your BP for another. Your funds always will be at your balance. But you need to pay transaction fee for changing BP.
So, now you know everything about staking of MINA. It’s really easy and secure, if you keep your mnemonic in safety place (not at the Google Drive or iCloud, and not in the notepad of your mobile)
Let’s return to the main page of wallet!
As you can see, wallet shows my total balance from two addresses, and also percentage of staked MINA.
100% of the staked MINA is the best!
Because Mina Protocol is the solution for many problems, that all previous blockchains still can’t solved!
Don’t stop to read here! The next part will bring you much more important knowledges. And Knowledge is a Power!
Third Part: Staking MINA with Clorio Wallet
Clorio Wallet is an open source desktop wallet for MINA that works on Linux, Windows and MacOS
To install Clorio desktop wallet:
(1) Go to web-page: https://clor.io/
(2) Click on “Download”
You will redirect to GitHub of Clorio:
Click on “How to download Clorio Wallet”, and you will be redirected to guide-page of Clorio:
I use Linux. Ubuntu 20.04 perfect OS for me!
Linux is open source, and much more private and safety than Windows or MacOS.
I will not write about process of installing Clorio Wallet to each OS, because you can find very easy guide for each OS at Clorio guide-page.
You just need to choose: Windows, Linux or MacOS.
All desktop versions of Clorio Wallet for all OS look the same.
After click on “I Agree”
You can import existing address using private key, or connect to Clorio Wallet with the Ledger Nano S, but not Nano X.
For now, Ledger don’t support MINA with Nano X, but in near future it will be. To install Mina App to Ledger use this guide.
But I wanna show you all the process from the beginning!
So, click on “Create a Wallet”
(1) You will see your new address. Address is not a private information. You can share your address with other people. You will be able to copy it any time you need.
(2) Clorio Wallet use “private key”, not “mnemonic”.
Private key is the same mnemonic, but in another form.
You always can get your mnemonic from the private key, and always can get private key from your mnemonic: https://github.com/iancoleman/bip39
If you are interested in the technical questions, read his article.
Copy your private key, and keep it safety! The same, like you keep your mnemonic. Also, you will need your private key at the next step.
(3) After you record your private key, better on the paper, better two times, click on “Continue”
The main rule “Never share your mnemonic with nobody!”, also works for the private key: “Never share your private key with nobody!”
(1) Did you record private key? Nice! Input your private key to proof that you recorded it!
(2) After click on “Continue”
Look at the interface of Clorio Desktop Wallet. Looks nice!
To stake MINA, you need to have some MINA at your balance.
Remember, that every new mina-address is “Inactivated”.
Price of activation is 1 MINA.
To activate address, you need to deposit not less than 1 MINA, and address will be automatically activated, and 1 MINA will disappear)
And also, after activating you need to have a balance to stake MINA.
So, send more than 1 MINA to your address.
Click on the “copy-symbol” near your address to copy it and use for the depositing.
After the depositing MINA and activating address you will see the history of transactions:
(0) Thanks for community member with Discord ivandiazperez#5927 for the helping in creating this guide! He sent me 2 MINA, that I can show you all the process of delegating in Clorio Wallet!
(1) You can see, that I’ve received transaction with amount 2 MINA, but at my balance only 1 MINA.
(2) 1 MINA has been paid as Wallet Activation Fee
(3) Click on “Staking Hub” to delegate available balance of MINA
We can see the list of Validators.
“Validator” and “Block Creator” is the same. Just different names for the Protectors of Network and Keepers of Blockchain!
You will see the information about Validators, and also you will see Carbonara Validator. He is the creator of the Clorio Wallet.
Carbonara created free wallet with open code for everyone, so if we use Clorio Wallet, it’s nice to delegate MINA to Corbanara Validator. It will shows our respect for the using wallet with open code for free.
To delegate MINA, choose validator and click on “Delegate”
You will see new window, where you need to confirm your choice of Validator.
Click on “Confirm”
You will be asked to choose Network Fee. By default it’s 0.001 MINA.
But you can choose Average or Fast transaction.
It will be more expensive, but faster. From other side, we don’t hurry)
Click on ”Proceed”
You will be asked to confirm transaction with your private key.
Insert your private key and click on “Confirm”
To copy and paste private keys can be very risky, if you don’t care about cyber security. Because when you copy something – it will be copied directly to your cache, and many different programs and apps have access to your cache. I use Ubuntu and cares about cyber security. But if you use Windows or MacOS, and wasn’t blocking all possibilities of third parties to get an access to your cache, you can be sure on 99.9% that Microsoft, Google, Apple and several other centralized corporations already have all data, that you was ever copying. But they still don’t know what this data is. For them it “raw data”. But one day they will start to index and classified this data. So, better to care about cyber security and privacy.
(1) If you see “Delegation successfully broadcasted” with green background — all is good! Transaction in the mem-pool. We need to wait a little bit, until it will be in the blockchain.
And also, we had 1 MINA on a balance, and now only 0.999 MINA.
0.001 MINA has been paid as Network Fee.
(2) Go to “Overview” to see the result of the delegation.
(1) After transaction will be in the blockchain, you will see the information about it. As you can see, Delegation Transaction has zero amount, and MINA don’t moves from our balance.
(2) Go to “Staking Hub” to see the information about our validator.
From one address we can delegate only to one validator. We can see, that validator of our address in Carbonara Validator. Time will pass, and we will get a reward for the delegating!
If you will have any questions about Clorio, feel free to write to their Discord Server: https://discord.gg/Wvp25CqXAw
The process of staking is similar in all wallets, just every of the wallets has some difference and own specific.
I can’t tell you, which wallet is better or worse, and I sure that I will use all of them.
Decentralization is cool, because we have many different services for one function. And if one of services will stop to work by accident, we will use another service.
Decentralization is one of the main value of the blockchain, so let’s be glad, that we have not only one wallet for everything, but a lot of wallets just for MINA!