Now let’s go over getting your account set up, as well as how to nominate validators. Polkadot Staking, Image from Stakingrewards If you’re serious about staking DOT, you should expect to have at least 150 DOT ready – or possibly more for the long term. What’s more, the minimum DOT amount seems to always be going up, albeit somewhat slowly. At press time, the current minimum DOT to be a nominator is 121.40. This number changes based on network conditions. To become a nominator you will need to have at least the minimum amount of DOT required by the network. For that reason, we are going to focus on the more casual side of the equation – the nominators. Validators get the biggest rewards, but being a nominator is a lot easier and cheaper.īeing a validator is expensive, requires dedicated hardware, and is essentially for experts only. The very simplified explanation of these two groups is that validators are the ones actually creating the blocks, and nominators vote on who gets to be a validator. Instead of all network participants simply being stakers, they are divided up into two groups – validators and nominators. Then, depending on how many coins were in your wallet, the stake rewards would start rolling in periodically.įor better or worse, that’s not how staking works on Polkadot. You downloaded an official wallet app to your computer, downloaded the entire blockchain, deposited some coins, and left the wallet running on your computer. If you’ve tried your hand at staking before, your experience probably went something like this. There are just over 900 million DOT on the market today. The project’s native currency, DOT, is currently trading at over $20 each. Wood is also the president of the Web3 Foundation – a group that funds research and development of a decentralized internet. Unlike other projects that are formed by anonymous individuals, Polkadot’s founders include a co-founder and current CTO of Ethereum, Dr. Polkadot definitely has a strong pedigree. The official website describes the project, suggesting that it will “enable a completely decentralized web where users are in control.” Further, the group behind it says Polkadot “ to free society from its reliance on a broken web where its large institutions can’t violate our trust.” One of the main selling points behind Polkadot is that it aims to eventually replace or compete with the existing tech oligopoly.
#HOW TO STAKE ON COINBASE APP SOFTWARE#
The software powering DOT is a relatively new product called Substrate from Parity Technologies. The project aims to support countless features and blockchain types thanks to its open design. The easiest way to think of Polkadot is as an Ethereum competitor.