Introducing Self Chain's Staking App

Introducing Self Chain's Staking App

Welcome to the exciting world of Self Chain, where cutting-edge technology meets the power of decentralization. As an Intent-Centric Access Layer 1, Self Chain is proud to present its innovative soon to be launched staking app, allowing users to actively participate in securing the network and earning rewards. In this blog, we will explore the significance of Self Chain's proof-of-stake consensus, the benefits of staking $SELF tokens, and a comprehensive guide on how to use the staking app.

Proof-of-Stake Consensus:

Self Chain's consensus mechanism is based on the innovative proof-of-stake (PoS) protocol, strengthened by the powerful Cosmos SDK and secured through the Tendermint consensus.

In this system, a validator is selected as a proposer to create a new block of transactions. Subsequently, other validators engage in a voting process, offering their acceptance or rejection of the proposed block. If the majority of validators agree and the block is accepted, it is then signed and added to the blockchain.

As a reward, validators and delegators receive transaction fees from the approved block, with additional rewards for proposers. The decentralized nature of this process, involving multiple independent validators, ensures the prevention of false blocks, thereby upholding the integrity of the Self Chain blockchain and verifying the authenticity of each transaction. This PoS-based consensus mechanism guarantees a secure, efficient, and trustworthy blockchain network for Self Chain and its users.

Stake $SELF and Secure the Chain:

Staking $SELF tokens plays a crucial role in securing the Self Chain network. Validators, who stake significant amounts of $SELF, propose and validate new blocks, ensuring the integrity and reliability of the blockchain. Delegators, on the other hand, can participate without running a full node, by staking $SELF to validators and receiving a share of the staking rewards.

Introducing the Staking App:

The staking app is an intuitive and user-friendly platform developed by Self Chain, designed to simplify the staking process for both newcomers and experienced users. With this app, anyone can actively engage in securing the blockchain and earn rewards for their contributions, all with just a few simple clicks.

Guide to Stake $SELF:

Prerequisites:

  • Create a wallet with Kepler.
  • Ensure that you have funded your Keplr wallet with $SELF tokens.
  • Connect your wallet to the staking application [https://staking.selfchain.xyz/].

Reviewing Your Account: Before starting the delegation process, verify the following information:

  • Check your $SELF token balance.
  • Confirm the connected wallet address.
  • Review the URL of the staking application you are using.

Exploring the Validator List:
Scan through the list of validators and consider the following factors to choose the right one for delegation:

  • APR (Annual Percentage Rate): Real-time annual percentage rate of rewards.
  • Total Staked: The amount of $SELF tokens staked with the validator.
  • Commission Rate: The percentage of staking rewards the validator charges for delegation.
  • Status: The current status of the validator (bonded is running and receiving rewards, unbonded is not running).
  • Voting Power: The validator's voting power based on their total staked compared to others.

Stepping Through the Delegation Process:

  • Click on the validator you want to delegate your $SELF tokens to.
  • Enter the amount of $SELF tokens you wish to delegate and click "Delegate."
  • Confirm the transaction approval on your Keplr wallet.
  • After the transaction is confirmed, your staked token amount should be updated to reflect the recent delegation.

Claiming Staking Rewards:

Staking rewards are delivered to your staking position with each block.
To claim your $SELF token rewards, use the "Withdraw Rewards" button.

The launch of Self Chain's staking app opens new opportunities for users to actively engage in the blockchain ecosystem and be rewarded for their support. With a proof-of-stake consensus, staking $SELF tokens becomes an eco-friendly and rewarding experience, enabling both validators and delegators to contribute to a more decentralized and secure future. Get ready to embark on your staking journey and witness the power of Self Chain's revolutionary staking app!

About Self Chain

Self Chain is the first Modular Intent-Centric Access Layer1 blockchain and keyless wallet infrastructure service using MPC-TSS/AA for multi-chain Web3 access. The innovative system simplifies the user experience with its intent-focused approach, using LLM to interpret user intent and discover the most efficient paths.

Self Chain ensures that onboarding and recovery are effortless with keyless wallets that grant users complete self-custody over their assets. In addition, it provides automated rewards to dApps when they efficiently resolve user intent, further enhancing the user experience. Moreover, Self Chain incorporates Account Abstraction with MPC-TSS to provide secure signing and reduce transaction fees. It's a platform that redefines blockchain interaction, making it more secure and user-friendly for everyone.

In a world where blockchain technology is becoming increasingly essential, the user experience remains a critical factor in its adoption. Intents and Keyless Wallets are set to transform the landscape, making blockchain interactions more accessible, efficient, and secure. As we move forward, the blockchain industry has the opportunity to provide users with a seamless and enjoyable experience, unlocking the full potential of this groundbreaking technology.

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