Ontology has released a FAQ to help users delegate their funds to a consensus node for staking using OWallet’s “Stake Authorization Feature”. OWallet is an official release from the Ontology team. It is a desktop Ontology wallet with Ledger support, and it is available for Windows, MacOS, and Linux operating systems.
Stake Authorization
Staking on the Ontology blockchain requires a minimum of 500 ONT. By performing “stake authorization”, users sign away multiples of 500 ONT to be staked with a consensus or candidate node. Ontology Gas (ONG) fees and rewards earned by the nodes are then shared with the wallet that authorized the stake. These fees and rewards are in addition to the base level of ONG that is generated by holding ONT tokens.
Stakes and stake authorizations are in effect for one consensus round, which is 120,000 blocks on the Ontology blockchain, or about a month. ONT authorized to a node may be locked for one or two consensus rounds, depending on timing and other circumstances.
Other topics covered in the FAQ include recent version updates to the OWallet, temporary locks in the staking smart contract during consensus rounds, reward proportions paid out by nodes, and the extra ONG bonus for staking from the Ontology Foundation that is currently in effect.
The FAQ can be read in full at the following link:
https://medium.com/ontologynetwork/owallet-stake-authorization-faq-4a4bce224122
More information about Ontology’s blockchain can be found through the below links.
About The Author: Colin Closser
Colin Closser, M.D., was a speaker at the first NEO DevCon in San Francisco. A devoted contrarian, he has managed the improbable: a peaceful and healthy life, despite holding a medical degree. He aspires towards the wisdom of Michael Lewis and Nassim Nicholas Taleb.
More posts by Colin Closser