EDG holders can economically back up to 16 validators through their nominations. This increases the security of the overall network and enables token holders to earn rewards on their staked funds. You will receive rewards in the form of newly minted EDG. Conversely, if you do not participate in staking, your assets will get diluted over time.
You remain in full control over your EDG tokens when you stake. You simply delegate the right to propose blocks and validate transactions contained in each EDG token to the validators you nominate. However, please note that your tokens are illiquid while staked. You need to unbond in order to move your funds.
After you stopped your nomination and sent the un-bonding transaction, your funds will remain locked and illiquid for 7 days. This is a security measure stipulated by the protocol.
In Edgeware both, validators and nominators can be subject to punishment in case of malpractice. This is referred to as "slashing" and can result in a (partial) loss of staked funds. Validators as well as their delegators face the risk of getting slashed proportional to their staked EDG Slashing occurs in case of misbehavior by the validator (being offline, attacking the network, running modified software). Slashing results in losing a share of your bonded EDG, so choose your validator carefully.
Validators with a larger pool experience harsher slashing conditions in order to favor smaller validators and to foster a proper decentralization of the network.
There are two different accounts to manage your funds, namely the Stash Account and the Controller Account.
Stash Account: This account holds the funds which are bonded for staking. This is sort of your "safety box". Most functions relevant for your staking operations are done via your "Controller Account".
Controller Account: Through this account you nominate the validators of your choice. The Controller account only needs funds to cover transaction fees, so make sure to allocate some funds for that.
No, you can only create one Controller Account per Stash Account.
In the Polkadot UI under "Staking" / "Account actions", click the three dots next to "Stop". Click "Change controller account" in order to choose another controller account for your staking operations.
In the Polkadot UI under "Staking" / "Account actions", click the three dots next to "Stop". Click "Change reward destination" in order to change the destination of your rewards.
Unfortunately we cannot answer this question in a general manner as tax regulation differs among legislations. Nevertheless, we advice you to always track your staking operations so you can provide a detailed history of your staking rewards.
Validators are elected each era (~6h) to perform block production and validation. The more nominations a candidate has, the more likely it will be elected to the active validator set. Nominators can submit a list of up to 16 candidates that they want to back with their EDG. The list is without an order of preference.
Please note that your stake is distributed between the validators for each era separately. Since this is done automatically by the protocol and in a fashion to distribute voting power as equally as possible between all validators, it can happen that not all of your stake is distributed during one era. You are therefore best advised to nominate more than one validator in order to increase your return.
In case you want to stop your nominations, you can do so in the Polkadot UI under "Staking" / "Account actions" by clicking "Stop Nominating".
In case you want to nominate more validators, click the three dots next to "Stop" and then select "Set nominees".
We recommend to nominate at least 5 validators. This will spread the risk and increase the decentralization of the network. Every era, the validator set gets shuffeled. Hence, you increase the likelihood of your stake being included in the active set if you nominate more than one validator.
Make sure you do proper research on the validators you nominate since your stake is also subject to getting slashed in case of your validator misbehaving.
Here is a good overview by the Polkadot team of best practices when choosing your validators.
In order to successfully nominate validators, you need to make sure that your Stash as well as your Controller Account are properly funded. This is required since actions undertaken with the Controller Account incur transaction fees that need to be covered. We suggest funding it with a minimum of 3 EDG.
That is totally normal since it takes one epoch (60 min) until your nominations become active, so just check again after one hour and you should see your nominations as active.
In the "Staking" section of the PolkadotUi under "Staking overview" click on "other stake" in the line of your validator. There you will find your account and how much of it is staked with the respective validator.
At the end of every era, so every 6 hours.
In the Polkadot UI under "Staking" / "Account actions", click the three dots next to "Stop". There click "Unbond fonds" in order to undbond your funds. Please note that if you have bonded your tokens, a period of 7 days needs to pass before you can unbond. Once your tokens are unbonded, you need to issue another transaction, namely "Withdraw Unbonded" in order to be able to transfer your funds. For more, visit: https://docs.edgewa.re/understanding-edgeware/validating-on-edgeware-ui/nominating/stop-being-a-nominator-unbond
In the Polkadot UI under "Staking" / "Account actions", click the three dots next to "Stop". There click "Bond more funds" in order to increase your stake.
These are units of time in the edgeware network.
Epoch: 60 minutes
Session: 60 minutes
Era: 6 hours (6 sessions)
Blocktime in Edgware is 6 seconds
In order to solve this, first close the notification and then click on the circle in the upper left corner (where the Network symbol usually is). Then check "custom endpoint" in the popup. Afterwards change "wss://mainnet1.edgewa.re" to "wss://mainnet2.edgewa.re" (or 3-10) and then hit "save & reload".
You need to wait for the proposal to pass/move first. Your tokens will then be automatically unlocked. This should take around 7 days.
In Substrate-based chains such as Polkadot, Kusama, and Edgeware, you are advised to nominate more than one validator (up to 16). Each era, validators are elected to the active validator set and stake is divided among the elected validators according to the 'Phragmen' algorithm to optimize for equal distribution. Therefore, your nominations can have different statuses:
Usually, you only have one nomination shown as 'active'.