There are two ways to participate in Gatechain POS mining, and you can choose either. We will give below detailed information:
- Build a GateChain full note and work as a consensus account.
- Delegate your GT to a consensus account.
Build a GateChain Full Note and Work as a Consensus Account
By building a full node to participate in the consensus, you can earn delegation commission besides mining income, as you can also accept delegations from other people.
- On a linux or mac device of good performance, install the latest GateChain binaries gated according to Installation Document, then start it properly.
Create a standard account on the node,Consensus accounts don't need too much balance when they go online,Be able to pay the fees(0.01GT) of online transaction,The minimum amount to participate in the consensus is 1GT(10e9 NANOGT)，Therefore, the balance of the account + the entrusted amount should be ≥ 1GT.
a.Create a standard account CLI
Create a Consensus Account using a standard a account.
a.Create a Consensus Account CLI
On the node, initiate a "consensus account online transaction"; if successful, the standard account becomes a consensus account.
a.consensus account online transaction CLI
This consensus account and the node will participate in the consensus process at GateChain. Make sure your device running well and network connection is good.
Each time the consensus account is elected in consensus committee, it will get PoS mining reward and miner fees.
As consensus account, you can accept delegations from others.
a.Accepting delegations will add a consensus account's weight in voting and increase the odds to be elected into committee.
b.Besides getting mining rewards and miner fees, a consensus account can also charge delegator accounts “delegation commission”. The commission rate can be specified when initiating “consensus account online transaction”.。
c.To query delegation related information, use following interfaces:
Delegate GT to a Consensus Account
If you do not want to build a node and POS mine as a consensus account, you can choose to delegate your GT to a consensus account and get a share of mining reward. Delegation function can be operated in CLI/API/Wallet.
- Explain：There is no minimum delegation limit for the account,But if it is too low, the winning rate will be relatively low,If it's too high, yields will fall,It is suggested to build more nodes.
- Note：All account types can delegate consensus accounts，It is recommended to use vault account initiate delegate，Guarantee the safety of funds.
- Delegate initiated by vault account、redelegate、undelegate、withdraw rewardsThe trading rules are exactly the same as the general account，Include：The delegate token takes effect immediately;The next block starts calculating the rewards;There is still a 21 day freezing period for the redelegate/undelegate;The withdrawal rewards will be paid to the account immediately;But，When an vault account needs to initiate a clearing transaction,It must be ensured that this account does not have any ongoing delegate and freeze funds,Otherwise, the clearing will fail.Because delegate does not affect the security of funds in the account,Therefore, after the vault account reaches the clearing height, four kinds of delegate transactions can still be initiated.The following is a detailed description of account delegation:
First, choose a consensus account to delegate your GT.
a.You can check commission, holding, rate of return etc of a consensus accounts and decide which one to choose.
b.You can view using a blockchain explorer：https://explorer.gatechain.io/mainnet/consensus
Initiate a "delegate" transaction to delegate all or part of your GT to selected one or more consensus accounts. Now you become a delegator.
If the delegation transaction succeeded, you can get a share of the mining reward following the consensus account's POS mining.
During delegating, delegator can initiate three operations to “fetch income” , “shift delegation” or “undelegate”
Note:When the principal performs three operations: "again delegate", "redelegate" and "undelegate",Reward amount is directly returned to account balance,To query the specific reward amount, you need to view the content "transfer" in the corresponding transaction details.
a.Delegator can initiate “fetch income” transaction to extract its share of mining reward income to its own account.
Query all delegation transactions API
b.Delegator can initiate a “shift delegation” transaction for a given delegation to move GT delegation to another consensus account
After the delegation shift, the income at From consensus account will be settled immeditely. But the delegation can not be shifted again from the To consensus account for a period of 21 days.
c.Delegator can “undelegate” its delegation from a consensus account in part of in whole
Note, the delegation income will be settled immediately at the consensus account after undelegating. But the earning and principal will be credited 21 days later