Staking within the IRIS network can bring you regular income on your coin holdings. IRIS holders can choose a validator/candidator that secures the network and produces new blocks. In return, the staker receive a bonus of the block income. It’s a absolutely secure process, as the coins do not leave anyone’s wallet.
For the staking period, your coins are “frozen” in your account. Nevertheless, you retain full control over your balance at all times. There is a time delay of 21 days for unstaking. During the 21 days you will not receive any rewards as the stake is in transit and cannot be used for anything. This is an industry-wide practice to prevent malicious players from leaving the system with their stake immediately.
If you still need detailed information about IRISnet, you can find it in our Medium Aricle.
IRIS can be bought on the following exchange:
I. IRIS Wallet Setup
Download the Rainbow Wallet App from Google Play or App Store.
After you have downloaded, installed and started the App, accept
the Terms and Conditions (1) and click Create Wallet (2).
Choose IRIS Hub.
Set a username (1) and password (2).
Then you have to confirm this again (3).
After that click Create Wallet (4).
Klick Backup (1)
and in the next Window Understood (2).
Now your personal Mnemonic key appears.
IMPORTANT! Save it in a safe place.
Only after you have saved the mnemonic key click Next.
In the next window you have to organize your Mnemoric in the correct Order
and click Confirm.
In the next window you have to click Confirm again.
Then you have successfully created a wallet.
II. DELEGATE FOR BINNOSTAKE
Send IRIS to your address, which you can find at the top of the app.
Then click Stake.
Use the search function to find Binnostake
and click on it.
Put into the amount (1) you want to stake
and click Next (2).
Fill in your Passwort and click Confirm (3).
From now on you will receive your steady and continuous commissions
you are now part of the Binnostake community!
FREQUENTLY ASKED QUESTIONS
Do I control my IRIS when staking them?
You are still under full control over your IRIS at every time you delegate your coins to a validator. Binnostake will never have any control over your DVPN or your private key.
When will I receive my rewards?
You delegate your coins to Binnostake and from that point on you will recieve your rewards when we validate a new block.
Are the rewards directly sent to your wallet?
Yes, for sure.
Are my rewards taxable?
We cannot answer this question in general. This means different tax regulation in different legislations. You should inform yourself, if your rewards are taxable.