FREQUENTLY ASKED QUESTIONS
WHAT IS STAKING?
Staking allows you to take any Harmony coins you are hodling and put them to use on the Harmony blockchain while earning interest (9%-12%) on your coins. If the value of your coins goes up, then so does the value of your stake. Although validating is a highly technical process, delegating is easy and involves adding your coins to an existing validation node. Delegate your tokens with 888 Stake.
IS THERE A MINIMUM STAKE SIZE?
The minimum stake size for a delegator is 1000 ONE tokens. See Harmony's Open Staking Guidelines for more information.
WHY 888 STAKE?
Right now there are plenty of alternative validation nodes, see mainnet node list here, but the mission of Harmony is to scale trust and create a radically fair economy. A large part of this is to avoid the common problem that occurs with the centralization of big validators in a network which puts too much control in the hands of very few people.
In order to do this, new validators must continually join the network and take part in blockchain validation. 888 Stake is committed to maximizing uptime by running on the best quality cloud servers and keeping uptime high for the best rewards. May good fortune always be upon you!
WHY DO YOU NEED MY ONES?
As a validator, an eligible validation node like 888 Stake is required to meet a certain threshold of staked coins before it can be elected and begin earning rewards. By delegating to 888 Stake, you are helping maintain a healthy EPoS (Effective proof of stake) network, which is designed to avoid the pitfalls of many blockchains that have come before Harmony. The more you delegate to 888 Stake, the faster the node gets elected and earning rewards. See The Definitive Guide to Harmony Open Staking for more.
WHEN WILL I START EARNING INTEREST?
When 888 Stake becomes an elected node, your stake will begin earning the going rate of expected return (between 9% - 20% at the time of writing).
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Elections occur every Epoch (about every 21 hours) and all eligible validators compete based on the size of their bid (determined by the amount of coins staked with them).
WHAT IS YOUR FEE?
In an ideal world, 888 Stake will stake with a 0.0% fee. But because AWS instances cost money to keep running all the time (to achieve the highest possible uptime), the current fee is 8.88%. This is 8.88% of your total reward, so if you receive 100 Tokens at 10% reward, the fee would be 8.88 tokens.
May good fortune always be upon you!
TECHNICAL DETAILS
Cloud Provider: Amazon Web Services (AWS)
Instance type: T3.medium
Platform: Amazon Linux (Inferred)
Storage capacity: EBS 60 GiB
Validator since: Block #10873450
Fee: 8.88%
Shard: 0
Recovery: Node daemon running after 1 sec detected down time.
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WHAT IF I CHANGE MY MIND?
If you choose to undelegate your tokens from any validator, simply visit the node and select undelegate. There is a 10 day waiting period after removing your coins from a node to help stabilize the Harmony blockchain.
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If you are unsatisfied, you can change which node your tokens are staked with and help elect them in the next epoch.