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Introduction to Staking

What is staking?

The staking process consists of holding the coins / tokens of a cryptocurrency to support the operations and security of a blockchain.
Concretely, it is about locking these coins or tokens in exchange for a reward (a bit like on the principle of a savings plan at the bank).

It is possible to consider “staking” as a much less energy-consuming alternative to “classic mining”.

“Classic mining” works with a consensus called “Proof of Work” (PoW).
Staking is also a form of “mining” and works with the consensus called “Proof of Stake” (PoS).

The goal of consensus (and mining) is to have a secure way to validate blockchain blocks in a decentralised manner.

Staking therefore makes it possible to validate blocks of the blockchain via the consensus of Proof of Stake by rewarding the holder of coins / tokens who “lock” them by “staking” them.

What are the “Pools”?

With mining, the one who gets rewarded is the miner who validates the block of the blockchain.
In a simplified way, in Proof of Work, the one who has the most chance of validating the block is the one with the most computing power (or mining power).

In Proof of Stake, the one with the most chance of validating the block is the one with the most coins / tokens locked in staking.

This leaves a tiny chance for “little miners” to win a big reward for validating a block.
Therefore, a system of “Pool” was created to group together the miners who pool their resources, so that it is the Pool that validates the block, and that the reward is distributed in proportion to the participation of each member of the Pool.

In this way, when the Pool is large enough, it is guaranteed to receive rewards with only slight variations, and in a more equitable way (proportional to the participation of each one).

The different possibilities of Staking with Matrix AI

This is purely and only Proof of Stake mining, so only to lock your $MAN for a certain period and be rewarded.

You will first have to join a pool, which is done from your MAN wallet, this is explained later on in this tutorial.

Two methods of staking are available: flexible and fixed.

The staking coefficients are as follows:

Flexible => 1

Fixed, 1 month => 2

Fixed, 3 months => 3

Fixed, 6 months => 4

Fixed, 12 months => 6

And the remuneration formula is as follows for any individual:

“Total Stake Rewards” is the total amount of MAN staked in the pool
A = The amount of MAN that you individually stake multiplied by the staking coefficient (depending on the lockout duration)
i = The total number of accounts (wallets) that have staked MAN in this pool

This involves combining Proof of Work mining with high-performance graphics processors and Proof of Stake mining (locking your $MAN).
More information following the release of GPU mining, in June 2021.

This involves combining Proof of Work mining with high-performance graphics processors and Proof of mining Stake (lock his $MAN).
More information following the release of GPU mining, in June 2021.

1.1 How to Stake without hardware

4. Open your wallet with the method that corresponds to yours:

5. In the top menu, click on “Joint Mining”:

6. Click on the “All joint mining” tab:

7. This displays the list of pools.
The pools that are available are indicated with “In Mining” status.

8. It is more advantageous to choose a pool with the highest possible “Total Stake”, the maximum being set at 10 million.
Select the desired pool and click on “details” to learn more:

9. The details of the pool are displayed.
Pay attention to the management fees (“Management fees”) which may vary from one pool to another:

10. To join this pool, click on “Join Mining”

11. You must now choose a staking method (flexible or fixed).
For more details on how they work, check the previous explanatory section “Staking without hardware (PoS only)”

12. If you choose “fixed stake”, then you have to choose the locking duration of the $MAN.
Otherwise “flexible stake” has no fixed duration.

13. Enter the amount of MAN you wish to stake.
Reminder: 100 MAN minimum with “flexible” and 2,000 MAN minimum with “fixed”

14. Click on “Join Mining”
A pop-up then asks for confirmation

15.

15. By returning to the home page of “Joint Mining”, you will see the list of pool that you join:

1.2 How to “unstake” without hardware

2. The list of your stakings is displayed.
Click on “Details” for the staking you wish to unstake.

3. This displays the list of all stakings in the Pool.
Find your staking in the list, it will be the only one with a “Details” link on the right

If your staking does not appear in the first page, check the following pages via the pagination at the bottom of the page.

4. Click on “Details” to display the details of your staking.
Then click on “unstake” to unstake this staking

5. A confirmation page appears, click on “Unstake”

6. Confirm again via the confirmation pop-up

7. If you redo the procedure to go to the screen of the step 4) you should now see something like this

“Status: To be refunded” means that the MAN (with profits) will be returned to your wallet when the end of the lockout period is reached (for staking with a fixed period) or as soon as possible (7 day time limit for flexible staking)

“Operation: Unexpired” indicates that the end of the (fixed) MAN lockout period has not yet been reached (this status will probably be different when unstaking a staking that was flexible)

Matrix AI Network leverages the latest AI technology to deliver on the promise of blockchain. Website: www.matrix.io Telegram: t.me/matrixainetwork