How to Stake RENEC on the Testnet Wallet

 As you all know, Remitano Network (RENEC) is a blockchain based on the Delegate Proof of Stake (DPoS) consensus protocol. 



With this protocol, RENEC token holders will choose several nodes operated by validators (node runners & transaction confirmations) to run the network on their behalf and share a portion of the rewards. This action is called "staking".


You can start your RENEC staking experience with just a few basic steps:

Step 1: Access this address:

https://wallet.renec.foundation

or install RENEC Wallet extension on the Chrome browser.


Step 2: Restore with seed phrase or create a new RENEC wallet.



Step 3: Select the Staking menu, select "Validator", and press the "Stake" button.



Select the amount of RENEC you want to stake and press the "Stake" button.



How are staking rewards distributed?

Staking rewards are distributed proportionally to all participants who stake RENEC in the pool operated by validators. The distribution percentage depends on the ratio of RENEC you stake in the pool minus the validator pool participation commission.


Example: The reward for a block is 100 RENEC with a 10% pool commission. These 100 RENECs are distributed according to each participant's stake as follows:


Commission received by Validator: 100 * 10% = 10 RENEC

All authorized person receive: 100 - Commission = 90 RENEC

After that, each delegate will receive their reward in 90 RENEC, corresponding to the % RENEC they stake in the pool.


Note: In addition to the commission, the validator receives a transaction fee on the network.


Note: Currently, the staking function is available on the RENEC Testnet wallet. However, the amount of RENEC staking on the Testnet has no real value until the RENEC mainnet launches.


How To Join the Existing Renec Miners

You can follow the instructional steps below to join the existing miners if you are yet to start mining Renec:


Step 1: Register on Remitano through this link: 

https://remitano.net/renec/ng/join/3449864

Step 2: After successful registration, Search for "Remitano" on App Store or Google play store and Download Remitano mobile app.

Step 3: Open the app and login in. 

Step 4: Click on the drop-down menu at the top left corner of the app, and click on the "Earn RENEC".

Boom! Congratulations! Your Renec will start mining

 The mining will stop after 24hrs. Login to the app daily to keep mining RENEC.


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