Staking NYM tokens is a straightforward process that allows you to participate in the NYM network and earn rewards for supporting its privacy-focused infrastructure. This guide will walk you through the steps to stake your NYM tokens effectively.
Let’s go straight into the essential steps for establishing a mixed node. Ensure you read through the entire guide for a comprehensive understanding.
Consult NYM Documentation:
Start by visiting the NYM documentation.
In the “Run Node” section explore the integrated “Name” subsection.
Within this section, you’ll discover a comprehensive guide for constructing NYM on your local system.
This documentation encompasses prerequisites such as Debian or Ubuntu packages and the latest Rust version. It provides assistance for downloading and building NYM binaries through command line snippets.
2. Locate the NYM Mixnode Binary:
Upon completing the build, you’ll find the most up-to-date NYM mixnode binary in the release folder within your directory.
Alternatively, you can access these binaries from the releases page in the NYM documentation.
3. Node Configuration:
— Within the “Run Node” section, expand the nodes’ dropdown menu.
— Opt for “mixnode,” and at the top of the page, you’ll encounter a link that directs you to the release.
step-by-step guide for delegating NYM tokens using the NYM Wallet:
STEP 1. Download and install the NYM Wallet
from the official website or authorized app stores. You can choose the version that suits your computer.
STEP 2. Create or Import Your Wallet
Establish a new wallet or import an existing one into the NYM Wallet app. Safeguard your mnemonic phrase or keystore file/password securely.
STEP 3. Access Your Wallet
Open the NYM Wallet app and gain access by entering your password or utilizing biometric authentication.
STEP 4. Connect to the Network:
Within the wallet’s interface, pick the appropriate network option to establish a connection with the NYM network.
STEP 5. Navigate to Delegation
Locate the Delegation or Staking section within the wallet app.
STEP 6. Select a Validator
Choose a validator from the list of available options. Opt for one you have confidence in and wish to delegate your tokens to.
STEP 7. Specify Delegation Amount
Indicate the quantity of NYM tokens you intend to delegate, taking into account transaction fees.
STEP 8. Confirm Delegation
Examine the delegation particulars, including validator details and associated fees. Confirm the delegation transaction.
STEP 9. Wait for Confirmation
Exercise patience as the transaction undergoes processing and receives confirmation on the NYM network.
STEP 10. Monitor Your Delegation
Keep tabs on your delegation’s status within the wallet app. This includes details like the delegated amount, validator information, and the rewards you’ve earned.
Always remember to stay informed about your chosen validator’s performance, adapt your delegation strategy as required, and regularly check the status of your delegation. Delegating NYM tokens bolsters the network’s security and acknowledges your active participation.
ABOUT NYM
NYM is a decentralized, incentive based network that provides anonymity to users through mixnet technology that ensures complete data protection and privacy. It develops the infrastructure to prevent this data leakage by protecting the metadata of each packet at the network and application layers.
