The safest method to delegate your stake is remotely to the validator. In this short guide I’ll show you how to create a local wallet, a stake account and how to delegate to your validator.
Make a note of your validator vote-account address as this is needed in order to delegate a stake-account to your chosen validator.
To complete this guide your will need to build/acquire the safecoin and the safecoin-keygen binaries. If you don’t have access to the binaries, you can build them as below.
You will need SSH/terminal access to an Ubuntu 20.04 system. Login to your system and build the binaries below.
Install dependencies, modules and build binaries
apt update upgrade -y
curl https://sh.rustup.rs -sSf | sh
rustup component add rustfmt
sudo apt-get install libssl-dev libudev-dev pkg-config zlib1g-dev llvm clang make git screen -y
git clone https://github.com/Fair-Exchange/Safecoin.git
cargo build --release
You now have the binaries built in the ~/SAFE/target/release folder.
Creating a Local Wallet, a Stake-Account and Delegating
The steps below will create a local wallet keypair, a stake account and will delegate your stake-account to your desired validator vote account.
Create a keypair for your Local Wallet
# create local wallet
~/Safecoin/target/release/safecoin-keygen new -o ~/ledger/wallet.json
# set config to default to local wallet
~/Safecoin/target/release/safecoin config set --keypair ~/ledger/wallet.json
Make sure to keep a backup of your keypair seed and private key, which you can find in ~/ledger/wallet.json file.
Send funds to your Local Wallet
# send some funds to the local wallet address
# check the balance, are they there?
Create a keypair for your Stake-Account
Make sure to keep a backup of your keypair seed and private key, which you can find in ~/ledger/stake-account.json file.
# create local stake keypair
~/Safecoin/target/release/safecoin-keygen new -o ~/ledger/stake-account.json
Create and Credit your Stake-Account
Ensure there are enough funds in your local wallet. If you want to stake 10,000 SAFE then sent 10,001 SAFE so that you have a little extra to cover the transaction fees.
# create and fund stake account
~/Safecoin/target/release/safecoin create-stake-account ~/ledger/stake-account.json <AMOUNT> --from ~/ledger/wallet.json --stake-authority ~/ledger/wallet.json --withdraw-authority ~/ledger/wallet.json --fee-payer ~/ledger/wallet.json
Delegate your Stake-Account to a Validator
This final step commits your stake-account and begins activation. This is the point of no return.
# delegate to the vote account of your chosen validator
~/Safecoin/target/release/safecoin delegate-stake ~/ledger/stake-account.json <VOTE ADDRESS OF CHOSEN VALIDATOR> --fee-payer ~/ledger/wallet.json --stake-authority ~/ledger/wallet.json
At this point, you will be given a transaction id which confirms your stake is now delegated.
You can view your stake-account address on the SafeCoin explorer to see how much of your stake is active, and how much is activating.
You can also see the Validator commission fee.
Note: You cannot send coins to your stake-account once it is delegated. To stake more coins you need to create a new stake account. Simply repeat the process above with a new stake-account keypair and delegate to your desired validator.