This guide will instruct you how and why to stake your Cryptospot Tokens.
SPOT is a TRC-10 Token of the TRON blockchain.
Here is the origin.
We are building a map where users can list or even create businesses that accept or support cryptocurrency. Our exchange and additional features (faucets, staking, a free payment system that circumvents blockchain fees) will simplify and normalize peer to peer usage of cryptocurrency globally.
So let’s dive in:
- PREPARE A WALLET
TheTronLink extension works on nearly all systems and is a lightweight, non-intrusive web wallet that allows you to interact with Tron smart contracts (just like metamask would interact on the #ETH network.)
Once you have downloaded the wallet and followed their instructions, it is vital that you save your private key. (I recommend printing it out and burying them securely in a crate in the backyard with all of your MTG cards.)
- ACQUIRE SPOT
There are 3 tiers of stake rewards. This compounding structure is simply a safety net for users that intend to hold onto their tokens or accept SPOT as payment, to buffer them against any (however unlikely) devaluation.
Monthly staking rewards percentages:
1,000 = 0.75%
5,000 = 1.00%
10,000 = 1.50%
At time of writing there are 3 exchanges where you can obtain Cryptospot Token.
– crypto.center (our exchange) — faucet
– sistemkoin.com (heavy KYC)
– poloniex.org (dex)
- ACQUIRE TRX
You will need TRX to cover network fees (I recommend having at least 50). Our contract will also consume 1 TRX
TRX can be frozen to generate energy daily, or burned for transaction-specific energy.
- VISIT THE CONTRACT
You can find our staking interface here.
– Click the button that says “Connect Tronlink”.
– You will receive a notification when successful and your SPOT balance and current staking information will be displayed.
– Now click “Stake!” and allocate the number of tokens you want to stake, then confirm.
– Tronlink will pop-up and you can then confirm the transaction.
– After confirmation, you will see your SPOT locked in the smart contract by the amount “currently staking”.
– There is nothing else you have to do, your rewards will generate monthly.
– If you want to end your staking, just click “Get Rewards” and follow the prompts to exit the staking smart contract by claiming your original tokens and any rewards earned.
– Our token is not divisible, any fractional interest gains are rounded up.
– This contract is written into the TRX blockchain code and will continue to operate as long as Tron network is online.
– There are other contracts that we will write (City Rats, Map location creation, burn, voting, etc.) These are all important pieces of the highly scrutinized tokenomics we are utilizing with this project.
– The contract address and code can be found here.