Binance Smart Chain aims to be a decentralized and censorship-resistant blockchain where individuals participating in the BSC ecosystem benefit from borderless access to financial products and services with lower costs and better opportunities. To achieve decentralization, BSC uses Proof of Staked Authority (PoSA) which combines the best of Proof-of-Authority (PoA), used by MATIC Bor, TOMOChain, GoChain, or xDAI, and Delegated Proof of Stake (DPoS) used by EoS and Cosmos. The PoSA consensus relies on 21 community validators supporting short block time and lower fees.
Read the full Smart Chain community announcement on binance.org
Validators on BSC take turns to create blocks in a PoA manner, similar to Ethereum’s Clique consensus protocol . These are individuals and groups operating hardware nodes, powering the BSC network by processing transactions and signing blocks that receive rewards in transaction fees from the processed network activity.
The top 21 validators may change depending on the amount of BNB that they hold. You can see a list of active validators here: https://www.binance.org/en/staking. This list changes everyday at UTC 00:00.
Delegators on the other hand, are users who stake their BNB via Binance Chain Wallet to support their preferred validator and help the validator achieve the required minimum stake to participate in the validator elections. The delegators receive interest on their BNB (share of validator earnings based on the individual stake) paid in BNB.
In order to participate, you need to have BNB on your Binance Chain address. Also, you need to have the most recent version or higher of Trust Wallet, which is 5.19 for iOS and 1.27.18 for Android.
There is a minimum of 1 BNB required in order to participate in staking. Once the BNB is staked, it will be locked to the validator you have chosen. Unstaking your BNB from a validator will take 7 days once you start the unlock.
Tap on More then on the pop-up menu, tap on Stake. You can also tap on Stake Details then tap on Stake.
Tap on the arrow to see the list of active validators. Choose one to proceed. If the chosen validator becomes inactive, you will not be able to receive staking rewards.
The top 21 validators may change depending on the amount of BNB that they hold. You can see a list of active validators here: Binance Smart Chain | Binance Staking | Binance Swap
Don’t see your favorite validators? Ask them to get listed here.
Put in the amount of BNB you want to stake. Tap on Next.
At the confirmation screen, tap on Send to complete the staking process. A Stake transaction will show up on the transaction list.
Refresh your screen to see the Staking Status bar. Tapping on it will open up the Stake Details window. Congratulations, you are now staking BNB.
Based on the Delegator FAQs found here: Delegator - Binance Chain Docs
Since validatorset info is updated every day UTC 00:00, to make some room for the error handling, we distribute the fees of day N-1 in the next breathe block (day N+1). Thus, after you sent delegate transaction, you will receive your first staking rewards at the second UTC 00:00. Afterwards, you will receive your rewards everyday at UTC 00:00.
In simple terms, Rewards will be distributed automatically after 3 days of staking. You will continue to receive rewards as long as the chosen validator is active. If the selected validator becomes inactive, you will not receive staking rewards.
Redelegate option is now available on Test Flight version for iOS.
Will be released to the public by next week.