Disclaimer!
Please be aware that there are risks when you stake your tokens.
Read The Risks of Staking to learn more.
What is Algorand?
Algorand is an open-source blockchain designed by cryptography pioneer, Turing Award winner and MIT professor Silvio Micali that is focused on mainstream adoption. The foundational, public and permissionless pure proof-of-stake protocol is the first of its kind and was launched in June of 2019. The consensus mechanism ensures full participation, protection, and speed within a truly decentralized network. With blocks finalized in seconds, Algorand’s transaction throughput is on par with large payment and financial networks.
How to Stake Algorand?
On October 21st the project announced that they moved to a decentralized Governance model. This means that holders will be able to participate in the decision-making process. As well they have determined that reward levels are associated with the Algo commitment of a governor. For more details please visit the project’s website Algorand .
In order to participate in the Governance, you’ll be required to follow the steps described below:
- Connect a Wallet
- You’ll be prompted to the screen where you can select your Trust Wallet address, scroll down to other wallets:
Then, you will be asked how many Algos you want to commit to becoming a Governor. It is recommended not to use all your Algos balance as you will be required to pay transaction fees and send some Algos during the governance period.
- To verify the account you’ll need to send 0 ALGO to the address given.
Once your status shows Eligible you’ll become a Governor.
Source:
Algorand Foundation Governance
Disclaimer!
Please be aware that there are risks when you stake your tokens.
Read The Risks of Staking to learn more.