ZoneBitcoin EditorialIf you follow new DeFi projects, you have not been able to escape the current excitement around the project Aleph Zero and its AZERO token. However, this is not a new project because the team had already worked on Aleph Zero since 2018. The first launch was carried out in November 2021 but we had to wait almost a year – with a market in free fall – for the general public hears about it.
Following requests from many readers, we have decided to publish this short tutorial for staking AZERO.
Note: This tutorial is not investment advice, of course. Only stake AZERO if this project interests you. DYER !
What is Aleph Zero (AZERO)?
Aleph means in Arabic, the number "one" and "zero" means zero. Don't get confused about the zero ;).
Azero is the native token of the Aleph Zero blockchain that operates on a proof-of-stake mechanism. More precisely, Aleph Zero is built on a protocol based on what is called a "Directed Acyclic Graph" (DAG). It is not the only blockchain to use a DAY and we can cite Fantom For example. So it's a form of blockchain with a different structure from usual blockchains, if we had to summarize. At first glance, one might think that Aleph Zero is a Polkadot parachain. However, Aleph Zero works well completely independently.
Aleph Zero has raised more than $15 million from renowned investors for its development. Today, the project is still in its early stages and it is expected that in 2023, new features will see the light of day.
The team behind Aleph Zero is made up of talented people, with doctorates in mathematics, degrees in computer science, bioinformatics and finance.
How to become a validator or nominator?
To run the network, there are two roles/functions which are the “validators” on one hand and the “nominators” on the other hand.
Aleph Zero validators are responsible for the security and speed of transactions carried out on the network. It is the validators who make the network stable and solid. Anyone can become a validator provided they have 25,000 AZERO to lock as well as the right equipment and knowledge.
The other important role is that of the “nominator”. Their job is to act as guarantor by delegating their stakes (their tokens) to the validators. The delegated tokens will count towards the total sum of the validators’ tokens. This then helps to increase the validators’ validation power.
We explain to you step by step how to simply stake AZERO.
Why staking AZERO?
If you believe in the Aleph Zero project, then investing in AZERO will be your first step. However, it is always better to put your tokens to work. Rather than keeping an identical amount of AZERO tokens, this allows you to continuously generate them.
The great advantage of this method is that it allows you to generate passive income without the slightest effort. All you have to do is deposit your tokens to start earning them. So, if the token increases in value over time, you are a double winner.
On the one hand, you will have made added value on your initial investment in AZERO. On the other hand, the accumulated tokens can be worth a certain fortune if the price of the token rises.
First step: buy AZERO token
The first thing is to buy AZERO tokens. At the moment, there are few platforms that accept the AZERO token.
Note: This in itself is a good thing to invest at this time. When tokens are listed on larger exchange platforms recognized as Binance, the token tends to rise (as a result of the trading volume of these platforms).
So, for the moment, you can buy AZERO crypto on these platforms:
- Gate.io
- MEXC
Please note that the minimum for staking is 100 AZERO. Allow a few extra tokens for network fees.
Now that you own AZERO tokens, you can take the next step.
Step two: Create your AZERO wallet
You should know that there are two main ways to create your AZERO portfolio. You can stack your AZERO tokens on a Polkadot Nova wallet. This is the one we chose because we think it is more practical and more complete. You can also create your wallet directly on the Aleph network but this requires greater knowledge of the blockchain.
We will start with the simplest, namely download a compatible Nova type application.
Install the Nova app
Nova aims to be the most complete wallet for the Polkadot and Kusama ecosystem. In fact, more than 57 compatible networks are available as well as dAPPs of Polkadot. You can also participate in crowdloans and even store your NFTs. The app is available on Android and App Store.
The app is very easy to use even for a beginner. So, it is a non-custodial app. This means that you will own your private keys. When registering, take note of the 12 words of your mnemonic phrase. Keep them safe because it will allow you to recover your wallet.
Once you are registered, you will just need to send the purchased AZERO to an exchange platform. To know the deposit address, simply click on the "AZERO" token to display the deposit address.
Staking at 13% AZERO
On the main page, click on "staking" in the menu displayed at the bottom of the screen. Then, choose the token on which you want to stake. Here, on the AZERO token. (Nothing prevents you from taking advantage of this to stake on other tokens as well).
Remember that the minimum staking is 100 AZERO.
Likewise, take into account that the non-locking period is 15 days. This means that when you store your tokens, you will no longer be able to withdraw your AZERO tokens during these two weeks. Be aware of this before you do it.
Once you choose, you will be offered two options for paying your interest:
- Restable reward : The rewards are returned to your capital to then increase your overall interests. This is the one we personally chose.
- Transferable reward: You can decide to receive your rewards on a wallet of your choice.
Create your wallet on the Aleph Zero network
You can create your wallet on the mainnet by going to the address: mainnet.alephzero.org.
There, go to the “Account” tab, then click on “Add account”. You will see the 12 words of your mnemonic key. Please save them in a secure place and keep your key safe. Only with this key will you be able to recover your account.
Once this is done, you can give your account a name and also a password. Don't forget to upload your backup JSON file. This is an additional method to recover your wallet if you lose your mnemonic phrase.
- Discover Aleph Zero
- Another staking tutorial of the AKRO token (akropolis)
Note: There is no financial advice in this or any other article on this site. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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