Loom is a native coin of the loom network created and issued on the ethereum network. As a native coin of the loom network,loom coin can be used by developers of the loom network to pay for the transaction of their Dapps on the loom network. One user wanting to transfer their loom coin to another user must also use the loom coin to pay for transaction cost so that the validators running the network can initiate the transaction. This makes it to be a decentralized asset.Loom coin can also be used by different Dapps to reward the users of their Dapps.Loom coin has a maximum supply of 1 billion coin and is being abbreviated as LOOM. Loom coin uses a delegated proof of stake consensus.Because of this,stakers can use their coins to vote for any verified validators to use them to secure the network thus in return they receive reward. The validator and the staker are further being explained as follows;
a. Validator
In the loom network,the validators are the one responsible to run the network as well as to validate any transaction taking place on the loom network. In order for them to conduct all these functions,they need to receive some votes from several stakes. The minimum number of votes they should receive in their smart contract address should be 1.25 million according to the loom network.The validator should also have a 24 hour running internet connection and a hard disk space computer of not less than 1TB. The validators will charge different commission fees to different stakers which will be considered as their main income. As a validator,the more voting power they have the more commission income they will be able to receive. You can click on the link below to see several validators on the loom network. If you want to become one then you can also learn form there;
https://dashboard.dappchains.com/validators
b.staker
In the loom network,the stakers are the one responsible for voting to different validators so that they can run the network.The minimum amount that one should delegate to any verify validator should be 1 loom coin. Upon delegating the amount,it will be locked for a given period of time. On your staking account,you will be able to see the amount of reward you have managed to receive on a given day. As a staker,the more amount you delegate the more reward you will be able to receive.
Therefore, in order to participate in the staking process on the loom network, the following are some of the steps involved;
1. Visiting the loom website
Before you can start staking on the loom network,you should first of all visit their website.Here is the link redirecting you to the loom website;
On their website,there are several sectors indicated. They include; LOOM, Developer Doc, Staking Dashboard token Faq and blog. Here is how they look like;
Image source: https://loomx.io/
As indicated from the above image,there is a staking dashboard sector. Click on that sector so that you can be redirected to the staking page.Here is the link to the staking page
https://dashboard.dappchains.com/login
2. Login to the staking page
On the staking page, there is a sector that is telling you to select wallet. Several wallets are being indicated from there. Here is how they look like;
Image source: https://loomx.io/
From the above image,you can choose the wallet you want to link your staking account with.For our choice,we will choose metamask. Therefore,you should click on the metamask provided that you have installed the metamask extension to your browser. When you click over there,you will be redirected to your staking account. Here is a view of your staking account.
Image source: https://loomx.io/
3. Delegating your loom coin balance to delegator
From above,two images are being indicated. The first image shows the amount of loom balance in the staking account while the second image shows the claimed reward button and the stake token button. In order to delegate your coin,click on the stake token button. When you click,you will be redirected to several validators. Here is an image showing the list of several validators.
Image source: https://loomx.io/
From the above listed validators,click to any validator that you want to delegate your loom coin to. You will be riderected to that validator page and a button indicated as stake tokens. Here is how it looks like;
Image source: https://loomx.io/
From the above image, click on the button indicated as stake tokens. When you click on the stake tokens button,you will be redirected to blank space to insert the amount you want to stake as well as the period you want to stake. The period ranges from 2 weeks, 3 months, 6 months and 1 year. For two weeks, the interest for the whole year is 5% while for 3 months it is 7.5% the whole year. For 6 months it is 10% the whole year while for 1 year it is 20% the whole year. Insert the amount you want to stake and you click on the period you want to lock your loom coin. The more the locking period the more the reward while the less the locking period the less the reward. Here is how it looks like;
Image source: https://loomx.io/
Provided that you have enough loom coin in your account,you can click on the delegate button after you have inserted the amount you want to lock and the period you want to lock your loom coin. When you click on the delegate button, your loom coin will be successfully be delegated to the validator that you will have chosen. From there you will be claiming the reward your account will be receiving. That's all. Start staking as quickly as you can and you start receiving reward. What are you waiting for.
If you feel that we need to own some loom coin for helping you know how to stake it, then here is our loom coin address;
loom993a03a479fd5cc7ae4430b807741805a828d1bb
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