STAKING ON BLUZELLE:SIMPLIFIED VERSION
Bluzelle is powered by Cosmos and can handle 10,000 TPS and is a delegated proof of stake network. Any type of device and gaming console can become a node on Bluzelle. It is fully decentralized and stores data across thousands of nodes around the world. Each node provides storage space and earns a fee. Bluzelle is the AirBnB of database whose solutions are being developed to enhance Defi with historical price feeds, provide data analytics, 360 degree views, and more. As defi grows, decentralised infrastructure plays a big role and bluzelle is a pioneer in this niche of decentralized data storage service.
On the 8th of August 2020, bluzelle launched its mainnet and some days later precisely on the 20th of August 2020, staking of its native token (BLZ) commenced on its staking platform staking.bluzelle.com. However, this is just the phase 1 soft net which ends in September, 2020 and will be followed immediately by the phase 2.This means investors in this first phase will receive all the tokens staked plus the interest gained by September 2020.
If you are looking for a source of passive income between now and the end of September,2020, staking.bluzelle.com is the right platform to visit to reap maximum interest on staking your bluzelle token. However, staking of tokens can be daunting for those already versed in the workings of cryptocurrency as well as cryto-trading let alone the newbies. The following is a blow by blow simplified approcach on the process of staking the bluzelle token.
STEP1: SETTING UP YOUR METAMASK
For those that are new to metamask, you would have to download metamask extension on your browser preferably google chrome and then attach same to your browser. Then create an ethereum wallet on metamask. You have to keep your password, seed phrase or/and private key handy. It is better to have the hard copies of these credentials save in a secured and easily accessible place offline. However, if you are a returning metamask user,just launch your metamask from your browser and enter your password in order to unlock your wallet. Then make sure you are transacting from the mainnet.
STEP2: LOADING YOUR METAMASK ETHEREUM WALLET WITH BLZ TOKEN
If your BLZ token is not already in your metamask wallet, then you would have to send from either another wallet or from an exchange wallet into the metamask wallet through a process of withdrawal from the said exchange. From coinmarketcap.com , you can search for BLZ and then click on market pairs, you will find all the exchanges where you can buy BLZ from which you can transfer into your metamask wallet.
STEP 3: CONNECTING YOUR METAMASK TO THE BLUZELLE PLATFORM
From the browser on which your metamask is attached, fire up staking.bluzelle.com and click on my account by now your metamask extension should prop up, then enter your correct password. After this, you should see all the ethereum accounts on your metamask, click on the one you wish to connect to the bluzelle platform and click next and then click on connect. A pass mark will be quickly displayed assuring you that your connection was successful.
STEP 4: CREATE AN ACCOUNT ON THE BLUZELLE PLATFORM
Click on ‘My Account’ and then on ‘Create New Wallet’, you should see your bluzelle platform seed phrase, copy same and store in a safe place preferably offline. Thereafter, click on ‘continue’, you will be prompted to enter your already copied seed phrase to log into the platform, do so then click on submit which will prop up your metamask that will prompt you to sign the transaction. Sign the transaction and a success message will be displayed, then click on ok, then your balance of BLZ as well as BNT will be displayed as well as your ethereum wallet address, bluzelle wallet address, convert to BNT button, check on etherscan button, BNT delegated balance, BNT unbonding balance, convert to BLZ button ,check on bigdipper button and then the stake button.
STEP 5: CONVERT YOUR BLZ TOKENS TO BNT
Enter the amount of BLZ token you wish to convert to BNT and click on convert to BNT. Metamask should prop up cancel and confirm buttons, click on confirm and then check your transaction on etherscan with the related button on the platform. Note that you have to pay some gas fee for this. After the ethereum-cosmos relayer runs, you should find your BNT under your BNT balance. The relayer may take some time, never mind this is one of the caveats you must know before staking bluzelle. For more information on the other 7 caveats you must know before staking your bluzelle token, read my other article here. Note that the BLZ-BNT conversion is 1:1 meaning you get 10,000 BNT if you convert 10,000 BLZ.
STEP 6: STAKING YOUR BNT TOKENS
After receiving your BNT tokens, enter the amount of BNT you wish to stake and then click on STAKE. This will show you a list of validators you can delegate your tokens to. Remember that you are to pay a network fee of 2 BNT for this, so prepare for that before converting your BLZ tokens to BNT tokens. This means if you receive 10,000 BNT and click on stake, the network will deduct 2 BNT and your total stake will be 9,998 BNT. Yippie! You have just staked your BNT token and your BLZ token reward will be deposited into your account on the platform every 24 hours. Note that this reward is available for immediate withdrawal.
If you want to know more about bluzelle, click here.
