How to stake ICX tokens

[Hitchcock]

Staking ICON (ICX) involves a process of "delegating" your ICX coins to a particular Public Representative (P-Rep). P-Reps operate nodes, validate transactions, and participate in network governance. In return for delegating your ICX to them, you receive a portion of the rewards they generate.

Here are the steps to stake ICON (ICX) coins:

1. Purchase ICX Tokens: First, you need to own some ICX tokens. You can purchase these on various cryptocurrency exchanges like Binance, Kraken, or Huobi, among others.

2. Set Up an ICONex Wallet: To stake ICON (ICX), you need an ICONex Wallet. This is the official wallet for ICX, created by the ICON Foundation. It supports both desktop and mobile versions (iOS and Android).

Visit the ICONex website or app store to download and install the wallet.

Open the wallet, click on "Create Wallet", and select "ICON (ICX)".

Set a wallet name and password. Remember to safely store this information.

Write down the private key displayed and store it in a safe place. This is crucial for recovering your wallet.

3. Transfer ICX to the ICONex Wallet: Send your ICX tokens from the exchange where you purchased them to your newly created ICONex wallet. You do this by:

Clicking on "My Wallet" on the ICONex Wallet, selecting ICX, and copying the public address.

Going back to the exchange, navigate to your ICX balance, click "Withdraw" or "Send" (depending on the exchange), and paste the copied address into the recipient's field.

Confirm the transaction and wait for the ICX tokens to appear in your ICONex wallet.

4. Start Staking: Once your ICX tokens are in your ICONex wallet, you can begin the staking process:

Open your ICONex wallet, and click on "My Wallet".

Select your ICX wallet and click on "Stake".

Set the number of ICX tokens you wish to stake, then click on "Stake". Remember that there is a 5-20% annual return on staked ICX, but unstaking takes approximately 7 days.

After staking, the next step is to delegate the ICX tokens. Click on "Vote", choose the P-Reps you want to support. You can select multiple P-Reps to decentralize your votes.

Input the voting weight for each P-Rep you have selected, and then click on "Vote".

Congratulations! You have now successfully staked your ICX tokens.

5. Claiming Staking Rewards: The staking rewards aren't automatically sent to your wallet; you have to claim them manually.

Click on "My Wallet" and select your ICX wallet.

Click on "Stake" and then "i_Stake". Here, you can see the accumulated ICX from staking.

To claim your rewards, click on "Claim" and then confirm the transaction.

Remember, ICX staking rewards are generated based on block generation, so the more ICX you stake, and the more often you vote, the more rewards you earn. It's also important to keep an eye on the P-Reps you've voted for to ensure they are contributing positively to the ICON ecosystem.

Please note that while staking and delegating your ICX is generally safe, it always involves a degree of risk, as with any investment. Always perform your due diligence and never stake more ICX than you're willing to risk.