BurnKoin Staking Guide

Published on: 25.01.2023
BurnKoin Staking Guide

BurnKoin Staking Guide is here to provide step-by-step ways to stake KOIN tokens. Burn Koin is the first burn pool developed for Koinos. “Burn pool” is just the name we use for mining pools on Koinos Proof of Burn.

Prior to KOIN, most cryptocurrencies had relatively simple token economic designs; they were the token used to pay the fees necessary to sustain the operations of the decentralized network. Counterintuitively, removing the fees is what allows for the creation of a more dynamic, flexible, and performant system that supports a digital currency that finally delivers on the futuristic vision of an egalitarian and decentralized digital currency that began with Bitcoin.

GETTING STARTED WITH KOIN STAKING

The front page of BurnKoin displays the dashboard button, the total deposits, and the current APY. The total deposits represent the total quantity of the $VHP and $KOIN held in the pool.

The current APY represents the approximate APY that BurnKoin depositors should expect to receive. It automatically updates when the network yield changes. Mathematically, it represents 95% of the network’s APY. In other words, BurnKoin takes a 5% operator fee on depositor rewards for running the mining node.

When you first use BurnKoin, you’ll need to tell BurnKoin which wallet address you want it to interact with. Unlike Metamask, you don’t need to pre-authorize a connection. BurnKoin simply stores your wallet address in your local browser memory for ease of use.

BurnKoin does not store ANY of your information and it cannot perform any action unless you sign personally sign a transaction and submit it. By clicking accept, you are not signing a transaction or submitting anything to the blockchain.

To complete this step, just click on the account you want BurnKoin to interact with and click accept.

Once BurnKoin knows the address you want to interact with, you won’t need to reconnect the wallet unless you change wallets and you’ll see the “Go to dashboard” button from here on out. If you click this, you’ll enter the main dashboard and will see either a basic view or an advanced view.

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