Mainnet Update & How to Stake Guide

Hi there everyone, we’re here today to give you an update one week after the Mainnet launch.

As we have already repeatedly expressed, we are enormously satisfied with the launch of the Mainnet and how the network has reached a stable cruise altitude without any kind of problems.
So a new “thank you” to our super community of validators.

One week after the launch, we are about 100,000 blocks created and about 1500 transactions, a very good number if we have to take into account that onchain transfers are still disabled.

Furthermore, the first proposal was already launched on the chain at the beginning of the week by “Dimi” Validator, who proposed the enabling of onchain token transfers.
The voting will end on April 14th and will involve all validators and their delegators.
Currently is winning the “YES” with 100% of the votes, so it is very likely that after the vote we will see the transfers enabled immediately.

As for the possibility of staking your tokens, at the beginning of the week we launched our Web Wallet, through which you can already delegate tokens to validators and start earning from staking.
The wallet has been integrated into our web player (it could not be otherwise), so that while you earn you also listen to excellent radio stations😊

Therefore, we have also prepared a short guide on how to import your wallet into the web player and start staking your tokens.

Warning!!!
The authentication method to this wallet is not in line with the highest security standards yet, so if you are the holder of a large amount of tokens, we recommend that you wait a few days until the release of new authentication methods, which are more in line with the maximum security parameters.

As follows, the guide on how to start staking:

1. Access the BitSong Web Player and click on “connect wallet

2. At the bottom of the screen that comes out, click on “import wallet

3. Choose to import via “Mnemonic Phrase

4. Once your wallet is imported, set fire to your ears, play some radio and click on the icon on top right of your profile, and select “Wallet”.

5. All the details related to your account such as balance, wallet address and the equivalent of your tokens value in usd will be displayed, so you can go now clicking on “Earn”.

6. Once inside the “Earn” section, a screen with the list of all validators will appear.
Then choose the validator or validators to which you wish to entrust your coins and click on the 3 dots at the far right of their name, then click on “delegate

7. In the delegation window, select the coin, that is BTSG, choose the amount to be entrusted to that validator, confirm with the password and click on “send”.

Once you have completed step 7, you are officially a BitSong staker and able to earn together with your validator at each block (approximately every 6/7 seconds) based on your voting power, i.e. the amount of coins you have staked.

Don’t forget that the token unbonding process (i.e. removing the tokens from the delegation) takes 21 days, during which time you will not be able to manage those tokens in any way.

That said, remember that for any doubt or curiosity, our channels listed in the links below are always available so do not hesitate to contact us.

Thanks again for all your support, we wish you an excellent weekend and stay tuned as lots of more news are on the way.

Cheers

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A Blockchain Ecosystem to Empower the Music Industry (https://bitsong.io)