Each owner of the Lisk cryptocurrency will be able to vote for 101 delegates of their choice.
By having LSK in our portfolio, we will be able to make a profit by giving our votes to the delegates.
Lisk is one of the cryptocurrencies that proposes to revolutionize the world of decentralized networks through the implementation of a block confirmation protocol called Delegated Proof of Stake (DPoS). 101 delegates, democratically elected, are in charge of this protocol for confirming transactions.
These delegates are elected by the community. Each owner of the Lisk cryptocurrency will be able to vote for 101 delegates of their choice using your wallet. The waiting list of delegates is extensive and currently includes nearly 1,600 waiting to be selected to join the group of 101.
Each delegate we vote for will, for the most part, to keep our vote, give a portion of their earnings from confirmed blocks to their constituents. However, this does not always happen, as payment is the exclusive decision of the delegate.
That’s exactly why By having LSK in our portfolio, we will be able to get benefits by giving our votes to the delegates that the community has confirmed that it shares its profits. You may be wondering how to know if delegates are paying? Don’t worry, in this guide you will learn how to identify which delegates are sharing their profits. Let’s get started.
Installing Lisk Hub and getting started
The first thing we will need is to download and install a Lisk wallet to manage our crypto assets. We can get this wallet on the main portal Lisk Hub. The developer team of this blockchain updated their platform at the beginning of this year.
The main download portal for the Lisk Hub client. Source: Lisk.io.
Here we will choose Download Lisk Hub for Windows. If we are not using a different operating system, we will select the option All releases on github, which appears at the bottom. Now we just have to wait for it to download and run.
What we will see when we open our Lisk Hub wallet for the first time. Source: Lisk Hub.
This will be the first screen we will encounter. The first thing we will do is create a new Lisk wallet. To do this, we will select the option on the right Create a lisk ID. In case we already have it, we just need to add the recovery phrase on the left side.
We need to move the mouse to create the necessary entropy to generate our portfolio address. Source: Lisk Hub.
To begin, we will be asked to move the mouse to generate entropy, which will allow our public and private keys to be created. That must be remembered This process is done entirely locally, so both our wallet address and our recovery phrases (which we’ll generate later) aren’t stored anywhere else. Therefore, we must keep them carefully.
After generating our address it’s time to get our recovery phrases.
These phrases are unique and it’s the only way to support our funds. Source: Lisk Hub.
To continue, we just have to choose Get Passphrase and subsequently I understandwhere we indicate that we understand that we are solely responsible for the security of these phrases and Lisk is not responsible for their storage and retrieval.
Swipe to reveal recovery phrases. Source: Lisk Hub.
We just need to swipe to reveal our security phrases. What is recommended is copy this recovery phrase on a piece of paper and keep it in a safe place. This way we avoid keeping our phrase in a hackable digital storage medium. After copying, select Yes! It is safe, ensuring the page that we already have our phrase. After that we’ll confirm the missing words of our recovery phrase and that’s it, we’re done creating our wallet.
Wallet ready to go. Source: Lisk Hub.
We have already created our portfolio. The address we see in the picture is our public address. To get started, we just have to click on Go to your dashboard.
Lisk offers a mini-tour to quickly learn about the wallet’s features. Source: Lisk Hub.
At the beginning, our wallet will offer us a short tour to see the features that this wallet has.
At the top we will find our public address and the balance in the LSK that we have. In this section we can also access different Lisk wallet IDs. This wallet can handle a number of addressesto create them, we select only the avatar of our address and perform the same creation process.
On the Dashboard we will find information related to the current price of lisk in BTC, wallet activity in the application and the lisk transfer menu.
In Wallet there are options related to our portfolio in relation to the Lisk ID we have chosen.
This section will help us explore the Lisk blockchain directly from our wallet. You just need to enter the address or transaction ID in the browser there to see it.
At the time of this guide, this section is still under development. We can also notice that it is still in beta in the Lisk icon above.
This last section is for configuring our application and that’s where we’ll start. As you remember, at the beginning of the tutorial we mentioned that we can vote for delegates, but if you looked closely, the option is nowhere to be found. In order for this to appear in our menu we have to go to settings and activate the delegate functions option.
The delegate voting option is disabled by default. Source: Lisk Hub.
Here we will slide to activate and we will see the Delegates option appear in the side menu.
Delegate Voting Section. Source: Lisk Hub.
We can vote for delegates here, but we’ll be back in a moment, first we need funds to be able to vote because for every 33 votes we will need 1 LSK.
To receive funds, you only need to share our public address, which is located in the upper right corner. In case we want to see the QR code or select a certain amount, we have to select Wallet in the side menu and then Request. Now we just have to wait for the transaction to be confirmed. In Liska, transactions have an average confirmation time of 10 seconds and become immutable within 2 minutes.
We can see the balance in Wallet and in the upper right corner. Source: LiskHub.
When we receive funds, we can see them both on the dashboard and in the Wallet section. Once we have funds in our portfolio, it’s time to use them in the delegate voting section.
Voting for delegates
To get started, go to the Delegates section in the side menu.
In the left frame that we see in the picture, you will find the voices that we have selected from the right list. As you can see, we can give 33 votes per block, with a total of 101 votes divided into 4 parts. Each vote has a commission of 1 sheet.
On the right side, we will have a list of active and inactive delegates, differentiated by productivity. This means that if we go down the list and get to delegate number 102, we can see that the productivity column will go from 99% to 0%; only the first 101 delegates are active.
Similarly, Even if delegates are inactive, we can vote for them, since each delegate is voted for democratically. In the event that a waiting list delegate becomes popular, he or she can join the pool of 101.
We already know a little about how to vote, but we need to see how productive the delegate I’m voting for is. Usually the 101 active delegates are voted for, as they share their profits, but this may not always be the case. There are specialized portals such as Lisk Delegate Monitor where we can see who is the last delegate who approved the block, the delegate with the best productivity, the one who pays the best, is he online, etc.
A web portal where we can see details about registered delegates. Source: explorer.lisk.io.
As you can see, all registered delegates will be organized here, as we saw them in our portfolio, but with a little more information. On the other hand, we can take the time to browse forums like Reddit where we can see information about each of them.
Before voting, we need to keep something in mind regarding profits. Regardless of whether delegates pay or not, delegate payments must be distributed among all their constituents. For example, the first on the list at the time of writing this guide has 11908 voters, so it has to split the payments between all of them. Therefore, we cannot expect the delegate payments to make us millionaires.
At this point, after the delegates to vote for have been chosen, we can begin. Let’s go to the Delegates section and select, to perform the first block of 33 votes, 33 delegates from the list.
List of delegates elected for voting. Source: LiskHub.
After we have already selected the first group of 33 delegates, we will click on Next.
In this step we confirm the transaction. As you can see, each block of votes will cost 1 LSKeven if we vote for 1 or 33 delegates at once.
Voting ready. Source: Lisk Hub.
For the votes to be confirmed, we just need to wait for the transaction to be confirmed in the Lisk blockchain and that’s it, we will vote for the delegates. It should be remembered that we can give a total of 101 votes, for different delegates, divided into 4 blocks of 33, 33, 33 and 2.
In addition to voting for others, we can we register as delegates. For this we will again go to the Delegates section and in the list of delegates we will see the option Become a delegate.
Registration as a delegate costs 25 LSK. Additionally, we need to have enough community support to enter the pool of 101. Source: Lisk Hub.
To register as a delegate, one only needs to choose a unique name online and pay a commission of 25 LSK. After registration, we need to get the approval of the community through voting before we can enter the group of 101, where we can start confirming transactions.
Withdrawal of funds
Withdrawing funds on the Lisk platform is very easy. To begin, let’s go to the Wallet section. Once there, in the Transfer section we can enter the address and the amount to send. Sending fees cost 0.1 LSK for each transaction.
Explore blockchain transactions from Lisk Hub
One of the peculiarities that Lisk Hub has compared to other wallets is the fact that it integrates a blockchain explorer, something that is very useful when verifying transactions or wallets. To open the explorer, we will select Explorer in the side menu.
Own Lisk Hub portfolio explorer. Source: LiskHub.
In the search engine located in this section, we can enter the lisk address or transaction identifier.
Wallet data searched in Lisk blockchain explorer. Source: LiskHub.
What we see in the previous image is our portfolio search. They integrate a button into the search, where we can directly send funds to that address.
You can watch the video tutorial of this guide on our channel. YouTube.
Featured image from Lisk.