Sep 5, 2018
Staking Komodo on Guarda Mobile Wallet + 3 Useful Tips
Have you heard of Komodo Platform? If yes, you must know that one can get percentage from simply having Komodo in a wallet, or, as it is called, staking Komodo. This article will show you, how to stake Kmd with Guarda Mobile Wallet. As a bonus, you’ll learn 3 useful tips concerning recent changes in the rules of getting a reward, implemented by Komodo Inc.
As usual, there are two parts in the tutorial: Part 1 for those who don’t have a Guarda Mobile Wallet for Komodo, and Part 2 explaining the staking process itself.
You can learn a bit more about Guarda — Komodo interaction in the articles we have already published.
Part 1 — The preliminary stage — for those who don’t have a Guarda Mobile Komodo Wallet:
- Download the app from the Play Store https://play.google.com/store/apps/details?id=com.guarda.kmd
- Create a new wallet or import another kmd wallet that you have
- Welcome to your KMD Guarda Mobile Wallet!
- Safety reminder: press “Wallet Security”
- Save your mnemonic phrase in a safe place.
Part 2 — The main stage:
- Make sure that you have at least 10 KMD on your account. According to Komodo official site, that’s a necessary condition to begin staking.
- To top your account, you can:
- Transfer kmd from another account, or
- Import another kmd wallet directly into the Guarda Mobile wallet, or
- Buy kmd by a bank card right in the app, using one of the exchange services.
In the example given we’ve transferred the funds from another account.
- You got your funds (>10 kmd), you got your mobile wallet, now what? To make your komodo “work”, an option setting “LockTime” should be marked on them. To get this data associated with your coins, you have to send them to an external account and then resend them to your mobile wallet.
- Wait for 1 hour after the last transaction, when your coins returned to your mobile wallet. That time is needed for your address to start accruing any reward. You can check the time of the transaction in the app by pressing the field with the date and the sum of the Tx.
- One hour later — here they are, the rewards that started to accumulate. They will appear under the line “You have to claim”. But, before claiming them, read the tips below!
Important Tip #1: There is no point to collect an amount smaller than 0.01 as you have to pay ~0.0001 or more as tx fee — thanks for the tip to the Komodo Support!
Important Tip #2: One of this days Komodo is going to update the bonus politics. The main difference is that now users have to perform at least 1 action per month with their kmd actives, and not just hold them passively, as it used to be. You can read more here, at the Komodo Official FAQ .
A piece of advice from Guarda: the easiest action seems to be simply transferring all your kmd funds from one your account to another, just like you did in the beginning, when adding the Lock Time setting to your kmd.
Important Tip #3: After 1 month the reward will stop accruing until you claim them. Then it will stop again in 1 month from the time of the last tx — thanks again, the Komodo support team!
So, as it seems logical, the optimal solution would be to claim your reward once a month, when it’s bigger than 0.01, and then perform an action with your funds, and wait the next month to repeat the cycle.
We hope the material was useful to you. If you still have any questions or doubts concerning staking Komodo — reach us out, and we’ll do our best to help you.
PS. Watching the bonus amount increasing is an assuring vision indeed, so enjoy staking kmd with Guarda, and share your impressions with us! ;)
Learn more on our official site https://guarda.co/
