Anyone can participate in staking HASH, Provenance’s native token, by becoming a delegator. A delegator is simply a person who stakes their HASH with one of the Provenance validators.
This guide is intended to:
Provenance is a Cosmos-based blockchain whose mission is to develop a vibrant ecosystem of decentralized financial services for a variety of financial institutions like asset originators, fund managers, banks, and investors. The Proof of Stake blockchain is distinguished by three elements: modules, smart contracts, and a contract execution environment. These three elements work together to create a blockchain network that makes DeFi application building accessible to all.
The HASH token is used as a spam-prevention mechanism, as well as a staking and governance token. The spam-prevention mechanism requires a certain amount of HASH for transaction validation on the Provenance blockchain. Afterwards, stakers can earn additional rewards in HASH by delegating to validators, which secures the network. As the number of HASH delegated to validators increases, so does the overall security of the network. Finally, stakers of HASH can also use their voting power to participate in on-chain governance.
Step 1. Navigate to https://wallet.provenance.io/ and select the connect button.
Step 2. At the bottom of the pop-up window, click on “Create new wallet”.
Step 3. Select “Generate seed phrase” and click “Continue” for a new wallet.
Step 4. A new pop-up window will appear and show your 24 word seed phrase. Make sure to write down these 24 words and have a backup of this wallet saved. This will allow you to restore the wallet if needed. Ensure this file is stored in a safe location. Once you have copied and stored your seed phrase, select “Continue” at the bottom of the window.
Step 5. Verify the requested words of your seed phrase to continue.
Step 6. Fill the information by choosing a wallet name and password.
Step 7. On the “SAVE TO KEYCHAIN” window, select “Copy” and paste the encrypted private key in the password field below.
You have now created and saved your Provenance wallet !
Step 1. Navigate to https://www.figure.com/login/register to create an account.
Step 2. Select “Create Wallet'' on the redirected page.
Step 3. Select “Continue'' on the new pop-up window.
Step 4. Review Figure's custody agreement, enter your full name and select “Sign & Submit”.
Step 5. From Figure’s dashboard, select “Menu”, and “Link Provenance Wallet”.
Step 5. Enter your credentials on the new pop-up window, and select “Connect”.
Step 6. Select “Set as wallet default” and hit “Submit” on the new window that Figure auto filled with the details of your wallet.
Step 7. Set up your Figure Passport in order to fund your Provenance Wallet.
Step 8. Select “Deposit” in order to fund your account.
Step 9. Select “Trade” in order to exchange USD for HASH.
Step 1. Navigate to https://explorer.provenance.io/dashboard
Step 2. Select the Key icon in order to connect your wallet.
Step 3. Enter your credentials on the new pop-up window, and select “Connect”.
Step 4. Select “Staking” on the top menu.
Step 5. Search for the Figment moniker and select “Delegate”.
Step 6. On the new pop-up window, enter the amount of HASH you wish to delegate and select “Delegate”.
Step 7. Confirm the Figment validator address and select “Confirm” and “Broadcast”.
Congratulations! You have successfully delegated your HASH to the Figment validator.
You can now track your staked HASH under the My Validators section of the Provenance Explorer Staking dashboard.
Delegators staking HASH receive rewards based on the transaction volume. Provenance is non-inflationary since the 100 billion HASH have been minted since genesis. Since there is no inflation adjustment, the rewards are redistributed from the fees paid for the transactions. Thus, the higher the volume of transactions, the more rewards are distributed.