How to stake & vote in ICON (ICX)

Aug 26, 2019 6 min read
How to stake & vote in ICON (ICX)

A short guide explaining how to stake your ICX tokens and vote using ICONex or Ledger

How to stake and vote in ICON (ICX)

Dear Iconists🧑‍🚀,

Today, we will explain to you how you can vote for Public Representatives (P-Reps) in the ICON network.

As most of you are aware, Iconists can vote for the P-Rep they want, stake with their favorite ones, and decide who to elect. So, let’s take a look.

P.S. If you want to stake and vote using the mobile application, then check this guide (click here).


Installing the ICON app on Ledger (for Ledger users)

  • Make sure the Ledger firmware is the latest one. Search for ICON and install it.

Install ICONex

Make sure the ICONEX version is 1.0.4.7 or higher by checking the lower right of the screen. Typically, you should have the correct version but if the extension hasn’t been updated yet follow these steps:

  • First, right-click on the ICON wallet app in the top right corner of your screen and select Manage Extensions.
  • Then, enable the “Developer mode” on the top right of your page.
  • Finally, click Update on the left side of your screen.

When this is done, the ICONEX should update, and you will be able to start staking and voting for the Icon P-Rep that you would like to see elected!

Staking

If you use a Ledger hardware wallet, click here.

If you want to use a hot wallet, proceed to the steps below.
If you already have a Keystore file or private key, click the “Load wallet” button and skip the creation process (click here).

  • Select “Create a Wallet”
  • Select “ICON (ICX)” and proceed.
  • Input your desired wallet name and wallet password. Make sure you create a back-up of your Keystore file, password, and private key.
  • Once done, select the voting tab.
  • Select “My Status”
  • Click the drop-down menu and select your wallet. Enter your password afterward.
  • Click the “Adjust” button.
  • Adjust the slider to your desired amount. If you want to stake “all” of your ICX, you need to leave at least 1 ICX for transaction purposes such as unstaking the locked tokens, claiming i-scores, and voting.
  • Click the “complete” button and proceed.

Congrats! You have now staked your ICX. Click here to view the steps in voting.

For Ledger users
Make sure your Ledger wallet is plugged in, and the ICON app is open.

  • You can connect your Ledger wallet by clicking “Connect to ledger” in the first page or by selecting “Connect to Ledger” in the voting tab.
“Connect to ledger” on the first page
“Connect to Ledger” in the voting tab.
  • Choose your desired address with the ICX on it and click “Vote” on the first page or “Select” in the voting tab.
“Vote” on the first page
“Select” in the voting tab.
  • Click the “Adjust” button. Adjust the slider to your desired amount. If you want to stake “all” of your ICX, you need to leave at least 1 ICX for transaction purposes such as unstaking the locked tokens, claiming i-scores, and voting.
  • Select complete and confirm it in your ledger.

Congrats! You have now staked your ICX. Read the steps below to be able to know how to vote.

Voting

Now that you successfully allowed staking, you can start to vote for the ICON (ICX) P-Rep you would like to see elected. Don’t forget to vote for several P-reps; it’s essential for the network decentralization!

If you would like to know what criteria you should consider before selecting an Icon P-Rep, check this article.

  • First, you need to select the P-Rep you would like to vote for. In this example, we will choose Stakin.
  • Once added, scroll to the top and click Stakin again. A slider will appear, and you will be able to adjust the percentage.

Once done, simply click on “vote”, and it should be done. If you linked your account with Ledger, you would also need to confirm your vote on your Ledger.

That is it, you have now voted for one or multiple ICON (ICX) P-Reps.🎉

  • Stakin is one of the P-reps! Please support us. 🙌

Check our ICON proposal if you haven’t yet.


FAQ

Do I need to transfer my ICX from Ledger to a hot wallet?

Not necessarily, you can vote and stake while using it.

Is it ok to lose the hot wallet?

No, even by using Ledger. Make sure to back-up your private key and Keystore file, including its password. You can never be too cautious!

Is it possible to add more if I staked already?

Yup, you have to stake it and vote again manually.

I get a time out error, what should I do?

Possible fix:

- Try to update your ICON app in ledger manager

- Make sure the firmware version of the ledger is the latest one

- Use another browser that supports ICONex such as Brave

- Adjust the time and date settings of your computer. Go to settings, then date & time. Set it automatically.

- Restart your unit

- Use another USB cable

- Security popup? Simply move the pop-up (“Security key doesn’t look familiar. Please try another one.”) to the side of the window. Don’t click X nor click the cancel button. Then confirm the transaction. (Source)

How do I unstake it? What is this “X of the staked ICX amount of voted ICX cannot be unstaked”?

Remove a certain amount of vote power from your preferred P-rep. It will then automatically be available for unstaking in the adjust button. It will take approximately a week to unlock your ICX tokens.
Check this guide for a detailed tutorial: Utilizing the voting features on ICONex

Can I redelegate my votes?

Sure, you can do it anytime. There is no restriction.

Why is there a need to leave at least 1 ICX while staking?

It is needed for transaction purposes such as unstaking the locked tokens, claiming i-scores, and voting.

I already staked and voted, but I can’t use it to claim/stake/vote again. How can I fix this?

You need to have at least 1 ICX available for spending in your wallet. Double-check your address in the tracker. (We recommend leaving at least 3 ICX just to make sure this problem won’t occur again.)

When can I receive the I-scores (rewards)?

Since it is your first time staking and voting, rewards are paid after 48 hours. After that, you will receive the rewards daily.

Get to know more about ICON.

DISCLAIMER: This is not financial advice. Staking and cryptocurrencies investment involves a high degree of risk, and there is always the possibility of loss, including the loss of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some PoS protocols. We advise you to DYOR before choosing a validator.

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