This tutorial will provide key information about becoming a Validator on the Chronos Testnet.
Here are some important points to note.
1. The minimal staking amount is 3 Million OLT, which means a user need to stake at least 3 Million to become a potential validator
2. The blockchain network will only choose top 16 potential validators with highest staking amount and recognize them as active validators, the rest will be inactive validators
3. Whenever the staking amount of an active validator drops below top 16 of staking amount or below 3 Million, this validator will become inactive and no longer be able to participate in voting. Also this Validator will not be eligible for rewards at this point
4. Every validator can only have one stake address, we need to unstake and withdraw all the OLT first in order to change the stake address. It takes 5000 blocks “maturity time” (roughly 17 hours) to let one be able to withdraw OLT after unstaking. This will be elaborated later in this document.
1. Have a full node running (Please check “Chronos Tutorial – Running A Fullnode”)
2. Have at least 3 Million OLT in staking account (Please check “Chronos Tutorial – How to get OLT To Stake”)
Check the current validator set
Before staking, we need to check the current validator set of Chronos network, and find the proper staking amount we need. If there are already 16 active validators in the network then we need to stake more than at least one of them to become a validator.
⚠️ In this document we will assume that there are less than 16 validators in the network, so a minimal staking amount of 3 Million will be enough.
⚠️ ALL COMMANDS in the rest of this document will need to be running under this directory by default, if you prefer otherwise, please add --root $OLDATA to the command arguments.
I[2020-07-16T14:16:13Z] olclient: --- At height: 20885, pending amount: 1000000
It can be seen from the second line in result that our staking amount is dropped by 1 Million, which is exactly what we have unstaked.
When we unstake some amount of OLT, there is a period of time referred to as “maturity time”. One can only withdraw the unstaked amount after this maturity time, since the unskake transaction. Right now on Chronos, this maturity time is 5000 blocks, roughly 17 hours.
So the withdrawable amount from the third line in result is still 0 at this time. Which means we cannot withdraw the unstaked OLT now.
The pending matured amount in the result is a list that contains all the pending amounts that will mature at the corresponding block heights.
Let’s unstake again, this time we unstake all the rest of OLT that we have staked.