HOW TO STAKE YOUR RAZOR TOKENS

how to stake razor token

Razor Network consists of validators who lock in their tokens as a “Stake” and provide data to the network. The honest validators are rewarded and those who report incoherently are penalized. RAZOR is the native currency at Razor Network, a decentralized DeFi oracle. In order to stake RAZOR tokens, one has to become a community member of the Razor Network. To become a community member, RAZORs have to be bought, ICU client installed and new Ethereum wallet created and RAZORs transferred into it to be staked.

Some görli ether is needed to pay for transaction fees when buying tokens. Some of this görli ether can be gotten here; https://goerli-faucet.slock.it/ or https://faucet.goerli.mudit.blog/. Some Görli RAZORs are needed too so the following steps are followed:
1. Use an Ethereum compatible browser (e.g. Chrome browser with Metamask plugin)
2. Set the network to “Görli testnet” in Metamask
3. Go to https://razorscan.io/#/faucet
4. Paste your Ethereum address in the address field.
5. Click “Get RAZOR”
6. Few minutes after your transaction is confirmed, click “Check RAZOR Balance” to confirm you have received some free Testnet RAZORs. görli ether to this address.

After performing the above steps, download and install the CLI client, create a new Ethereum wallet and send the bought RAZORs and görli ether to this address and start staking. To stake RAZORs use this command;
node index.js stake — the number of RAZORs to stake — your Ethereum address — your password —
Example: node index.js stake 1000 0xdeadbeef password123
After inputting the command, wait for the staking process to continue. This may take up to ten (10) minutes.

By following the above-stated procedures to stake RAZOR, you have become a community member of the Razor Network and as such should start validating queries in order to avoid inactivity penalties.

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Emmanuel Patrick

Emmanuel Patrick

Creative and Smart

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