Nominees are individuals who wish to participate in securing the network without being a validator. Unlike the validator, the nominee does not require a machine to perform block validation. Nominees can use their tokens to help strengthen other validators, so that the validators have more chance to be selected and enter the list of validators. As a return, the nominee will receive ARA tokens according to the profit sharing percentage set by the validator.
To be a nominee you need to create an account first.
Go to Nuchain Dashboard. Select the
Network menu >
Account actions then click the
Nominator . button
There are several inputs that need to be filled in the nominee window.
- stash account - the account that will be used as holding of the nomination process. This account is not used for daily transactions but only to handle the nomination process. You can use this account to increase the number of stake from each rewards earned.
- controller account - the account that controls the Stash Account. This account may be the same account that will be used as the stash account, but it is recommended that you have different account for those two purposes.
- value bonded - the number of ARA to be staked. Do not enter all the ARA you have, especially if the stash and controller account are the same, then you may not be able to conduct payout to withdraw rewards in the future. Keep in mind that you need ARA as fee to withdraw rewards.
- on-chain bonding duration - stake waiting period will be locked and cannot be used. If you want to unstake, the realization will be done after the waiting period ends.
- payment destination - the account that will be used as the recipient of rewards.
- Stash account (increase the amount at stake) - every rewards earned will be transferred to the stash account and will increase the amount of stake automatically (locked).
- Stash account (do not increase the amount at stake) - rewards will be transferred to stash account but it will not increase the amount of stake; it is unlocked and therefore it can be used.
- Controller account - rewards will be transferred to controller account and not increase its stake value.
- Specified payment account - rewards will be transferred to a specific account selected by you other than stash and controller.
Then click Next and the following window will appear:
In this section you need to choose which validator you will stake the ARA (Can be more than one account). Choose the best validator because doing stake ARA has the same risk as validator; validator engine that is not reliable or often shuts down will affect your rewards. Choose a validator that sets a low commission value for optimal rewards.
After you finish selecting, click Bond & Nominate.
You will enter the Waiting list in which your account will be processed as a nominee within 24 hours (1 era).