First of all, what is Polkadot? Well, for all of you beginners out there Polkadot is a designated proof-of-stake blockchain with an emphasis on interoperability via innovative parachains. It was created with the purpose of backing a network of many different blockchains. It permits anyone to deploy a blockchain with its own customized rules, but with all of the strict security guarantees of the Polkadot platform. DOT is the best token on the Polkadot blockchain and you can stake it with no difficulty by using Blockdaemon. But before you start mining and learning what a mining pool is, there are other things you should know.
Accessing Ledger Live Application Account
The first moment you utilize the Ledger Live application, it allows setting up the Ledger device and configuring the application. Ledger Live keeps your crypto and set up preferences on all devices you may use. You will need to set up your accounts again on any different computer or phone.
- Go to the welcome screen
- Click on ‘Get started’
- Determine how you will set up your device
You can set up a new device to develop new private keys and make additional accounts. Or, you can restore the device with the 24-word recovery phrase, also called a mnemonic seed.
To do so, you first select a 4 to 8-digit PIN code that will unlock your device. Then you save or modify the 24-word recovery phrase. Your recovery phrase supports the private keys that control your crypto assets and can be utilized to restore access to your crypto assets in case you lose your device.
Adding a Polkadot (DOT) Application
Start by opening your Ledger Live app. Then click on the Manager menu option. When it opens select the App catalog tab. There you will need to enter Polkadot in the search bar. After it opens click to Install the Polkadot (DOT) app. Pretty easy for now, right? This is exactly one of the reasons why this app is recommended. Many polkadot pros and cons were identified over time, and the simple installation is definitely a pro!
Adding a Polkadot (DOT) Account
After adding the app and opening it for the first time, we need to make an account. And making one is also simple. All you need to do is click the Add account button on the Polkadot (DOT) line. Afterward, you will connect and unlock your Ledger device. This is followed by picking out a name for your account and finally clicking on the “Add account” button. After you add the account, all that’s left is for you to click “Done”.
Adding Funds to the Polkadot Account
After logging into the Ledger Live app, you will see the option to buy DOT or receive it from another address. If you want to receive it, then just select the Receive menu option. Select your Polkadot account next and follow the easy instructions that explain the process of transferring DOT to your Ledger Polkadot account. But, do keep in mind that in order to stake, you will need to deposit some DOT, apart from having to pay additional fees. The least amount of DOT to deposit is 10 coins.
Things to do in the Earn Rewards window
First, open the Ledger Live application and select ‘Account’. Following that, choose the button saying Earn rewards. You will then see a popup window that says “Earn rewards”, as well as a Bond assets window. Here you can write the amount of DOT you wish to stake. Have in mind, though, that there will be a small fee following this. All that’s left now is to click ‘continue’ and it’s done.
Nominating Validators from Blockdaemon
After clicking the Nominate button and its popup window opens, you will need to look for Blockdaemon in the search bar. There, you will find the Blockdaemon validators displayed. You can select up to 16 different validators, and we do recommend selecting all of them. After selecting, press “Done”.
Confirming and Delegating the DOT Tokens
At the very end, all that’s left is for you to confirm the transaction. And congratulations on doing so! We hope that this was helpful and you’re now fully prepared to stake Polkadot.
Author: Sviatoslav Pinchuk, COO of Tradecrypto.com is a crypto journalist who simply bought some BTC for domestic needs in 2014 and then forgot about it till 2017. He got Etherium in 2017 by misclick and sold it in 2018 “just to try”. After losing 1 Florida house on XEM in 2018, Sviatoslav finally decided to trade reasonably. He is one of the most analytical and data-driven traders in the crypto industry.