How to use Cosmos (atom) in Rainbow Wallet: Guide for beginners

How to use Cosmos (atom) in Rainbow Wallet: Guide for beginners

The Cosmos ecosystem serves to create a decentralized network of blockchains that can perform transactions between chains and exchange information with each other. Validators support Cosmos infrastructure, allowing users to bet on cryptocurrency and indirectly participate in the development of the network. You can place Cosmos tokens using various cryptocurns, one of which is Rainbow.

About Rainbow

Rainbow Wallet – This is a mobile multi -seated wallet that supports Cosmos (Atom) and Iris. The wallet was developed by the IRIS Foundation team and allows not only to store and transfer cryptoactives, but also to delegate tokens to the validators. Next, we step by step explain how to bet on Cosmos using a mobile wallet Rainbow.

How to create a wallet

First, create a crypto -coolant. The application is available on iOS and Android mobile devices. You can download by these links:

Step 1. Launch the application, read and accept the user agreement.

Step 2. Create a new wallet.

You can also import an existing wallet by clicking ” Import Wallet “, Or open a wallet only for viewing, clicking” Watch Wallet ” – this allows you to safely view the balance of the wallet while in public places: airport, cafe or public transport.

To create a new wallet, click ” Create Wallet “”.

Step 3. Select the Cosmos Hub blockchain.

Step 4. Come up with a purse and a complex password name.

The password should consist of at least 9 characters and contain at least letters and numbers. To make the password safer, alternate capital and lowercase letters and add special characters. Then confirm your password and press Create Wallet “” .

Step 5. Create a backup copy of your wallet.

Press the button ” Backup “”.

Rainbow application warning: Do not screenshot while recording Seed Fras. Storing backups of data on digital devices is unsafe. Anyone who knows the mnemonic phrase will be able to access the funds in your wallet. Click ” Understood “, to continue.

Write out sequentially all 24 words of a mnemonic phrase on paper or other non -cyphatic medium. Then click ” Next “And confirm the Seed-Fraz, introducing the words in the same sequence in which you recorded them.

The wallet was created. The interface and the main functions of the Rainbow wallet will be available to you, but so far it is empty. It must be replenished to then add atom tokens to the steaking. First, click on the cryptocurular address, as shown in the screenshot.

You will display a QR code and the address of the wallet that can be copied to the exchange buffer. Please provide information to send funds to this address.

By default, the wallet is not protected by a password, and it can be opened if someone else takes possession of your phone. To protect your wallet from authorization of unauthorized persons, turn on the biometrics. To do this, go to section ” Me “And include the option” Biometric Unlock “”.

How to send atom stakeing

Covering cosmos tokens using the Rainbow application is very simple. Go to section ” Stake “”.

Then click the button ” Delegate “”.

Choose a validator. If it is difficult for you to find it, use the search button located in the upper right corner of the screen. We offer to use the validator Everstake – We have low commissions and a convenient site for tokens holders, where you can calculate your profit using simple calculator . Click on the selected validator.

On the page of the validator, you can see detailed statistics of the pool: the number of caused tokens, the size of the commission levied and the time spent on the network. As you can see, the Everstake Commission is only 5%, and the time of trouble -free work is 100%. This is an excellent result that means that the validator works without complaints, and delegates are making the greatest profit. Now click ” Delegate “”.

Manually enter the number of ATOM tokens that you want to delegate to the validator. By default, the maximum network commission is set at 0.005 atom so that the transaction passes as soon as possible. If you want to reduce the commission, use the button ” Advanced “”. This will allow you to manually configure the commission by changing the price and quantity of gas, but this option is intended for experienced users. If you set too low a commission, the transaction may not be confirmed.

Note. We do not recommend setting up the commission on our own if you do not know how to determine the price and amount of gas.

Click Next “” .

And enter a password from the previously created wallet.

If the transaction was successful, you will see the following message:

Statistics are available in the tab ” Staking “” . The credited rewards will also be displayed here.

Press the area with delegated tokens to see even more details. In the section that opens, you can derive tokens, re -delegate them to another validator or withdraw a reward.

Subscribe to Everstake on social networks and do not miss the news from the world of stakeing.

We previously published this material On the Everstake blog.

Leave a Reply

Your email address will not be published. Required fields are marked *