IOTX PoS Rules:
- IOTX PoS has a lock-in period of 7 days.
- Staking is available every day. The period begins 1 day after the initial deposit.
- Gains will be calculated the day after the user purchases the product (Purchase date + 1 day). According to IOTX official PoS rules, any unstaked withdrawal will be paid out after 3 days (No staking rewards earned during this time). Initial deposits + gains will automatically be transferred to users’ wallets after 11 days.
- After 11 days, Cobo user can either withdraw their IOTX or enter the next staking period automatically. Users can choose “Automatic renewal after expiration” before 15:00 (UTC+8) on the maturity date.
- A minimum of 100 IOTX is required to participate.
- Any IOTX withdrawal will incur a fee of 50 IOTX (transferring IOTX from Rewards Wallet to Cloud Wallet).
- This PoS product is exclusive to customers from eligible countries and regions (as determined by completing KYC Level 3). For more information on whether your country, state, or region is eligible, please contact us at firstname.lastname@example.org.
Penalty for Early IOTX Withdrawal:
There will be a penalty for IOTX withdrawal before the end of the staking period. Users will also lose any rewards generated during the staked period.
In addition, early withdrawals are liable for
- Initial capital penalty of 2% if a withdrawal is made before ½ staking days.
- No initial capital penalty if the withdrawal is made after ½ staking days.
Frequently Asked Questions (FAQs)
Q: What is IOTX?
A: IoTeX is the auto-scalable and privacy-centric blockchain infrastructure for the Internet of Things (IoT). IoTeX’s global team is comprised of Ph.Ds in Cryptography, Distributed Systems, and Machine Learning, top-tier engineers, and experienced ecosystem builders. IoTeX is developing several in-house innovations to push the frontiers of blockchain 3.0, including a blockchain-in-blockchain architecture for heterogeneous computing, fast and robust Roll-DPoS consensus scheme, and lightweight privacy-preserving techniques. IoTeX is bringing autonomous device coordination to the masses by “connecting the physical world, block by block.”
Q: How do I stake my IOTX?
A: 1. Deposit IOTX into your Cobo Cloud Wallet.
2. Under the ‘Finance’ tab, click on the IOTX PoS plan
3. Choose the amount of IOTX you want to stake
4. That’s it! Note that there is a 7 days lock-in period.
- If you already have your IOTX in your HD Wallet, open the Cobo Wallet app, go to the “Explore” tab and click the banner or Vote for IoTeX Dapp to stake IOTX with Cobo Wallet. Here is a how-to.
Q: Are there any other charges that I am not aware of?
A: There are no voting fees nor transfer fees (IOTX transfer from Cloud Wallet to Reward Wallet). There is a 50 IOTX withdrawal fee. (IOTX transfer from Reward Wallet to Cloud Wallet). As mentioned above, in order to maintain stability in the Cobo voting system, there will be a penalty for early withdrawal.