How to vote ONZ delegates and earn money while you sleep
Did you know that you can earn additional ONZ coins (income) simply by voting for delegates within the network? ONZ uses a system called Delegated Proof of Stake or DPoS which has 101 active delegates to forge each new block within the ecosystem. ONZ allows you to vote for up to 11 delegates using your coins as ‘voting weight’. Please remember, your coins will always be yours and will always be available. To earn more ONZ coins, please follow this guide and start collecting your profit today.
Let’s get started.
1.) If you just bought your ONZ coins from the exchange (e.g. Graviex, OpenLedger DEX), you can transfer them to your Nano Wallet. You can create a new ONZ address and withdraw your funds from the exchange. When creating a new wallet, be sure to write down your 12-word phrase as this is your wallet password.
2.) When you have your wallet created, you will need to copy your public address and send your coins from the exchange to your wallet.
3.) Once your coins have arrived at your new address; usually within seconds, you can navigate to the ‘Voting’ tab.
4.) Before you select the delegates you wish to vote for; you should go to ONZ Slack or Discord to find sharing pools to where you can send your voting weight. In Slack, go to the Voter Channel (#voters_channel) and type the “!pools” command, it will show the list of delegates with their sharing percentage and their payout period.
5.) Once you decide which delegates you would like to use, go back to your wallet and check those delegates. If your delegate is not in the top 101, that means they are not forging and are not collecting rewards. Don’t forget; you can select up to 11 delegates. When you have your delegates selected, click the “Vote” button.
6.) You will need to pay 1 ONZ coin for each round of voting. Click the “Confirm” button to vote.
7.) After a while, your vote will show in the explorer. The sharing pool payout depends on the delegates promise to the voter. Each delegate is using different rewards percentage, payout period and minimum payout. Also, you need to keep your eyes on it to see if they are paying as promised. If you find out that they are not paying you as promised, you can unvote them or ask them on the community platforms.
The best thing is that you are increasing your ONZ amount and your vote power while you sleep.