2024-06-25 18:06:27
Staking 2.0: Key Terms to Know
Staking 2.0 on SMART WALLET — your opportunity to get key network resources such as Bandwidth and Energy, which are necessary for transactions with smart contracts and all other transactions without a commission in the network. All you need to do is choose which resource you want to freeze SMART for: Bandwidth or Energy.
Get to Know the Terms:
Bandwidth — the capacity required for all transactions within the SMART BLOCKCHAIN network.
For example, each user has a daily limit of 1,500 bandwidth. This amount may be sufficient for one or several transactions. When the bandwidth limit is exhausted, the network will charge a SMART fee for conducting transactions. However, if you freeze SMART for the Bandwidth resource, you will not need to pay for these transactions, as the network will credit it to you.
Energy — the resource used to execute all transactions with smart contracts: splitting, transactions with splits, with the ULTIMA token, etc. If the energy runs out, a commission fee in SMART coins is required to complete these transactions.
You can use the resources only while your SMART is frozen. You can unfreeze the coins at any time. However, once you unfreeze them, your resources will reset, and all subsequent transactions will need to be paid for.
Reminder: the current unfreezing period is 14 days. The amount of resource in the wallet is updated daily depending on the network parameters. The resource calculation is done by the following formula:
The number of your staked SMART coins for the resource / the total number of staked coins for this resource in the network * the daily limit of one of the resources.
Learn more about staking here
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