Polkadot Validator Services
We run a secure & reliable setup in Polkadot
Nominate us to support our Polkadot footprint
This is a simple step by step guide to help a DOT holder nominate a validator. So you might be asking yourself what is meant by nominate, what is a nominator? Well in short it is equivalent to the holder that stakes his token like you see on other proof of stake blockchains, like other proof of stake blockchains you will use your stake to back a validator or node. But in polkadot you nominate, hence why is is referred to as nominated proof-of-stake (NPoS).
But the official Polkadot meaning for nominators from Polkadot wiki is “Nominators are one type of participant in the staking subsystem of Polkadot. They are responsible for appointing their stake to the validators who are the second type of participant. By appointing their stake, they are able to elect the active set of validators and share in the rewards that are paid out.”
So lets get down to how to nominate a validator.
Step 1 — Claim your DOT’s
If you been following Polkadot you will be aware that the DOT tokens is not available yet on exchanges. So for now only individuals that participated in previous DOT sales will have access to DOT tokens. So the first thing is to claim your DOT if you were one of these wise individuals. You can claim your DOT tokens now. Here is an official wiki guide on how to claim your DOT tokens. Once you have DOT tokens then move to the next step.
Step 2— Open the Polkadot UI
A good thing to note is you can switch between Polkadot and Kusama using the select network at the top left of the page
Step 3— Navigate to the Nominate Section
You will select staking in the left menu which will take you to the staking page.
Then on the top select account actions. Will take you to a page where you will find the nominator button. Or click this link to go direct to the below page.
Step 4 — Nominate a validator
Once you click the “Nominator” button you will see the below window.
Select your accounts for the stash and controller. In a ideal world these should be separate accounts. But if you have your DOT tokens in one account you may have to use the same account for both to cover for transactions until DOT tokens are freely transferable.
Pay attention to the value bonded. Ensure it is less than the total balance. You need to ensure you leave enough for the transaction fees, plus you may want to change your nomination later. So always good to keep some spare for transaction fees.
Pay attention to the payment destination field. This will dictate where your rewards from staking/nominating will auto stake or left un-staked. “Increase the amount at stake” option will work like compounding interest if you in it for the long term.
Click the “Next” button to move to the next step
You will then select your nominators here. It is recommended to select a few, it will then ensure your stake will always nominate a active validator. To select Staking4All validator search this address
Then click “Bond & Nominate” to see the below screen. Click “Sign & Submit” to complete the process
You should then get some messages on the top showing the processing. Ensure you see a green success message.
Then you are done :)