Lunie (previous name “Voyager”) is an official audited web wallet and UI for interacting with the Cosmos Hub. The process of sending, staking and redelegating atoms could be done in a simple and secure way. Lunie will not ask for your private keys or seed phrases. To interact with it you need to have Ledger device. Following this two-step guide will not take more than 5-10 minutes.
Note: If you participated in the fundraiser, you should be in possession of a 12-word mnemonic. When setting up a Ledger wallet, enter the seed phrase to access your digital assets obtained through an ICO. We advise you to connect a new Ledger device, in case of replacing the seed phrase on the working device, all data will be overwritten.
Download Ledger Live to update your Ledger device to the latest version (1.5.5) Press the “Settings” button in the top right corner
Turn on Developer mode
Go to the Ledger Live App Store and download the Cosmos application
You will see a dialog window while the installation is processing, it can take a while
At the same time it will install on your Ledger
After successful finish, check that the Cosmos application appears on your Ledger
Press “Sign in” in the top right corner
You will see a dialog window like in the picture - press “Sign in”
Lunie will connect to your Ledger and you will see Tendermint Cosmos appear on it
After that you can press “Delegate”. Your address can be found in the top left corner
Now you will be able to enter the amount of Atoms and finish the process by pressing “Next” and confirm the delegation.
If after following this guide you still have questions, issues or other concerns please follow us on Twitter. We will provide a personal consultation and guide you through the following process.
Whether you chose to delegate your digital assets to P2P Validator or not, we welcome you to join our social channels, educational hub and use our DApps, all of which will be open-source.
Public website: p2p.org
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<p>To understand economical structure of Cosmos we should look closely at the key principles of the ecosystem, basic incentives for all different participants and possible influence of these principles on their behavior. Overall network purpose (mission) is <em><em>satisfying the needs of ecosystem users by giving them an opportunity to provide their services in a decentralized manner with the ability to interoperate without centralized entities.</em></em></p><p>Cosmos network consists of application-specific blockchains (Zones) which can be designed differently depending on the utility purpose. All blockchains are interoperable within a single ecosystem connected through intermediary blockchains (hubs) that in fact replace centralized organizations by set of validators. As a separate blockchain each zone can have its own token to govern the private or public network and have its own set of validators but governance can decide that validators of the Cosmos hub will be required to validate additional zones.</p><p>Cosmos ecosystem utilizes Tendermint - practical byzantine fault tolerance (PBFT) consensus mechanism. It means that finalizing blocks depends on 2/3 plus one quorum of all validators agreed on the current state of the network in order to reach the consensus. There are three key groups of participants in Cosmos ecosystem. Each group has its own incentives and impact on the state of ecosystem.</p><h3 id="validators"><strong>Validators</strong></h3><p>For Cosmos hub there are <code>100</code> possible validators, who are responsible for proposing new blocks and validating transactions. This number will rise by <code>13%</code> a year until it reaches three hundred maximum possible validators. For other hubs and zones this number is not mandatory and will depend on the particular use case and required level of security. If there are more validators then the right to participate in consensus will have participants with the higher amount of ATOMs bonded.<br></p><figure class="kg-card kg-image-card"><img src="https://economy.p2p.org/content/images/2020/09/1-15.png" class="kg-image" alt loading="lazy" width="558" height="79"></figure><p>Cosmos hub validators has the highest impact on network security and provide intercommunication between zones. They must actively participate in governance and are required to vote on every proposal otherwise their ATOMs are at the risk of being slashed (currently this feature is not active).</p><blockquote><em><em>Tell me who are the validators and I will tell you if the network is safe</em></em></blockquote><p>This group have enough knowledge and resources to maintain infrastructure and are interested in generating maximum long-term gains from ATOM inflation and transaction fees (about this later). That is why validators care about healthy and sustainable ecosystem development. They should act in interests of their delegators if they want to keep them loyal and increase the voting power in the long term.</p><h3 id="delegators"><strong>Delegators</strong></h3><p>This group consists of ATOM token holders who have not enough skills or resources to run and maintain the infrastructure but still want to increase the network security and earn a share of the transaction fees and inflationary reward by bonding tokens to the validators. It boosts the voting power of validator and frequency of being chosen as block proposer. In fact, <em><em>by bonding ATOM to validator delegators choose one of the pillars of the ecosystem so their choice is very important and affects the level of decentralization.</em></em><br>Delegators are eligible for transaction fees and inflation reward as well but they have to pay commission, which vary within existing validators. There is no way for validators to steal bonded tokens but there are still other risks related with choosing the validator, which we will discuss later. Decisions based solely on a low commission rate is not always the best decision for delegators.</p><h3 id="users"><strong>Users</strong></h3><p>If we compare Cosmos network with the market, users are consumers and service providers. Developers, entrepreneurs and buyers who want to utilize the advantages of Cosmos ecosystem. Many different hubs can co-exist. To go further we can compare the network with a nation where there is a national hub with cities and zones each acting as smaller hubs within it and the possibility to join with the secure hub (Cosmos) if needed. Activity of this group measures the overall value of the network and can have a significant impact on demand for the token, transaction fees, workload and so on.</p><h1 id="cosmos-hub-economy-and-reward-distribution"><strong>Cosmos hub economy and reward distribution</strong></h1><p>Cosmos hub economy relies on the inflationary approach. The target annual inflation rate represents the percentage from total supply that is changing each block. If the total bonded stake is less than <code>66%</code> of the total ATOM supply, the inflation rate will slightly increase until it reaches a maximum of <code>20%</code> or the total bonded stake climbs higher than <code>66%</code>. In this case, the annual inflation will decrease to <code>7%</code> depending on ATOMs participating in bonding. New tokens incentivize participants to secure the network. The more tokens locked via staking the higher the threshold for initiating a successful attack.</p><p>There are two fundamental streams of revenue for validators:</p><figure class="kg-card kg-image-card"><img src="https://economy.p2p.org/content/images/2020/09/2-18.png" class="kg-image" alt loading="lazy" width="705" height="560" srcset="https://economy.p2p.org/content/images/size/w600/2020/09/2-18.png 600w, https://economy.p2p.org/content/images/2020/09/2-18.png 705w"></figure><ul><li><strong><strong>Block reward</strong></strong>, which distributing amongst all validators proportionally to their voting power. This reward is paid in ATOMs and depends on the current annual inflation rate, which varies each block with the frequency of average block time. In the future, this reward can be split between ATOMs and Photons that will play the role of a secondary token with the purpose of transaction fee payment only, decreasing the velocity and liquidity of ATOMS and making a 1/3 attack more expensive. Inflation of Photons is expected to be fixed and equivalent to <code>500</code> tokens per hour. <em><em>Currently Photons are not available but could be activated with specific implementation and distribution method by the community via governance.</em></em></li><li><strong><strong>Transaction fees</strong></strong> form in each block and proposer gets <code>1%</code> or <code>5%</code> depending on the number of precommits included. The frequency of proposing blocks is proportional to the voting power of a validator. Before fees distribution, <code>2%</code> goes to a reserve pool. These funds can be spent on network development or other activities by voting.<br>Currently transaction fees are close to zero as the network is still in an early stage of adoption. In the future, it will be possible to receive fees in other whitelisted tokens than ATOMs in Cosmos ecosystem. The amount of fees will depend on gas prices and usage of the network.</li><li>Validator’s <strong><strong>commission rate</strong></strong> represents a percentage from both streams of revenue that delegators pay to a validator. Delegators reward streams are the same as for validators less the commission percentage.</li></ul><h1 id="penalties"><strong>Penalties</strong></h1><p>In some circumstances occurs slashing of bonded ATOMs. Penalties should increase the responsibility level of participants who are directly involved in decisions associated with network security. Validators have no control over delegator’s stake but if such an event happens both parties lose a percentage of their tokens. This is in order to prevent misbehavior and negligence from validators and bring incentives to delegators to diversify amongst them, perform proper due diligence and choose wisely.</p><ul><li>The first reason a stake can be slashed is double-signing a block. This means that a malicious node is broadcasting two blocks with different content for the same height. The penalty for that is currently set at <code>5%</code> and the validator who is responsible for that drops out of validators set. All ATOMs enter an unbonding (process of undelegating ATOMs from validator) period that lasts for <code>21 days</code> and <em><em>within this period the stake will not earn provisions and transaction fees.</em></em></li><li>If a validator fails to sign more than <code>95%</code> blocks in a row of <code>10000</code> due to inactivity, <code>0.01%</code> of the bonded ATOMs will be lost and the validator will be <em><em>jailed for <code>10 minutes</code> without allowance to participate in consensus and be eligible for rewards.</em></em></li></ul><p>If slashing happens, it decreases stake and leads to fewer ATOMs paid as a reward.</p><h3 id="example"><strong>Example</strong></h3><p>Let’s compare three imaginary validators. Assume that delegator bonded equal amount of ATOM to each. Slashing decreases the amount of stake thus meaning a proportional decrease in ATOM provisions since the event has taken place.</p><p>For example, <em><em>validator 1</em></em> <code>V1</code> was caught on a double sign and slashing occurred on the 60<sup>th</sup> day. After unbonding, the rest was staked with the same conditions to another one. <em><em>Validator 2</em></em> <code>V2</code> had three liveness slashes on the 30<sup>th</sup> day with a 2-day recovery period and an inability to fix the issue, on the 60<sup>th </sup>and 180<sup>th</sup> days being offline for one day each. <em><em>Validator 3</em></em> <code>V3</code> had no such events in place.</p><figure class="kg-card kg-image-card"><img src="https://economy.p2p.org/content/images/2020/09/3-17.png" class="kg-image" alt loading="lazy" width="779" height="265" srcset="https://economy.p2p.org/content/images/size/w600/2020/09/3-17.png 600w, https://economy.p2p.org/content/images/2020/09/3-17.png 779w" sizes="(min-width: 720px) 720px"></figure><p><strong><strong>Overall results show that validator with a higher commission and honest behavior performed better than validators with stated slashing events.</strong></strong> In this example we have not taken compounding into consideration. Every slashing event may decrease the confidence of delegators and may lead to immediate re-delegation to another validator. That will cause fewer commission rewards in ATOM for validator and can lead to inability to maintain secure infrastructure in future.</p><h1 id="recommendations-for-delegators"><strong>Recommendations for delegators</strong></h1><p>Every delegator is self-responsible for the financial decisions made. To choose the proper validator and understand misbehavior risks it is important to read the full conditions of the delegator agreement and find out the validator’s policy on this topic.</p><ul><li><strong><strong>Security audit</strong></strong> that proves the stated level of security that should decrease the probability of a key compromise that may lead to double-sign.</li><li>Check for an <strong><strong>available roadmap</strong></strong> of future steps to increase the security or transparency of annual expenses on upgrades and improvements.</li><li><strong><strong>Skin in the game</strong></strong> proves that the validator puts their own funds at risk as well. The higher the percentage of their stake the more responsible the validator should be and if slashing does occur he will lose his own ATOMs and .</li><li><strong><strong>Compensation policy.</strong></strong> Are there any payouts or bonuses from the validator’s side in case of a slashing event?</li><li><strong><strong>Diversification amongst 3-7 validators</strong></strong> who operate in different countries and utilize different hardware. It sounds like a good idea, as it decreases amount of stake in case of slashing, increases overall network security and brings voting power diversification as well.</li></ul><p>Do not forget to <strong><strong>re-delegate your ATOM rewards</strong></strong> in order to maximize profits and take advantage of the compounding.</p><hr><p><strong><strong>P2P Validator</strong></strong> offers high-quality staking facilities and provides up to date information for educational purposes. Stay tuned for updates and new blog posts.</p><p><strong><strong>Web:</strong></strong><a href="https://p2p.org/"> https://p2p.org</a></p><p><strong><strong>Stake ATOMs with us:</strong></strong><a href="https://p2p.org/cosmos"> https://p2p.org/cosmos</a></p><p><strong><strong>Twitter:</strong></strong><a href="https://twitter.com/p2pvalidator"> @p2pvalidator</a></p><p><strong><strong>Telegram:</strong></strong> <a href="https://t.me/p2pvalidator">https://t.me/p2pvalidator</a></p>
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<p>Hello, world! We are building P2P Validator — the GUI for painless blockchain assets staking across 9+ Proof-Of-Stake networks. We support Tezos XTZ mainnet, Polkadot, Cosmos and IRISnet testnets from the beginning, and ready to take Nucypher, Dfinity and Solana on board.</p><p>Our mission is to positively influence the development of Proof-Of-Stake technology and improve existing networks by mindful alternate proposals while offering token holders to hedge their staking rewards on the other hand.</p><p>Whether you chose to delegate your digital assets to P2P Validator or not, we welcome you to join our social channels, educational hub and use our DApps, all of which will be open-source.</p><p><strong><strong>Public website:</strong></strong> <a href="https://p2p.org/?utm_source=1_post&utm_medium=creds_link&utm_campaign=blog">p2p.org</a></p><p><strong><strong>Medium:</strong></strong> <a href="http://medium.com/p2peconomy">medium.com/p2peconomy</a></p><p><strong><strong>Twitter:</strong></strong> <a href="http://twitter.com/p2pvalidator">twitter.com/p2pvalidator</a></p><p><strong><strong>Telegram:</strong></strong> <a href="http://t.me/p2porg">t.me/p2porg</a></p><p><strong><strong>By choosing a right delegate, supporting crucial network alternating decisions and first of all — by fully accepting and acting in course with decentralized community values and code of conduct, we will definitely achieve Proof-Of-Stake social and algorithmic consensus.</strong></strong></p><figure class="kg-card kg-image-card"><img src="https://economy.p2p.org/content/images/2020/09/1.jpeg" class="kg-image" alt loading="lazy" width="1000" height="666" srcset="https://economy.p2p.org/content/images/size/w600/2020/09/1.jpeg 600w, https://economy.p2p.org/content/images/2020/09/1.jpeg 1000w" sizes="(min-width: 720px) 720px"></figure><h3 id="why-delegate-to-us"><strong>Why delegate to us?</strong></h3><p><strong><strong>Simplicity & Effectiveness.</strong></strong> It’s unbelievably easy to stake your assets across different networks with us. Tezos Bakery is already available for XTZ delegation and will be expanded to 9+ networks all within single GUI, as soon as their testnets and then mainnets are launched. As of this writing, we’re moving towards adding an exhaustive cross-network analytics to help you track rewards flow and analyze the value of different stakes.</p><p><strong><strong>Focus on Governance.</strong></strong> PoS implies that the network alternations are voted by its nodes, where the highest stake value determines the power of voice. As a general stakeholder, we offer a smart on-chain governance insight within each ecosystem we are presented, meaning to represent your interests and execute your will whether you don’t have enough time or desire to do so. In other words, we help networks grow in value while increasing the value of your own stake and rewards by stopping unfair and making the right decisions happen.</p><p><strong><strong>360° Security.</strong></strong> All independent third-party auditors are welcome to try and test our infrastructure security.</p><p><strong><strong>Community impact.</strong></strong> We’re keen to become the leading educational hub and informational source for all things Peer-to-Peer and blockchain thus turn our financial experts, developers and analysts to look trendy and share their findings across our blog and social media.</p><h3 id="network-portfolio"><strong>Network portfolio</strong></h3><figure class="kg-card kg-image-card"><img src="https://economy.p2p.org/content/images/2020/09/2-20.png" class="kg-image" alt loading="lazy" width="1000" height="539" srcset="https://economy.p2p.org/content/images/size/w600/2020/09/2-20.png 600w, https://economy.p2p.org/content/images/2020/09/2-20.png 1000w" sizes="(min-width: 720px) 720px"></figure><p><strong><strong>Tezos:</strong></strong> <em><em>mainnet / staking opened [</em></em><a href="http://p2p.org/"><em><em>start earning rewards</em></em></a><em><em>]</em></em></p><p><strong><strong>Cosmos:</strong></strong> <em><em>testnet / staking opened</em></em></p><p><strong><strong>IRISnet:</strong></strong> <em><em>testnet under construction</em></em></p><p><strong><strong>Polkadot:</strong></strong> <em><em>testnet under construction</em></em></p><p><strong><strong>Dfinity:</strong></strong> <em><em>testnet under construction</em></em></p><p><strong><strong>Algorand</strong></strong> <em><em>testnet under construction</em></em></p><p><strong><strong>Solana:</strong></strong> <em><em>testnet under construction</em></em></p><h3 id="become-a-business-partner"><strong>Become a business partner</strong></h3><p>Running and maintaining an infrastructure are headaches.</p><p>P2P Validator is built to simplify staking and take all the node weightlifting to unfold new revenue sources for you. We’re open for business offers and proposals from existing investment funds, exchanges, foundations, services and other blockchain-related financial institutions and all first-string asset holders.</p><p>For example, if you’re an exchange then you probably aware that your customers most likely prefer platforms that provide staking and rewards among other options. While you may also know that running a dedicated node in each network results into tremendous headaches and unplanned costs. P2P Validator completely eliminates infrastructural, salary and token costs while makes you forget about time consuming node maintenance at the same time.</p><p><a href="mailto:[email protected]">[Drop offers here]</a></p><h3 id="risks-as-a-staking-as-a-service-provider"><strong>Risks as a Staking-as-a-Service provider</strong></h3><p>We are aware and take on all possible risks associated with the unfair performance of our duties. In accordance with the rules of networks, such actions will be voting procedures evasion, double transaction signatures and low node uptime.</p><p>In case, if you’re running your own node, all fines are your responsibility whether you have basic or venture-level infrastructure behind you. Voting also requires deep understanding of blockchain, PoS and network nuances and investments, which are not granted even with the highest stake possible. Token delegation is a solid workaround to decrease risks yet ensure your interests are presented in the exact network.</p><h3 id="core-business-values"><strong>Core business values</strong></h3><figure class="kg-card kg-image-card"><img src="https://economy.p2p.org/content/images/2020/09/3-18.png" class="kg-image" alt loading="lazy" width="800" height="395" srcset="https://economy.p2p.org/content/images/size/w600/2020/09/3-18.png 600w, https://economy.p2p.org/content/images/2020/09/3-18.png 800w" sizes="(min-width: 720px) 720px"></figure><p><strong><strong>Security.</strong></strong> Protection of your stake and personal data are our top priorities. Each P2P Validator community member is free to stay anonymous to others as well as hide their financial data, if feeling so, but not necessarily should. Each user is free to bring a crime to an arbitrage or raise suspicions and doubts against service itself or other members of the community. Arbitrage is done ad-hoc to ensure objectivity.</p><p><strong><strong>Transparency.</strong></strong> All our actions and decisions are clearly visible and transparent to our community. We are sharing all financial data on returns, cycles, stake amount and delegation capacity as well as the status of all networks and our project updates.</p><p><strong><strong>Groundbreaking technology.</strong></strong> P2P Validator is dedicated to combine different networks under a single interface for an investor’s the peace of mind and to save hours usually wasted on switching between wallets and staking service providers. We’re planning to further simplify staking by adding open-source DApps and other tools for community needs.</p><p><strong><strong>Benefit.</strong></strong> Staking exists to generate new coins and revenue. Although we do have static 10% fee implemented to all rewards you get from staking operations, we are 100% sure staking creates additional benefit for our users on the first place. Using our expertise, we pick only the most successful networks and execute smart governance to ensure growing value and high returns.</p><p><strong><strong>Smartness.</strong></strong> Perfection comes from experience. As the general stakeholder, we provide deliberated business decisions based on deep financial analysis and understanding. We are more than interested in avoiding overdelegation and helping networks thrive, as we are staking our own assets on our node.</p><h3 id="community-benefit-roadmap"><strong>Community Benefit Roadmap</strong></h3><ol><li>Educate, demonstrate and influence. As we define ourselves as the general opinion leader, we see our purpose in creating an international educational hub for all things Proof-of-Stake. The part of our revenue is spent on maintaining the highest possible level of educational materials: webinars, guidelines, insights and news representation. The success of each community member affects the network and thus our success also depends on it, so we make sure that each community need is fulfilled within P2P Validator ecosystem.</li><li>Support open-source DApp development. Creating robust yet efficient applications is the part of our strategy to benefit the Proof-of-Stake community. We believe in open-source development and values, so expect all the DApp source code available on Github right from the start. Modes, upgrades and enhancements are welcome. Also we’re planning on supporting independent developers and projects to further enrich the ecosystem.</li><li>Spend our revenue for the community building. We will use a significant percentage of our income to construct a strong and intelligent community of users behind P2P Validator. In long-term this will help to further promote P2P economy and Proof-of-Stake as its integral part, diluting the existing community of enthusiasts, foundations, and core developers with fresh members.</li></ol><h3 id="tl-dr-project-origins"><strong>TL;DR: Project origins</strong></h3><p>P2P Validator has been established in 2018 after a few successful projects delivered by the same team of chaincode developers and crypto enthusiasts. From testnets to mainnets our mission is to promote values of the blockchain assets and give people access to the new emerging peer-to-peer economy.</p><p><strong><strong>Contributing to</strong></strong> <a href="http://multy.io/"><strong><strong>Multy</strong></strong></a><strong><strong>:</strong></strong></p><p>Multy is a blockchain-based multi-cryptocurrency and digital assets open-source wallet available in the web, on iOS and Android. Imaguru Blockchain Hackathon winners.</p><p><strong><strong>Contributing to</strong></strong> <a href="https://crypto3.nilfoundation.org/"><strong><strong>Nil Foundation</strong></strong></a><strong><strong>:</strong></strong></p><p>This library is a modern cryptography backend designed in generic programming style. Library intention is to become an industry-standard cryptography library developing faster than OpenSSL and including modern schemes and protocols.</p><p><a href="https://p2p.org/?utm_source=1_post_link_end&utm_medium=medium&utm_campaign=blog"><strong><strong>Start staking and earning rewards</strong></strong></a></p>
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