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Loom Network Delegation Tutorial
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Loom Network Delegation Tutorial
Education
May 07 , 2019 · 3 min read
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Loom Network is a platform as a service that is built on top of Ethereum and allows developers to run large-scale decentralized applications. This platform was released on October 1st, 2017. The goal of Loom Network is to allow application developers to have smart contracts that can access much more computing power when it is required, or maintain the same power at lower costs for tasks such as trials for onboarding new users or applications that simply do not need the full security of blockchain to begin with.

Follow the simple steps below to start staking with InfStones using the Metamask wallet.

Step 1 Download and Install MetaMask Wallet.

a). Navigate to this link and click on “Add to Chrome” to start downloading.

b). Click on “Add extension” to continue.

c). Finish the installation.

MetaMask will be presented on the upper right side of your Chrome browser in red square 1.

Click on “MetaMask” to open up the wallet.

Step 2 Create or Import a wallet.

a). After installing MetaMask, click on its logo on the extension bar to open up the wallet on your browser.

b). Click on “Get Started” to begin.

2.1 To create a new wallet:

a). Click on “Create a Wallet”.

b). Click on “I Agree” to continue.

c). Set your password and then click on “Create”.

d). Click on the area inside of the red square and remember your Secret Backup Phrase.

e). Choose the words in the same sequence as the one presented before.

f). Done. Click on “All Done” to access your wallet.

2.2 To import a wallet:

a). Click on Import wallet to start.

b). Click on “I Agree” to continue.

c). Fill in the detailed information of your wallet.

Type in the private key of your wallet in red square 1.

Set a new password for your wallet in red square 2.

Type in the password again in red square 3.

Click on “Import” to continue.

d). Click on “All Done” to finish.

2.3 Connect to Binance Chain:

a). Access to the wallet.

MetaMask will be presented on the upper right side of your Chrome browser in red square 1.

Click on “MetaMask” to open up the wallet.

b). Start setting.

Click on the area circled by red square 1.

Click on “Settings” in red square 2 to continue.

c). Scroll down and click on “Networks” to continue.

d). Click on “Add Network” to continue.

e). Add Binance Smart Chain.

Type in “Binance Smart Chain” in red square 1;

Type in “https://bsc-dataseed.binance.org/” in red square 2;

Type in “56” in red square 3;

Type in “BNB” in red square 4;

Type in “https://bscscan.com” in red square 5;

Click on “Save” in red square 6 to finish.

2.4 Change the network to Binance Smart Chain and connect:

a). Follow the prompts and enter your existing account. Click on here to switch the network.

b). Click on “Binance Smart Chain” to finish this section of work.

c). Click on “Next” to finish.

Step 3 Stake.

a). Navigate to this link to start staking, click on the icon of MetaMask to continue:

b). Set up a new account.

Click on “Create a new account” to create an account on the Loom Network.

Click on “Continue” in red square 2 to proceed.

c). Click on “Sign” to approve the signature.

d). If successful, you will see the following page (My Account), which shows your balance, the election cycle timer, your current Rewards amount, and a list of your stakings.

e). Scroll down to the bottom of this page, click on “Stake Tokens” to continue.

f). Click on “Infstones (Infinity Stones)” to start staking.

g). Click on “Stake Tokens” to continue.

h). Accomplish the stake.

Type in the amount you prefer in red square 1.

Select a lock time bonus in red square 2.

Click on “Delegate” in red square 3 to finish the staking.

Step 4 Claim the Rewards.

a). Click on “My Account” to start.

b). Click on the “Claim Reward” button to continue.

c). You’ll be asked to sign the transaction. Click on “Sign” to approve.

d). If the rewards claim is successful, then you will see this message: “X LOOM will be reclaimed after the next election.” like the image below.

About InfStones

InfStones is an advanced, enterprise-grade Platform as a Service (PaaS) blockchain infrastructure provider trusted by the top blockchain companies in the world. InfStones’ AI-based infrastructure provides developers worldwide with a rugged, powerful node management platform alongside an easy-to-use API. With over 20,000 nodes supported on over 80 blockchains, InfStones gives developers all the control they need - reliability, speed, efficiency, security, and scalability - for cross-chain DeFi, NFT, GameFi, and decentralized application development.

InfStones is trusted by the biggest blockchain companies in the world including Binance, CoinList, BitGo, OKX, Chainlink, Polygon, Harmony, and KuCoin, among a hundred other customers. InfStones is dedicated to developing the next evolution of a better world through limitless Web3 innovation.

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