In SMART BLOCKCHAIN, like any other blockchain, each transaction requires payment or resources. Staking—freezing SMART coins by users to support the network can reduce transaction costs, or even make them free. Furthermore, the energy and bandwidth that you get can be delegated to other users, making their interaction with the technology easier and more cost-effective.
Delegation in SMART blockchain allows you to transfer your resources, such as energy and bandwidth, to other users. By freezing your SMART coins, you receive these resources and can delegate them, enabling others to conduct transactions more cheaply or even for free. You choose the duration for which you want to delegate the resources, and after this period, you can reclaim them. It's a convenient way to help other network participants and optimize the use of your resources.
In this guide, we'll demonstrate the process of delegating and reclaiming the "Energy" resource.
Open SMART Wallet and, on the main screen, select the SMART coin.
Click on the "Freeze" button.
On the next screen, click "Manage."
The screen will open, and you will see how much energy and bandwidth is available for delegation. Choose the resource you want to delegate at the top of the screen and click "Delegate" at the bottom of the screen:
On the next screen, enter the amount of energy you wish to delegate. Below, insert the SMART wallet address of the user you want to delegate (send) energy to.
You can also activate a lock-up period below—the duration for which the resource will belong to the other user. After this time, you will be able to reclaim the resource from the other user. We’ll explain how to reclaim the resource in the second part of the guide.
Set the lock-up period by moving the slider:
Select the duration for which you are delegating the resource and click "Confirm," then click "Continue."
Review and confirm the entered details by clicking "Confirm":
After this, click "Confirm", and SMART Wallet will prompt you to enter your PIN. If everything is correct, you will see a message that the delegation was successful:
The delegation transaction will appear in the transaction history:
When you click on the transaction, a window with detailed information will open: the address where the resources were sent, which resource was sent, and in what amount.
The transaction will also be reflected on the recipient's account:
To return the delegated resource, go back to the "Management" section. Click on the "Reclaim" button:
A screen will open where you can see all the transactions made, including details about which resource and how much was sent, as well as the time after which you can reclaim the resource.
When the timer, set before the transaction, expires, a "Reclaim" button will appear in the same window, allowing you to reclaim your resources.
Click "Reclaim." A screen will open with information on how much of the resource you can reclaim. You can return the entire resource or part of it by entering the amount in the input field.
Enter the amount to be returned and click "Continue."
Confirm the action with your PIN code. If everything is done correctly, you will see a message that the energy resource has been successfully reclaimed:
The reclaim transaction will be displayed in your transaction history.
In the transaction details, you can see exactly how much energy was reclaimed.
The reclaim transaction will also be reflected in the transaction history of the user's wallet from whom you reclaimed the energy:
Delegating bandwidth follows the same process.
In this guide, we've explained how to delegate and reclaim resources. We hope that after studying it, you will have no further questions about the delegation process. If you still have questions, feel free to contact our support team.