Every blockchain network charges a transaction fee. However, the SMART blockchain allows you to save on the SMART coin and avoid “paying the blockchain” for transaction processing. To do this, you need to stake, or in other words, freeze your SMART coins.
Staking on the SMART blockchain is a process where users freeze their SMART coins to support the network and, in return, receive key network resources: Bandwidth and Energy. These resources are essential for executing smart contract transactions and all other transactions within the network.
To save on transaction fees, simply freeze between 50,000 and 100,000 SMART for Energy and 5,000 to 10,000 for Bandwidth. This allows you to conduct smart contract transactions and other transactions in the SMART BLOCKCHAIN for free.
In this guide, we'll walk through how to freeze SMART for Energy. Before you start freezing, if you plan to engage in frequent splitting, we recommend keeping up to 10,000 unfreezed SMART in your balance.
Open SMART Wallet. Navigate to the SMART coin screen and click on the Freeze widget.
On the next screen, click the “Freeze” button.
Enter the amount of SMART you want to freeze and choose which resource you want to obtain — Energy or Bandwidth.
Bandwidth in the SMART blockchain is a resource required for all transactions in the network. When you pay with Bandwidth for transactions, you don't need to pay the transaction fee in SMART.
Energy in the SMART blockchain is used to execute all actions involving smart contracts, such as splitting, split transactions, ULTIMA token transactions, etc. Energy acts as fuel for smart contract operations.
Let’s select Energy to make splitting transactions free, and click the “Continue” button.
Confirm the freeze transaction. If everything was done correctly, you'll see a confirmation that the coins have been successfully frozen:
The frozen coins will now appear on your SMART screen. Please note that unfreezing SMART for Energy and Bandwidth will be available in 14 days.