Noob's Experiment: Get free Cosmos ATOM and stake in Atomic wallet
Atomic is a multicurrency wallet with staking functionality for few cryptocurrencies. ATOM is the currency that fuels the Cosmos blockchain and is one of the coins that you can stake in Atomic. So, time for cryptoN00b to grab some free Cosmos ATOM and make his first staking experience with Atomic.
You read correctly: free Cosmos ATOM. And then we stake them in Atomic Wallet.
Cosmos defines itself as the "internet of blockchains". It wants to bring various blockchains together. And eventually offering massive scalability.
But first things first: to store your first ATOMs you need a wallet and a wallet address. There are several wallets that accept Atoms, cryptoN00b has chosen to go with Atomic Wallet which provides staking for select crypto including ATOM. At the time of writing Atomic Wallet offered a 10% yearly yield on ATOMs which seems cool.
- Download and install the free Atomic Wallet. (Use my code "19TNEB" and if you are eligible for the airdrop you might earn 5 AWC.)
- Tap on "filter" and activate Cosmos (ATOM).
- On the main list "Wallet", tap on ATOM and and "Receive" to see your ATOM wallet address. You might want to come back later and copy the address.
So now as we got the Atomic Wallet up and running with an ATOM wallet address, to follow is the part where you can claim free ATOMs from Cosmos directly.
If you are new to crypto and not a user of the messenger app Telegram yet, then now it's time to get Telegram running on your device, as the ATOMs are dispensed via the official Cosmos Telegram faucet bot.
- Once you got Telegram up and running, tap on this link to open the channel Kira Interchain Faucet.
- Tap on "START" and wait. You have to be patient, takes quite some time until the bot returns. It generates a new Cosmos wallet with account address, the secret and offers you several other commands to interact. This wallet is bound to your Telegram unique account.
- Once the instruction message appears, tap on "Faucet". You will see that you need to join the channel Cosmos-DVD in order to make your first claim. Tap on the link and join Cosmos-DVD.
You also need to join the official Cosmos Network group.
If you succesfully joined both channels, copy the ATOM wallet address from Atomic Wallet and return to the Kira Wallet bot and type the command:
- get me $ATOM <your_wallet_address_from_the_Atomic_wallet>
And boom! If the faucet is not drained, you should be receiving 0.010000 ATOM!
Now, forget about trying this often, it allows you to claim once a day and you need to acquire points even to be eligible to claim by referring others or being active in the official Cosmos chat. Do not try the command
/faucet in other Cosmos channels, it doesn't work. You'll spam the chat.
Of course, the 0.01 ATOM is such a small amount, but we do this for testing, right? Staking Cosmos ATOM gives you rewards, but you have to trust and delegate to a validator for your ATOMs.
And the good thing is, even with a small amount, you can start staking right away - but, there is a little network fee applying, which eats up a portion of our little ATOM amount... Now the next step is: go to "Staking" in Atomic Wallet and delegate your ATOMs to a validator of your choice, which obviously would be the validator who offers the highest yield. Stake and done... your ATOMs are bonded with the stake pool of your validator and guess what, unstaking requires unbonding and that takes many days.
To be exactly, 21 days... 21 days? Wtf? 21 days for "unstaking/ unbonding"... cryptoN00b doesn't think that this can explained on technical issues. There must be some other crap concept being the reason to delaying crypto to be freed from a stake pool.
But that's what we do, a little experiment with staking ATOMs of a fiat equivalent of US$ 0.03 - it's learning:
- You can claim some free Cosmos ATOM (although super limited)
- There is no minimum amount for staking, if you can cover the network fees
- There is a network fee for staking, but it won't matter, if the amount of ATOM is reasonably high
- Unstaking takes 21 days
- There is a network fee for claiming the staking rewards
In short, staking 0.01 ATOM (but it was free, right?) turned out to be utterly senseless. But it was a good experience with testing things in the wallet. The rewards for staking ATOM are still very attractive. Head over to the official site of the Cosmos network project.
That completes our little test staking experiment with free ATOMs. You'll find also some more info about staking ATOM in the Atomic Wallet here.