Send Looker-on Digisign with airSlate SignNow

Send looker-on digisign

in today's video i'm going to show you how you can create a brand new wallet on chainx and how you can import an existing wallet too in this video i'm basically going to teach you how to do it from scratch exactly as if you are brand new and you went to the chainx website and you're wondering how the heck do i create a wallet so it's gonna be explained in a very very simple way step by step so make sure to follow through pause the video if you need to and that should basically help you get staking also of course setting up an account and claiming your interest in compounding i have done a video on compounding which is very important i think it's crucial especially with the sherpa x airdrop off the ksx token coming up very soon like in march or april of this year when sherpa x which is the sister network of chainx is going to bond to kusama now so the first thing you do is if you go to the website for chainx.org you'll see the wallet tab here when you click on the wallet tab you will see this exact same page that i'm seeing here where i've got no wallet set up whatsoever so the first thing we have to do is we click on add account we give it a name so in this case i'm going to say text underscore chain x now we have the mnemonic seed here which is the 12 word pass phrase you need to make sure you write this down and keep it safe somewhere not to lose it because if you lose this you lose access to your funds if something happens to your computer so we copy this because this is a test so i can just copy it i'm gonna save it here because we'll need it for later and we assign a password now make sure the password is strong enough now it doesn't really matter how strong the password is because one of the things that you can do is you can actually export this account to a file but if you want to export it to a file and then you later want to import that file you will need the password which is associated with your account however if you have the mnemonic seed then you don't care about the password anymore because that's how you import your account and you can just set a brand new password so now we click on next leave everything as it is so basically it just shows you here what the partial seed is with the spaces in between of course you click on save and here we go congratulations you have set your brand new wallet on chainx so what can you do now well assuming that you wanted to buy pcx and again this is a financial advice we're just assuming here that you are interested in buying pcx and you found this video and you want to know how you can send the pcx that you're buying from the exchange to your wallet it's as simple as that right you go to mxc exchange which is like the best exchange where pcx is listed on at the moment it will likely get listed on ok x maybe holby later this year maybe even binance it all depends on how the polka dot system evolves and how genex evolves too but for now on mxc exchange the link can be found in the description of this video if you are interested in supporting this channel i would appreciate it you also get a 30 off the trading fees if you use my referral link but all you have to do is you purchase pcx on the mxc exchange and then once you do that you go to the withdrawals section of that exchange and you have to enter your public address for your wallet which is this one here now instead of actually copying this whole address all you have to do is click on this circle on the top right hand corner next to your username and once you do that it'll actually copy your address so we can go here and we can actually paste this address just to show you how it looks because we'll later need to use this again for the importing to show you how we can import an account now some of the features that you'll see here obviously we don't have any balance yet so everything is down to zero now this feature here with cross chain assets and xbtc this is related to the volt and the whole purpose of chainx which is the bridge between polkadot and bitcoin so what's going to happen in the near future is that bitcoin can be transferred over to the chainx vault which can later then be claimed as xbtc which is an interchain bitcoin token that can be used within the polkadot ecosystem with the d5dap such as accola or maybe with polkadex or with any other decks on on polkadot where you want to swap xbtc for whichever asset on polka dot you want right so it's as simple as that later on if you wish to get your bitcoin again on the bitcoin blockchain you can just claim it back again by doing the reverse swap from xbtc to btc and again there will be mining interest as well so for those of you that want to actually help supply funding to the 2d vault you can do so and you get paid in mining interest in pcx so that's very awesome right because it attracts people it it motivates people to actually supply liquidity to this vault in order to get that pcx so how awesome is that now the next thing i want to do here before we talk about the different features i want to show you how you can import a wallet so let's go here we can see my wallet here we click on these little three dots we go to forget this account so it basically gives you a warning here that once you do that you lose it forever forget and it's gone so it looks exactly the same as you used to look before as we can see here so now what do we do we go to add account again we give it whatever name doesn't matter even test however now because we already have that account with the pcx on it we need to remove this mnemonic c then we need to replace it with the mnemonic seed that we had generated the first time where we got our funds now i don't actually have the funds on here but it's just an example just to kind of give you an idea we enter the password again we click on next click on save and here we go right so this public address starts with five then we can see it's got a capital p it's got a lowercase s and it's exactly the same here and then capital n f and capital n as we can see and it ends in syz so it's exactly the same public address here so we've basically imported it with the mnemonic phrase even if we deleted this account so just to reiterate because some people that are new like if you're new to crypto and you're in your you may be fearing that if you delete an address then you're going to lose access to those funds forever because you're you're associating this to like the type of account where you have to log in and it's kind of the equivalent of deleting your account well it's not the same because with this as long as you have that passphrase you can always claim this you can always import this into whatever wallet you could have like 20 different wallets that support chainx if you import your mnemonic phrase into all of those wallets you will have access to your funds and you can transfer your funds and do what you wish with them from all of those wallets so that's the beauty of the blockchain that as long as you have the keys you are the owner it doesn't matter from which device from which wallet etc now that you understand that the next point that i want to talk about actually about staking so if we go to staking here and we choose take over now here we can see a list of all the different validators now you may be wondering well which validator should i choose right but again you don't have to go by the ranks and you can just choose whatever validator you want because at the end of the day with chainx it's not like with polka dot or kusama where you have to actually pay commission to the validator now in this case the validator gets money or gets funding from like pcx funding from the block creation because it's like with bitcoin where miners are rewarded the block which is which was initially 50 bitcoin is the same here it was 50 pc x is still 50 pcx per block until may of this year when it's going to get half to 25 pcx so it doesn't matter where you stay because you are going to get that 42 return on your investment per year which is quite huge right until may after me is going to halve and you know what happens with halving right of course the price goes up but again this isn't financial advice i'm just kind of reminding you and not to mention that you'll also get that ksx airdrop so there's all the reason in the world to stake and compound for that ksx airdrop and also for the future of chainx and what's to come but um if we go here and choose say for example any random uh any random node whatsoever like xebox he's the admin of the chainx telegram group so he's a very friendly person a lot of people are sticking to his node so if you want to stick to his node and you want to make sure that he's got enough availability because all of these nodes can get full so if they don't have enough availability you need to choose a different node so you click on vote and here we can see it's only got 17.6 pcx remaining right now this is your account and i've got zero pcx but assuming i had a say one pcx i could just choose one and then all i have to do is click vote and then i enter my password and then i sign and submit once i click on that that's it i'm staked right i'm canceling this now because i don't have any funds but once you are staked then all you have to do is go to staking again go to my staking and here we could see the steak now i don't have any steak here right now so i'm going to show you how it looks like if you have a steak now this is another wallet that i have set up so here we can see i have a steak it's a very very small because i've got multiple wallets this is a very very small i had a very small stake and i i still didn't claim like the full interest so because of that even though i've unbounded from this node it's still shown as available because of the interest that i didn't claim is very very small it's like miniature 0.000 something so it didn't disappear yet but if i click on bound then i can basically claim assuming that i had some some votes here some stake i could claim all of my stick back and it would actually take me three days before i could claim it 100 into my wallet into my available balance now claim interest is the button that you're interested in most of the time because that's where you're claiming that interest that you're generating in this area here so this is what you should see accumulate every five minutes now the freeze section is where your funds go to when you decide to unbound when you own stake basically from that node from the validator and vote is if you want to restake if you want to compound if you want to claim the interest every day and then you want to compound this is what you do you click on claim interest you sign you click on vote and your sign again and that will compound on top of it here on top of what you already have and then you'll be generating extra interest with your new claim so how awesome is that the power of compounding is made so simple here with just two clicks three clicks or four clicks or so you may say now rebounding is an option here if you're no longer happy with a specific node for whatever reason maybe you want to provide somebody else with support by sending your tokens to their node so all you have to do is click rebound again you choose the node that you want to rebound to so from olympus pool to something else you pay the fee and then it gets sent to that node you can only do that once every couple of days if i'm not mistaken i can't remember the exact number of the top of my head but it'll actually tell you in block terms so it'll tell you the next time that you can rebound is when your block when the block gets to this amount right so that's how you'll actually know it's all based on block numbers here so yeah very very straightforward here now if we go back here sometimes you can get an error at least this is a temporary situation at the moment in that you go here to stake over you want to stick with a specific validator so let's say xebox however you get an error right so what you actually do well in order to go get around that error you have to copy the public address of the validator or the validator address so now i've got it copied to my clipboard here as i can see it now what i need to do is i need to go to the developer section go to extrinsics and again this is just a workaround i'm not saying that it's not going to work forever it could because this is developer area but it you shouldn't really have to do this when when when chainx when the chainx devs are going to fix this error you no longer have to do it so you're using your selected account which is the test account in my case of course you're going to have a different account you click the drop down here under the submit the following extrinsic and you scroll down until you get to x staking select x taking and now you select your target you paste the address you can see it says xc box you select it and then you select the amount you want to stake once you type the amount you want to stake let's say 10 pcx you click on submit transaction and once you do that you enter your password and bingo your stake is going to go through and then if you go to my staking to the my staking section you will see the stake right here so this is the workaround for the moment to this error this may not apply by the time you're watching these videos you're watching this video maybe in a week or two weeks time it's very likely that the developers might have already fixed the problem by then so you'll no longer encounter this issue now the next feature i want to talk about here is the democracy so this is where all the different proposals are getting submitted from the developers from the community maybe there's a community dev out there who notices something weird happening in the code on github so that developer may want to submit a proposal for the council to have a look at it and for the treasury right so by submitting this proposal they actually need to hold a certain amount of pcx not just anybody can submit a proposal otherwise you would get spam now the community the holders of the pcx coin can actually vote in favor or against that so there's the option of i or nice so if you choose i again it means yes you are in favor you've got the option to vote with different voting powers so let's say for example you wanted to use all of your pcx that you've got available let's see 10 pcx available but you wanted to use the 0.1 x voting power which requires no lock up whatsoever to a smart contract or or no lock up to any sort of address for the duration of the democracy however for the proposal sorry but however if you use that option you will still have to wait even with 0.1 x voting power you will have to wait the full duration of the proposal when that's over then your balance is going to be available to you again and back in your wallet and then you can vote for the next proposal however with 0.1 x voting power it basically means that if you have 10 pcx and you're using that option you will only vote as if you had one pcx if somebody decides to vote with 1x voting power then you they'll be voting with their full amount if they vote with 10x voting power it would be 10x that amount and so on so basically at the end of the the period of the voting period which is like seven days then what actually happens is that the timer kicks basically the timer goes on right start kicks off as soon as the proposal is triggered so then when the the proposal is when the timer is over and it ends then the pro the one the the vote that has the majority is the winner so then that change the proposal actually gets submitted and it goes through i don't believe that the council actually takes a decision anymore because the community would have already voted but uh yeah i mean once the community votes then that's it i mean the proposal goes through so yes it would be a yes or a no it all depends on your voting power right and what the community wants normally community usually decides and discusses it on telegram too because they know all about it so the the news are traveling around there you know and they're discussing it so that's how it works right this is democracy and this is why it's important because the power goes back into the hands of the holders they decide how this could go ahead and again you don't have to you don't have to vote if you don't want to for any referendums but this is just for people that wish to participate then we've got the council section here so we can see who are the council members okay these are this is the full list of the council members we can see xcbox is one of them here chain x general secretary in sauron we've got the treasury here now some of the validators can be part of the treasury too so again you can submit proposals here too to the treasury or tips if you want to submit videos like i did you can do so the technical committee as well and the trustee which we don't really care about there's the chain scan tool which is the explorer for chainx where you can see all the different transactions that are taking place and there's also the decentralized exchange which is going to be worked on and of course the developer section which we've looked at earlier on when we spoke about how to go around the error of staking now you probably won't even have to touch this unless you're a developer and if you do then you're likely going to be following a different manual now one other feature that i want to talk about here which is not very important but just something to keep in mind is the node type so when you first create an account you do have the option to choose the chinese node which is by default or you can choose the overseas note whichever works for you because by using the chinese node it could be possible that the network could be a bit cloggy a bit slower for you if you're say in the us or in europe or in canada or latin america or anywhere else but if you use the overseas node it may be faster for you okay so there's just something to keep in mind it doesn't matter which one you choose it's whichever is faster i just left it as the default the chinese note but yeah i mean this is pretty much it there isn't anything else to cover here i hope you found this video informative oh and one last thing i almost forgot to talk about is if you wish to transfer funds out from your wallet to say an exchange because you no longer want to keep them you want this you want to sell them then you can just type the exchange wallet address here for pcx which you would get from the deposit section of say mxc exchange and then you just type it in here blah blah blah blah blah the amount and then just make sure you have this uh button enabled here which is called transfer with account keeper live checks because what this means is that because your account is new and you have uh you hi you will have no balance whatsoever if this option is not selected then you could potentially lose your account and then you need to create a brand new account uh because your account is empty and you didn't select this option here right you you clicked off that so this is why you should keep it you should transfer with keep a live checks just to make sure that your account is protected against removal due to low balances as they even say here so yeah if you will have zero pcx after you send it all out make sure this option is selected click transfer and sign your transaction with the password in bingo now it's finally over thank you very much for watching this video and as always leave me a comment below telling me what you think did you find this informative did it help you do you have any sort of questions i'd be happy to answer just let me know thank you very much for watching i'll see you on my next video take care bye