Hi. I am totally new to staking and governance, so please forgive my question if it has been answered somewhere else, I won’t take offense if you show me where to look. I’ve never staked tokens before but I really want to believe in IoTex’s future so I locked it up!
But now I have all these “votes” and I don’t know what they are for.
Are they like a currency? Do I have a finite supply of votes to throw here and there for random elections? drawings? referendums? Let’s say I have 100 votes. What are they good for? Where do I use them? If I use up all of them, do I get the same amount for another election? Or is it that once I cast a vote, it’s gone forever?
Hello Baronofcolier,
Thanks for writing in,
Please check this tutorial https://t.me/IoTeX_Tutorial/13.
Hope it will help you out.
Best regards,
IoTeX Support team
Hey thanks for the response, but I already know how to stake my tokens. The video still didn’t explain anything about what the votes are for…
Where can I use the votes? And are those votes a one time use? Or do I get the same amount of votes for each “election”?
Hello Baronofcolier,
I assume that you are talking about votes that you get from staking.
When you stake a deposit of IOTX in IoTeX you get a “bucket of votes” in change. If you do not lock your deposit you will get as many votes in your bucket as the amount of IOTX that you deposited . Depending on your lock options you can get more votes in your bucket.
The bucket of votes can only be used to “vote for a delegate” during the staking process, or can be assigned to a different delegate as long as the respective deposit is still staking.
The more votes you have, the more rewards you will get from the delegates.
Once you unstake your deposit, the respective bucket of votes gets deleted and you stop receiving staking rewards for that bucket.
Best regsrds,
IoTeX Support team
Thank you, this makes sense and I get it now. Appreciate the help!