🚀

Quick start on Minter

image

Most new users just getting into Minter with its reward system often ask “What do i do?”

This page will be a step-by-step guide to answer that question:

  1. The first thing you need to do is create a wallet, it can be done in multiple ways:
  2. BIP Wallet

    BIP Wallet is a secure and convenient wallet for interaction with your coins.

    It’s available on iOS and Android:

    image

    Right after installing and launching the app you can choose:

    • Sign In — if you already have a Minter wallet and just want to access it here with your seed phrase.
    • Create Wallet — choose if you don’t have a wallet yet.
    image

    When creating a wallet you need to save your seed phrase somewhere secure, think of it as both the login and the password to your wallet.

    If you lose the seed phrase you will lose access to your wallet permanently without any way of recovery.

    A secure place for your seed phrase would be a piece of paper, preferably several, or in an encrypted password database (1Password, Bitwarden, KeePass and other programs).

    Screenshots and phone notes are NOT secure.

    image

    After you’ve saved the seed phrase and tapped Activate Wallet, your newly created wallet will open, where you’ll see 3 sections:

    1. Wallets — management of your wallets and coins
    2. Send — coin transfers and a contact list.
    3. Settings — self-explanatory.
    image
    Minter Console

    If you don’t have a Minter wallet you’ll have to generate a seed phrase

    image

    Important: save the 12 word seed phrase somewhere secure, it’s the only way to access your money.

    If you lose the seed phrase you will lose access to your wallet permanently without any way of recovery.

    A secure place for your seed phrase would be a piece of paper, preferably several, or in an encrypted password database (1Password, Bitwarden, KeePass and other programs).

    Screenshots and notes are NOT secure.

    image

    To enter your wallet you’ll have to type out your seed phrase and click Sign In.

    image
  3. Next you’ll need to buy BIP, which there are several different ways of obtaining with varying levels of difficulty:
  4. Liquidity pool — market price with many payment methods (USDT, USDC, BTC, ETH, HUB etc.)

    To purchase BIP for USDT, USDC, BTC, ETH or another token, you need to do a cross-chain transfer from Ethereum to Minter, after which it’s easy to trade it in a liquidity pool for BIP.

    Cross-chain transfers are identical for all tokens in the Ethereum network (ERC20), meanwhile USDT and USDC in Minter are USDTE and USDCE respectively.

    You can find out about the cross-chain transfers on this page.

  5. After you’ve finally received your BIP on your wallet, you just have to delegate it.
  6. What is delegation?

    Delegation (bonding) is a transaction that ties a user’s coins to a validator of their choosing. Note that the coins are not sent to the validator but remain on the user’s wallet in a locked state.

    By delegating coins the user increases the validator’s total stake, affecting its power within the network, and receives rewards for block validation (block rewards + block transaction fees). The profits are distributed proportionally to the stake of every delegate, keeping the validator’s fee in mind.

    Delegation rewards

    Since the first block, the reward for every block consisted of 333 BIP, but it’s decreasing down to 68 BIP (by then the entire BIP emission of 10B BIP has been reached). Rewards decrease by 1 BIP every 200k blocks. That means the base rewards will be distributing for 7 years from the launch of the mainnet on 15/05/2019.

    Aside from block rewards, every transaction fee taken on Minter is shared between delegates and validators.

    Rewards in the blockchain are distributed in BIP and are added to the balance every 720 blocks (~60 minutes) without any transactions.

    You can delegate in several ways, it’s dependent on what you use to manage your BIP:

    Delegate with BIP Wallet

    To delegate your coins (BIP or any other coin created on Minter) using BIP Wallet, you need to select Delegated Balance.

    image

    Next, tap the plus sign and choose a validator.

    image

    At this stage you need to paste the validator’s public key or choose one from a list by tapping on the respective icon.

    Chainik will assist you with choosing a validator

    Since the launch of Minter we retain our status of one of the most reliable and secure validators in the network. We pay a lot of attention and money to maintain a quality infrastructure, which allows our uptime to stay at 99.99%+, keeping our delegates’ investments safe. That’s why we offer you to delegate your coins to our validators: BTC.Secure and BTC.Secure 2.0.

    If you’re planning on delegating a stake lower than 10 000 BIP (or an equivalent in any other coin), it’s better to choose BTC.Secure 2.0, it has lower requirements at the moment.

    If your stake is higher than 10 000 BIP (or an equivalent in another coin), you can choose either BTC.Secure or BTC.Secure 2.0, both masternodes function at the highest level.

    BTC.Secure

    Mp01cc99ae5a349ecaeef187dcbb12816bf2b3d8eae80f654034b21213aa445b2c

    BTC.Secure 2.0

    Mp03aae1d17c2e4ef6905adb44518be95aa0317cb7cbbe00236a36aab2e07c5b2c
    By delegating, you agree to the Staking Services Agreement.
    image

    After that you’ll need to select a coin from the list and type the desired amount of coins to be delegated and tap Continue.

    image

    Finally, all you have to do now to confirm the delegation transaction by tapping Confirm.

    image

    If you’ve delegated to a validator before and want to increase your stake or delegate another coin to it, you can tap the plus sign on the validator and repeat the process.

    image

    Be careful not to accidentally press the minus sign, it’s an action to unbond coins from the validator, the opposite of delegation.

    Delegate using Minter Console

    Before delegating you should do research on the validators and make a decision.

    Chainik will help you decide on the validator

    Since the launch of Minter we retain our status of one of the most reliable and secure validators in the network. We pay a lot of attention and money to maintain a quality infrastructure, which allows our uptime to stay at 99.99%+, keeping our delegates’ investments safe. That’s why we offer you to delegate your coins to our validators: BTC.Secure and BTC.Secure 2.0.

    If you’re planning on delegating a stake lower than 10 000 BIP (or an equivalent in any other coin), it’s better to choose BTC.Secure 2.0, it has lower requirements at the moment.

    If your stake is higher than 10 000 BIP (or an equivalent in another coin), you can choose either BTC.Secure or BTC.Secure 2.0, both masternodes function at the highest level.

    BTC.Secure

    Mp01cc99ae5a349ecaeef187dcbb12816bf2b3d8eae80f654034b21213aa445b2c

    BTC.Secure 2.0

    Mp03aae1d17c2e4ef6905adb44518be95aa0317cb7cbbe00236a36aab2e07c5b2c
    By delegating, you agree to the Staking Services Agreement.

    After you log into your wallet, go to the Delegation tab and fill out the fields:

    1. Masternode (validator) public key
    2. The coin you want to delegate (BIP, BTCSECURE and others)
    3. Stake (the amount of coins you're going to delegate)
    image

    After filling everything out press the Delegate button.

    image

    Next, you’ll see a popup where you can check the validity of your inputs, if everything is entered correctly, press Confirm.

    image

    Coins successfully delegated!

⬅️ Previous section

© 2021 BTC.Secure Inc.