Introduction
In this article, we will delve into the features and technology that power Celestia, including data availability, consensus, and how it utilizes Erasure coding and data availability sampling. We will also show you how to stake Celestia in few simple steps.
Celestia is a groundbreaking modular blockchain network that offers customizability, scalability, and features that Ethereum cannot provide. With its unique approach to blockchain architecture, Celestia introduces new possibilities in the world of blockchain technology.
Besides, Celestia addresses the scalability trilemma and data availability challenge in blockchain through its modular data availability network. The project adopts a modular architecture, focusing on optimizing various tasks like data availability, execution, and settlement.
Moreover, Celestia achieves scalability by employing data availability sampling, allowing the network to safely increase block size as additional light nodes join. The ultimate objective is to facilitate the development of scalable, flexible, and interoperable blockchain applications, promoting mass adoption.
Furthermore, the platform empowers users to deploy their own blockchain effortlessly, comparable to deploying a smart contract. Additionally, developers have the flexibility to construct their applications using their preferred virtual machine (VM) or create sovereign rollups, a novel form of self-governing blockchain with minimal platform risk.
Lastly, $TIA is Celestia’s native token and plays a vital role in the ecosystem’s operation.
Modular Blockchains
- Celestia differentiates itself from traditional blockchains by adopting a modular approach.
- Modular blockchains separate the layers of a blockchain, allowing developers to choose and combine different technologies according to their needs.
- Celestia focuses primarily on consensus and data availability, while enabling developers to choose their own virtual machine, execution environments, and settlement layers.
- This modular approach promotes flexibility and opens up a wide range of possibilities for developers to create customized blockchain solutions.
Consensus and Data Availability
- Every blockchain comprises two core features: consensus and data availability.
- Consensus refers to the agreement on the order of transactions within a blockchain network.
- Data availability ensures that transaction data is accessible to anyone in the network for verification.
- Celestia focuses exclusively on providing consensus and data availability, allowing Roll-Ups (secondary blockchains) to determine the execution environment and settlement layer.
- By separating these functions, Celestia does not concern itself with the validity of the data but instead focuses on ordering transactions and proving the availability of data.
Data Availability Sampling
- Celestia introduces a mechanism called data availability sampling to ensure the integrity of data within the network.
- Light nodes in the network randomly sample transactions from a block to check if the data is correctly encoded.
- By leveraging erasure encoding technology, Celestia protects information by adding redundancy and recovery mechanisms.
- Erasure coding allows for the reconstruction of missing data using existing pieces of information.
- The more light nodes in the network, the more secure it becomes, as additional sampling provides greater assurance of data availability.
- Celestia’s data availability sampling offers scalability and decentralization without relying on supercomputers or increasing the requirements of validators.
Erasure Coding and Data Availability
- Erasure coding is a mathematical technique used to protect information during transmission or storage.
- Celestia utilizes erasure coding to ensure data availability within the network.
- Erasure coding adds redundancy and recovery information to the original data blocks, allowing for the reconstruction of missing data.
- By organizing erasure codes into rows and columns, light nodes can efficiently check the correctness of the encoding and the presence of transaction data.
- Erasure coding fraud proofs and Merkle proofs are used to verify the integrity of the encoded data.
- Celestia’s unique two-dimensional grid format for erasure coding simplifies the verification process for light nodes, reducing the barrier to participation.
How to Stake Celestia
You can currently stake Celestia ($TIA) using either Keplr Wallet or Leap Wallet. Feel free to select your preferred option and begin the process.
Keplr Wallet stands out as a secure and widely used choice. However, if you find yourself interacting more frequently with Cosmos chains, Leap Wallet serves as a viable alternative.
Also, it’s worth noting that, as of the present moment, the only drawback we’ve encountered with Leap Wallet is a slower loading time when opening the extension.
The current Annual Percentage Yield (APY) for staking $TIA ranges from approximately 13.49% to 16.02%. It is crucial to be aware that this rate is subject to change in the future, and it may vary for each validator.
Note: Engaging in staking will result in a 21-day lockup period for your funds. This implies that you must wait for 21 days should you wish to unstake or make adjustments to your staked assets.
Stake Celestia on Keplr Wallet
Step 1: Setting Up Your Wallet:
- Install the Keplr wallet based on your browser or operating system. For the purposes of this guide, we will be using Chrome. Download here : https://www.keplr.app/
- Choose between ‘Create a new wallet’ or ‘Import an existing wallet’ if you already possess one or use a hardware wallet.
(It’s worth noting that Keplr offers the option to use a Google account for wallet setup, although this is not recommended due to its lower security. However, if you wish to swiftly test the interface, this option is available.) - Record your seed phrases and securely store them. If you intend to set a custom derivation path for advanced security, please carefully consult the Keplr guide.
- Proceed to enter your wallet name, create a password, and confirm your password. Following that, select the Celestia network, with the option to add other networks for future use.
- Click ‘Finish,’ and the browser will close. Reopen your wallet and select ‘Staked.’ Click on ‘Stake with Keplr Dashboard.’
- Access Celestia’s staking dashboard, where you can view comprehensive details, including your total $TIA amount, staked amount, balance, claimable rewards, and a list of the top 100 active validators.
Step 2: Add funds to your wallet:
- Purchase $TIA on an exchange and transfer it to your Keplr wallet. Opting to buy Celestia on Binance is widely preferred.
- Alternatively, if you already hold $TIA in your Binance account, you have the option to withdraw your coins to your Keplr account. Once the withdrawal is complete, your $TIA will be visible on the dashboard.
Step 3: Stake $TIA:
- Go to your dashboard and select ‘Stake.’ Choose a validator to delegate your $TIA, considering the commission and voting power.
- Choose ‘Stake.’ Then, enter your staked amount and click ‘Stake.’ Do NOT delegate or stake max tokens, because you will need some in the wallet for the gas fees.
- Upon clicking ‘Stake,’ you will be prompted to confirm the transaction. Review all the details carefully and select ‘Approve.’
Stake Celestia on Leap Wallet
Step 1: Setup your wallet:
- Visit the Leap Wallet website and click on ‘Get Leap!’ Set up your wallet using your extension, mobile, or web dashboard. Download here : https://www.leapwallet.io/
- Choose your preferred method to set up the wallet just like above. Once you have finished the basic verification, your Leap wallet setup is complete.
Step 2: Top up your wallet:
- Leap Wallet is initially linked to the Cosmos Hub by default. If you intend to transfer $TIA from an exchange, you must switch to the Celestia chain.
- Purchase $TIA on an exchange and transfer it to your Leap wallet. Opting to buy Celestia on Binance is widely preferred.
- Alternatively, if you already hold $TIA in your Binance account, you have the option to withdraw your coins to your Leap account. Once the withdrawal is complete, your $TIA will be visible on the dashboard.
- For those acquainted with Cosmos-powered chains, it is possible to transfer $ATOM or any other compatible tokens to Leap Wallet and exchange them for $TIA using the IBC Swap feature.
Step 3: Stake $TIA
- Following the funding of your wallet, select the ‘Stake’ option.
- On the subsequent screen, select a validator of your preference, input the desired amount, and click on Review. Do NOT delegate or stake max tokens, because you will need some in the main wallet for the gas fees.
- Afterward, examine the transaction particulars and choose to Stake, then patiently await the completion of the transaction.
- Once the transaction is verified, you’ll encounter the overview dashboard, providing options to claim rewards, unstake, redelegate, or stake additional tokens.
Important Tips:
- Keep your private keys secure and never share them with anyone.
- Regularly check for wallet and platform updates.
- Join the community forums to stay informed about any changes or updates.
Remember, the specific steps and interfaces may vary, so it’s crucial to refer to the official documentation provided by Celestia, Keplr, and Leap Wallet for the most accurate and current information. Always exercise caution and due diligence when interacting with wallets and staking platforms.
Choosing the right validator could be important as well as some would give free airdrops like Enigma staking pool, may check out their twitter below.
Conclusion
Celestia is revolutionizing the blockchain industry with its modular approach and focus on consensus and data availability. By allowing developers to choose their own execution environments and settlement layers, Celestia empowers innovation and customization.
Through the use of erasure coding and data availability sampling, Celestia ensures the integrity and accessibility of data within the network.
Moreover, with its advanced technology and commitment to scalability and decentralization, Celestia is a pioneering force in the world of blockchain networks. You can find out more in its official website https://celestia.org/what-is-celestia/
Also, if you plan on holding Celestia for an extended period, I recommend you to stake Celestia to accrue additional rewards. Over time, you have the potential to increase your earnings, especially if the token’s value experiences an upswing. Furthermore, you might get free airdrops from other tokens.
To understand more about other crytocurrency like the Bitcoin, please head to our previous article here.
One thought on “How to Stake Celestia and Deep Dive into Celestia”
Comments are closed.