Governance proxies are solely used to participate in governance on behalf of the primary user account. And, governance proxies can take part in anything governance related, whether that is transactions from council, democracy, technical committee and treasury modules.
It is important to be clear about how a governance proxy work. Let’s, say a user has a primary user account or another stash account and that account has large amount of tokens on there. However, when participating in governance you don’t want to risk your stash account because you have so many tokens on it. So, this is where a governance proxy comes in handy. The governance proxy comes in to use here.
It is important to have Polkadot, JUST or any other apps that permit setting a governance proxy. The App will permit viewing of all the accounts and their types and balances. Users can follow the applicable procedure to set up a governance proxy. Understandable more than one account should be added in the app.
A general setting will require choosing an account to basically use as a stash account or primary user account. By making use of the proxy pallet, the users will be able to gain access to all the functions that come out of the proxy. Then the user picks on the add proxy to create a governance proxy. The new account gets set as the governance proxy. The primary user account will be sending funds to governance proxy.
The account that is chosen to work as a governance proxy will do the set governance transaction after password is keyed in.
Sydney Ifergan, the crypto expert tweeted: “Polkadot (DOT) Staking is one thing and optimizing it takes strategy and lot of learning indeed. Making profits in staking happens with smart strategies.“
Polkadot tweeted: “On Polkadot & @kusamanetwork governance proxies allow proxies to make governance transactions (e.g. from the Council, Treasury, Technical Committee, Democracy and Elections pallets). Explore governance proxies and how to set one up with @krichard410.”
Polkadot (DOT) Optimize Performance of Stakes
James Ryan Moreau edited and published the advanced nomination guide for Polkadot and Kusama written by Mario Pino Uceda, a software developer at Lunie and also the creator of Polkastats.
The guide provides details on how it is possible for users to optimize the performance of their stake in Substrate Blockchains like the Polkadot and Kusama, which is its canary network.
Before starting with the guide, it is important for the user to get familiar with the using wallets to transfer funds and to participate in the network in a basic way. They need to understand Polkadot Time periods, Kusama time periods, Rewards, Era Points, Reward Calculation, Reward Payout, Slashes, Oversubscribed validators, and other factors explained there in the guide.
Credit: Source link