How To Stake WMT | World Mobile Vault Guide - Passive Crypto Income

Summary

In this informative video, Pesh from Kaizen Crypto guides viewers on how to stake their World Mobile Tokens (WMT) to earn passive income. Starting with setting up a wallet using browser extension wallets like Nami, Eternal, or Tyin, the video demonstrates purchasing WMT through Tap Tools and Dex Hunter, an aggregator that finds the best token prices on Cardano. After acquiring WMT, Pesh explains creating a new vault on worldmobiletoken.com, securing it with a seed phrase, and verifying the email associated with the vault. The process of staking WMT is detailed, including the necessity to prove wallet ownership by sending a small amount of ADA. Viewers are also introduced to the concept of Earth Nodes and the potential future ability to delegate WMT to these nodes. Pesh encourages viewers to delegate to their Earth Nodes for supporting the World Mobile Token project and the sharing economy. The video concludes with instructions on how to claim staking rewards, emphasizing the educational and supportive nature of the content for the community.

Takeaways

• 🎓 **Educational Content**: The video is a step-by-step guide on how to stake World Mobile Tokens (WMT) to earn passive income.
• 🌐 **Official Website**: The process starts on the official website, worldmobiletoken.com, emphasizing the importance of using official links for security.
• 💼 **Wallet Setup**: Before staking, set up a wallet to purchase WMT, with the video featuring the Nami wallet as an example.
• 🔗 **Collateral Requirement**: When interacting with dApps on Cardano, it's necessary to set collateral in the wallet, which is defaulted to 5 Ada.
• 📈 **Token Price and Swap**: Tap tools provides an overview of token activity on Cardano and allows swapping Ada for WMT directly on the platform.
• 🛠️ **DEX Integration**: Dex Hunter, a decentralized exchange aggregator, is used to find the best prices for token swaps on Cardano.
• 💡 **Platform Features**: Tap tools offers extensive information, including token profiles, price charts, and the ability to swap tokens.
• 🔑 **Vault Creation**: The video demonstrates creating a new vault on the World Mobile Token website, which involves setting up an email and a passphrase.
• 📝 **Seed Phrase Importance**: A 24-word seed phrase is generated for the vault, which is crucial for restoring access to the wallet if needed.
• 🔄 **Token Staking**: Once WMT is in the wallet, the viewer is guided on how to stake their tokens through the vault for monthly rewards.
• ✅ **Verification Process**: To start staking, the wallet address must be verified by sending a small amount of ADA to a specified address.
• 📧 **Email Verification**: The email associated with the vault must be verified to ensure the security and recovery of the wallet details.

Q & A

What is the purpose of the World Mobile Token (WMT) project?

The World Mobile Token (WMT) project aims to support the sharing economy and allow participants to earn passive income by staking their WMT tokens.

What is the first step in staking WMT tokens?

The first step is to set up a wallet where you can purchase WMT tokens. The video recommends using a browser extension wallet like Nami, Eternal, or Tyin.

How do you set collateral in the Nami wallet?

To set collateral in the Nami wallet, you click on the profile icon, select the 'collateral' option, enter your password, and confirm.

What is Tap Tools and how is it used in the process?

Tap Tools is a platform that provides an overview of everything happening on the Cardano blockchain, especially regarding specific tokens. It allows users to swap ADA for WMT directly and is integrated with Dex Hunter, a decentralized exchange aggregator.

How does Dex Hunter help in purchasing tokens?

Dex Hunter is a decentralized exchange aggregator that finds the best prices for tokens across different decentralized exchanges on Cardano, potentially saving users money.

What is the minimum amount of ADA required to set as collateral in the wallet?

The default and minimum amount of ADA required to set as collateral in the wallet is 5 Ada.

How does one create a new vault on the World Mobile Token website?

To create a new vault, you need to enter your email address, set a vault passphrase, and then generate and securely store a 24-word seed phrase.

What is the process to stake WMT tokens after creating a vault?

After creating a vault, you need to enter your wallet address to start staking WMT tokens. If it's a new wallet address, you may need to prove ownership by sending a small amount of ADA to a specified address.

How can users earn rewards from staking WMT tokens?

Users can earn rewards by staking their WMT tokens in the vault. The rewards can be claimed monthly by following a process similar to staking, which involves sending a small transaction containing a bit of ADA to a specific address.

What is the role of Earth Nodes in the World Mobile Token ecosystem?

Earth Nodes are part of the sharing economy within the World Mobile Token ecosystem. Earth Node operators can stake their NFT to earn operator rewards for the Earth Node.

How can viewers support the World Mobile Token project and the sharing economy?

Viewers can support the project by delegating their WMT tokens to Earth Node operators, such as the ones operated by the content creator in the video.

What is the future functionality that World Mobile Token is expected to offer?

In the future, World Mobile Token is expected to offer the functionality to delegate WMT tokens to Earth Node operators, similar to how ADA can be delegated to stake pool operators.