Quick Start Guide
How To Access The Geode Blockchain
The easiest way is to access it through the Geode Portal: FOLLOW THIS LINK. If you would like a more decentralized and independent way to access it, and you are comfortable with server administration and command line interfaces, see the technical guide to becoming a validator node.
How To Create An Account
You can create a Geode account using the GEODE PORTAL. Here is a video that shows you two ways to do it.
IMPORTANT: These accounts are stored in your browser on your device and not on anyone’s servers. That means that you need to write down your SEED PHRASE and KEYS and keep them somewhere INCREDIBLY SAFE. It is up to you to keep your account safe. Because we do not store it, we are not responsible for it and cannot retrieve it for you if you lose your seed phrase or keys. If you accidentally purge your browser cache, you can recreate your account using the seed phrase given to you by the UI – this will also restore all your previously held balances.
How To Set Your Identity
You do not have to set any identity on chain, if you don’t want to. But if you want to, you can fill out a small profile form in the interface to set your identity. We recommend that you operate under your legal identity, and use your display name to have fun with pen names and other names. On-Chain identity it useful if you are running for council, setting up a validator node or otherwise in the spotlight of the community. In those situations, it helps to build trust if people know who you are.
IMPORTANT: Identity theft is a crime and will be reported to your local authorities. Make sure that your profile is genuine and provable.
How To Get Geode Tokens
The simplest and most reliable way to get GEODE coin is through a third party exchange licensed to serve people in your locality. Until GEODE is available on exchanges, however, you must buy them privately and directly from someone who has them. You are on your own for such private transactions. Please be sure to buy from someone you trust as the network cannot help you if you are defrauded.
How To Transfer Tokens
You can transfer tokens between your own accounts, or to others as payment for goods and services, using the transfer form on the Geode Portal.
IMPORTANT: If you use this feature for money transmission from one party to a third party, or as defined by your local or national government, you must be licensed to do so. In general, a money transmitter is someone who takes in currency (or something that substitutes for currency) from one party with the intention of transmitting it to a third party. Acting as a money transmitter or a money services business without proper licensing is illegal worldwide. Please follow your local laws.
What Is Staking?
Staking is when you set aside some tokens in order to become a Validator, Nominator, Council member or to use features like conviction voting or proposing treasury spending of various kinds. You will also see the terms Locked and Bonded which are similar ideas. For example, if you want to make a treasury proposal, you will need to bond 100 GEODE or 5% of the proposed payout to prove you are serious and to prevent spam on the system. If you want to be a Nominator (to nominate validator nodes), you stake at least 1000 GEODE and you stake GEODE on each validator that you want to nominate. When you stake, lock or bond your tokens, there is a chance that you will lose some or all of them. If you nominate a validator and they act maliciously, you will lose some of your staked tokens (so will the validator – that’s called slashing). Likewise, if you put forth a proposal and it is not approved, you may lose the GEODE that you bonded to that proposal. Ouch! It helps to socialize an idea with other users and with the Council to avoid that. It also helps to research validator nodes before your nominate them and only nominate validator nodes that seem like they would do a good job. Ultimately, it’s your responsibility. So choose carefully.
Does EVERY Action Cost Something? Yes … and Here Is Why.
Every action you could take on the network costs at least a tiny little something. At a minimum, there is a transaction fee. This fee pays for the time, effort and space you are taking up on the chain and subsequently on the computers that are running the chain as nodes. Transaction fees are used to reward the validator nodes, the nominators who staked them, and to replenish the Treasury. Having transaction fees up front for every action on the network helps to prevent bad actors from attacking the network by sending tens of thousands of actions at once. Such an attack would be really expensive and therefore unlikely. Transaction fees tend to be small. Specific applications may ask for additional fees to use the application.
Minimum Tokens Required For Various Actions On The Blockchain
GEODE is the native token of the Geode Network. GEODE can be used for transaction fees, staking, governance, and for enabling several key functionalities on the Geode Network.
- 10 GEODE: The minimum balance required to have an active account on The Geode Network. If your account balance drops below 10 GEODE, your account will be reaped (deleted and unrecoverable)
- 1000 GEODE: the minimum stake required to become a Nominator. But, to earn staking rewards, your stake should not be less than the minimum stake among the active nominators which is a dynamic threshold. Check it regularly.
- 3500 GEODE: the minimum stake required to become a Validator Node. (unless you are one of the first 60! The first 60 validator nodes will be included in the industry’s best incentive program! Join the Geode Discord to learn more)
- 10 GEODE: Amount to register an Identity or vote for council members.
- 100 GEODE or 5% of any requested funding: Required bonding to make a Treasury Proposal.
- Varying Minimums:
- Required bonding to create referenda proposals, to endorse referenda proposals and to vote on them if and when they become referendums. (varies by the size of the code included with the referendum)
- Varying Fees:
- Applications may charge various fees for using each app or app feature.