What is Libre?
Libre simplifies the use of Bitcoin and Tether by making them faster, programmable, and user-friendly. It provides straightforward usernames, user interfaces, and inter-chain connectivity to enable accessibility to these cryptocurrencies from anywhere in the world. Libre is a decentralized blockchain that uses delegated-proof-of-stake and non-custodial pegging of assets through PNetwork.
At the same time, it offers simple on-and-off ramps to Bitcoin and Lightning Network and has no central point of failure. Libre is the result of a collaboration between developers and Bitcoin enthusiasts from various countries, including the USA, Italy, UK, Australia, Costa Rica, Argentina, Georgia, Lithuania, and Serbia, and it has nodes distributed globally.
To participate in the governance of the LIBRE blockchain, which involves voting for validator and DAO proposals, one needs to stake their tokens. The below guide provides step-by-step instructions on setting up your Libre wallet, staking/unstaking tokens, and voting for the validators.
Set Up Bitcoin Libre Account
To be able to stake Libre tokens, first of all, one has to have the Bitcoin Libre Wallet or Anchor Wallet. During this tutorial, we will use Bitcoin Libre App that is available on Google Play and on App Store.
After successfully installing the app and launching it, press the Start Here button if you are a new user, proceed with an authorization step and choose a username.
After the wallet configuration, we have to connect it to the Libre website. First of all, go to the official website: Libre.org, and press the Launch App button as shown in the screenshot.
Press the connect wallet button and in this case choose the Bitcoin Libre Option.
You will be asked to scan the QR code to connect which is done using the mobile wallet’s Scan functionality.
That is it! You have successfully connected your wallet to the Libre Webpage and now we can stake the tokens.
Stake Libre Tokens
Before being able to stake, we have to get Libre tokens on our account. One of the options is to use the wallet’s swap functionality and convert your pBTC to LIBRE.
After obtaining the LIBRE tokens, go to the Wallet page and press the New Stake button.
According to your preferences choose the amount of tokens that you want to stake and the Lock up period. According to the chosen configuration the appropriate APY and Payout will be displayed. The longer you stake, the higher the APY and also the higher your vote power. Once you reach the desired configuration, press Stake Now button and confirm the transaction using the mobile app.
Congratulations! After successfully staking your tokens, you have obtained the voting power that can be used to engage in governance. More information about voting power and its calculation can be found through the following link.
Vote for the Validators
After staking and getting the voting power, to be able to vote for the validators, go to the Validators page, choose the validator, for example, Genereos press the Vote button and confirm the transaction using the mobile device.
If for some reason, you need to unstake your tokens, you can use the Emergency Unstake option. In order to do so, go to the Wallet page, and under My Stakes menu, press the Emergency Unstake button. Note that although you can unstake anytime, you will lose 20% of your principal and 100% of accrued interest. Therefore we recommend that you only staking the amount of tokens that you do not need access to, and to pick a staking period that you feel comfortable locking your tokens up for.