New to DOT - Staking & Parachain Candle Auctions

Hi, as a little background: I’m new to the community. I’m not a developer. I don’t have enough DOT to stake.

After everything I have watched and read, I believe in polkadot. However, I’m seeing a lot of new comers like me getting lost in the knowledge gap. I want to join the community but I don’t want to get burned. What is the next step or possible steps for participation if I can’t stake? How can I bond my DOT and participate in parachain candle auctions? I’ve been on polkadot.js but since I can’t stake and I generally don’t understand the proposals/referenda I’m not able to actively participate. My goals are to grow my knowledge, grow my DOT and learn how to contribute to the community. I don’t see a lot of info on best practice for digital security. Is there another path for non-developers to join the community? Something like the beta testnet challenges (PolkaBTC) but intended for teaching newbies.

Thanks in advance. :vulcan_salute:

PS Can someone get @windylion a free couple dranks for his work on the forum?

2 Likes

Hey @munon welcome to the forum! That’s super kind of you for the @ mention.

I don’t have enough DOT to stake.

Did you know there is no minimum stake amount to receive rewards if you use a custodial service like Kraken? More info here.

What is the next step or possible steps for participation if I can’t stake?

Ways to participate besides staking:

  1. Helping newcomers with questions in various forums
  2. Delving further into learning the technicals by attending webinars including the upcoming Polkadot Decoded. This is also a great way to stay current on what’s happening in the ecosystem.
  3. Reading and commenting on governance discussions and treasury proposals.
  4. If you have any interest in doing a deeper dive into the technical side, you can learning a coding language used in coding Polkadot like Rust. Or, check out substrate.dev and try following step by step recipes for creating your own custom blockchain!

How can I bond my DOT and participate in parachain candle auctions?

So currently parachains are only active on Roccoco, which is one of Polkadot’s non-monetized testnets. However, they will soon be launched on Kusama (Polkadot’s monetized testnet). More info here. Only after they have been vetted on Kusama will they launch on Polkadot.

I don’t see a lot of info on best practice for digital security.

Polkadot security best practices are a lot like other cryptocurrencies best practices, including most significantly to never tell anyone your seed phrase, never take a photo or store your seed phrase digitally, keep your seed phrase offline, somewhere it will not be destroyed in a flood or fire. Additionally, there are many scams to be wary of. 2x scams have been especially common in the past few months. (“If you send x amount of DOT to this address, we’ll send you 2x back”). Usually these scams are hosted on well designed websites, or on websites that claim to be affiliated with Web3, Polkadot, or Parity. The rule of thumb is that if it sounds too good to be true, it probably is. Using a “cold-storage” wallet for your funds, like ledger, parity signer, or other air gapped storage is also good practice. This keeps your private key physically disconnected from the public internet.

Beyond that, there’s non-blockchain-specific practices like using a VPN, closing ports you don’t need open, using a password manager, using 2FA. Sounds like you’re prioritizing learning digital security – this is a great priority when getting started with crypto. There are lots of tutorials out there on Youtube and other sites.

Good luck, let us know if you have other questions!