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Difference between revisions of "VeriCoin Staking"

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For staking you need coins in your wallet (the more the better) and have it running (with connection) at best 24/7. While online your wallet supports the network and processes transactions - for doing so you gain interest. One detail about VeriCoin (PoS-Time): your coins need to "mature" in your wallet for about 8 hours to start staking.
 
For staking you need coins in your wallet (the more the better) and have it running (with connection) at best 24/7. While online your wallet supports the network and processes transactions - for doing so you gain interest. One detail about VeriCoin (PoS-Time): your coins need to "mature" in your wallet for about 8 hours to start staking.
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./vericoind walletpassphrase YourPassword 7200 true  ->  7200 is the number of seconds the wallet will stay unlocked for and the true means it stays unlocked for staking only.  If you check ./vericoind getinfo you should afterwards you should see "unlocked_until".  This will be the unix epoch time the wallet is staking until.  I usually use a big number like 999999 = ~ 11.57 days instead of 7200 like in the example
  
 
=== Troubleshooting ===
 
=== Troubleshooting ===

Revision as of 03:34, 4 January 2018

Guide to Staking

rough Outline [detail to come]

1. Definition of staking

2. POS and POST; Vericoin is POST

3. How to get started

   a. Install VRC wallet [reference]
   b. Purchase VRC on an exchange
        1. What exchange is
         2. Which exchanges
         3. Can I use my Verium?
    c. Deposit purchased VRC to wallet.
    d. Wait for coin maturity.
    e. leave wallet open. 
         1. What happens if/when I close the wallet?

4. Staking calculations

     a. Local staking
     b. network staking

5. What the wallet shows us

6. How staking relates to dual chain and verium

7. Where to get help

    [Can we please set up a staking channel in Slack]
    



whats the staking calculation for vericoin? 2.5% APR +/- a little varance. 15,000 aged coins would get you roughly 1 VRC per day over time. Its not hyper interest, we all know those coins simply arent sustainable.

For staking you need coins in your wallet (the more the better) and have it running (with connection) at best 24/7. While online your wallet supports the network and processes transactions - for doing so you gain interest. One detail about VeriCoin (PoS-Time): your coins need to "mature" in your wallet for about 8 hours to start staking.


./vericoind walletpassphrase YourPassword 7200 true -> 7200 is the number of seconds the wallet will stay unlocked for and the true means it stays unlocked for staking only. If you check ./vericoind getinfo you should afterwards you should see "unlocked_until". This will be the unix epoch time the wallet is staking until. I usually use a big number like 999999 = ~ 11.57 days instead of 7200 like in the example

Troubleshooting

0 connections is not good, try file > reload blockchain and click the replace conf file option.

Mac

This is the problem confirm you have no wake on demand features active https://support.apple.com/en-us/HT201960

This causes the wallet to sleep it’s connectivity and wake it up but it wakes it up too late and stakes get orphaned By the way you are not losing interest once you get a good stake it will account for time since your last good one.  The orphaned (?) stakes aren’t actually lost interest you can still get that interest in another stake.