- 26 Jun 2017, 16:13
#106
StealthCoin`s staking related questions:
1) How to mine StealthCoin?
StealthCoin is a PoS coin. This means that you cannot mine StealthCoin. Instead you can stake it and earn new coins.
2) What is staking?
Staking is the "mining" for PoS coins. POS (Proof-of-stake) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. Unlike proof-of-work (PoW) based cryptocurrencies (such as bitcoin), where the algorithm rewards participants who solve complicated cryptographical puzzles in order to validate transactions and create new blocks (i.e. mining), in PoS-based cryptocurrencies the creator of the next block is chosen in a deterministic (pseudo-random) way.
3) What is the advantage of staking?
Proof of Work relies on energy use. Proof of Stake currencies can be several thousand times more cost effective.
4) How to stake StealthCoin?
Staking starts with storing your coins in your wallet. Follow these steps to stake StealthCoin:
1) Transfer your StealthCoins from an exchange to your wallet (StealthClient).
2) After 3 days from putting coins in the StealthClient your coins reach "maturity" (coin age) and are ready to stake.
3) Open your StealthClient.
4) Click on the lock icon on the right bottom of the wallet.
5) A window will pop up.
6) Enter your wallet passphrase.
7) Be sure that “For staking only” box is checked.
8) Click on the OK button.
9) The wallet is ready to begin staking.
5) When does my wallet begin to stake?
Your wallet will begin to stake at least 3 days after you put your coins in it.
6) How many coins can I earn by staking StealthCoin?
You can earn approximately 20% annually of the total amount of coins that you stake.
7) What is the best way to maximize staking profit?
To earn maximum number of coins (20% per year) you need to keep your StealthClient open for staking 24 hours a day.
8) What is the minimum amount of coins I need to stake?
There is no minimum amount required to stake. You can begin staking with any amount of StealthCoins.
9) How safe my coins are when the wallet is staking?
When you unlock your wallet for staking, be sure that “For staking only” box is checked. This way your wallet is unlocked only for staking and never for other operations. So your coins are absolutely safe and nobody can transfer them without entering again the passphrase.
10) How often will my wallet stake?
It depends on how many StealthCoins you have in your wallet. If you have a large amount of coins you will stake frequently.
1) How to mine StealthCoin?
StealthCoin is a PoS coin. This means that you cannot mine StealthCoin. Instead you can stake it and earn new coins.
2) What is staking?
Staking is the "mining" for PoS coins. POS (Proof-of-stake) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. Unlike proof-of-work (PoW) based cryptocurrencies (such as bitcoin), where the algorithm rewards participants who solve complicated cryptographical puzzles in order to validate transactions and create new blocks (i.e. mining), in PoS-based cryptocurrencies the creator of the next block is chosen in a deterministic (pseudo-random) way.
3) What is the advantage of staking?
Proof of Work relies on energy use. Proof of Stake currencies can be several thousand times more cost effective.
4) How to stake StealthCoin?
Staking starts with storing your coins in your wallet. Follow these steps to stake StealthCoin:
1) Transfer your StealthCoins from an exchange to your wallet (StealthClient).
2) After 3 days from putting coins in the StealthClient your coins reach "maturity" (coin age) and are ready to stake.
3) Open your StealthClient.
4) Click on the lock icon on the right bottom of the wallet.
5) A window will pop up.
6) Enter your wallet passphrase.
7) Be sure that “For staking only” box is checked.
8) Click on the OK button.
9) The wallet is ready to begin staking.
5) When does my wallet begin to stake?
Your wallet will begin to stake at least 3 days after you put your coins in it.
6) How many coins can I earn by staking StealthCoin?
You can earn approximately 20% annually of the total amount of coins that you stake.
7) What is the best way to maximize staking profit?
To earn maximum number of coins (20% per year) you need to keep your StealthClient open for staking 24 hours a day.
8) What is the minimum amount of coins I need to stake?
There is no minimum amount required to stake. You can begin staking with any amount of StealthCoins.
9) How safe my coins are when the wallet is staking?
When you unlock your wallet for staking, be sure that “For staking only” box is checked. This way your wallet is unlocked only for staking and never for other operations. So your coins are absolutely safe and nobody can transfer them without entering again the passphrase.
10) How often will my wallet stake?
It depends on how many StealthCoins you have in your wallet. If you have a large amount of coins you will stake frequently.
