How to start staking?
First of all you have to understand the difference between Proof of Stake ( POS ) and Proof of Work ( POW ) coins. I found a good explaination which I will quote you here:
Proof-of-stake (PoS) 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, and the chance that an account is chosen depends on its wealth (i.e. the stake).
So POS coins will not be generated like PoW coins with cpu/gpu power, but will be generated as a kind of an interest on coins which are in your wallet.
Method 1 - Solo Staking/DesktopWallet
To start staking/generating coins, you need to send the coins to your desktop wallet which must be open 24 hours a day, 7 days a week. (The more coins you have, the more and faster you stake!) So if you want to start solo you should already have a larger amount of coins to get constant stakes.)
How to start Staking PoS-Coins?
1. Download the current wallet and related data.(Website, Discord)
2. Unzip the wallet and run it, wait a few moments and close it again.
3. go to user / '' your username '' / appdata / roaming / '' coinname '' .
4. create a .conf file with notepad name it: '' coinname ''.conf (for example ember.conf for embercoin, buzzcoin.conf for buzzcoin )
[if there's allready an .conf file after installing it's probably done by the developer]
5. Open that .conf file with Notepad and paste the respective addnodes in it. looks like (addnode=18.104.22.168) just copy + paste and save the file.
6. Run your Wallet and wait until the Blockchain is synchronized
7. Deposit your respective coins to the wallet.
8. Almost done. You're coins will need a few hours to mature before they start staking.
9. Just enjoy watching your coins stake! 🙂
to be continued!
Method 2 - PoS- Pool
In order to avoid unnecessary computer runtimes, you can also use a POOL service.
Q: What's a Pool?
A: Several users send their coins to one wallet which is provided by an hoster. Stakes are shared proportionally among the pool users once a day.
Pools have also the advantage that you don't need a minimum amount of coins to get constant stakes.
Personally, I also use a pool too. At the moment I can only recommend stakinglab. I am very satisfied with them, so i have not tested any other pool yet. There are a few more Pools but because of lack of expirience with them i can't guarantee that they are legit/serious. I use StakingLab since they started last year and there was nothing to complain about. The team is professional and suportive.
To get started just sign up to their staking Software.
Recently, they released their staking software which is browser based, you can check your current coin stock and stakes at any time. Deposit and withrawals also possible at any time.
- just sign up at their website
- Login, choose the pool you want to invest in and just send the coins to the pool address. (maybe TX-ID is needed).