Staking is the act of holding PoS coins in a stakenode in order to mint (or forge) new blocks. Minting (or forging) is the act of creating new blocks in a Proof of Stake blockchain, to have a chance at a block reward.
A stakenode is a computer running the coin wallet with a positive coin balance. The wallet is automatically staked using the node's resources to protect the blockchain by verifying the legitimacy of the transactions. The blockchain will send rewards (coin payments) for their services. The rewards are based on the number of coins the wallet has, the more coins, the greater the chance of receiving a reward. The Stakenode must always be online, otherwise it will not make any bets and thus receive no rewards.
More detailed guides on staking
- Text Guide 09. April 2019
- Trustless Proof of Stake(TPoS), Wallet Staking and Pool Staking
POS - Proof of Stake
With normal staking, the CoreWallet is online 24/7 (hot wallet) and your own coins can stake. These then try to find a new block based on their amount of coins and the age of the transaction (coinage) the coinage is used up and as a reward you get 9 XSN. Then the search continues.
Staking with a hot wallet is not the most secure method, TPOS should therefore be preferred. However, you can unlock the wallet " Only for staking "instead of unlocking it completely. This should be at least a little protection.
To check the staking status of the wallet:
- In the console gestakingstatus enter, then everything should be true
- This little circle with a white arrow pointing up should appear in the lower right margin.
If both points are met, the wallet is working and you have to wait.
TPOS - Trustless Proof of stake
Also called cold staking. Is the secure method for staking. However, it still requires an active computer with 24/7 internet access and availability. In addition, a static IPv4 address is required.
After the complete setup, you can shut down the wallet with your inserted coins for staking (cold wallet).
TPOS is currently possible with the CoreWallet and the hardware wallet from Trezor. Guides are linked as instructions.
In both cases, you can decide not to host your own server. A TPOS merchant will do this. For a fee in the form of a percentage of the rewards, they offer hosting the VPS. A good place to find a merchant is in the Discord channel #tpos-marketplace
The TPOS merchant has no control over your coins at any time. You can cancel the contract at any time. For each block award, a fixed percentage is paid to the dealer as commission.
- Text Guide 13. September 2018
- Stakenet (XSN) TPoS on your own VPS #Guide
- Text Guide 12. December 2020
- Trezor TPoS Guide
- Video Guide 24. May 2018
- Stakenet (XSN) Tutorial- How to Stake Your Coins with a TPoS
TPOS - Merchant
Would you like to offer yourself as a TPOS merchant? So you have to provide a server and create a TPOS contract with a customer. How this works is explained in the guide.
You can offer your services in the Discord:
- Text Guide 04. November 2018
- Stakenet (XSN) —TPoS Merchant Setup Guide
- Video Guide 24. May 2018
- Stakenet (XSN) Tutorial - TPoS Merchant Guide
This service provides a very easy way to stake. An account is required for
to own. Otherwise you have to create it.
Two-factor authentication should be activated. For security and that you can withdraw more than $ 50 per day.
To stake you just have to send your coins to the address generated in the account. After about 30 minutes the coins should be visible in the account.
Data on cloud staking:
- After 24 hours the coins are staking
- The cloud service keeps around 10-15% of the rewards.
- You can get a reward for a maximum of 10,000 XSN.
- You get a share with each reward of the Address.
That means the frequency of the rewards is very high.
You should also note that this service is centralized and that you do not have the private key!
FAQ - Frequently Asked Questions
I have x coins, how many stakes can I get with them?
- When staking you always get a whole block as a reward (9XSN)
- To get a block daily you need approx. 20,750 XSN in the wallet
- To get an average of 1 XSN per day, you need about 2,300 XSN in the wallet
You always have to consider the reward over a longer period of time, because luck / bad luck can make it faster or take longer. After a block reward you have to wait 21 confirmations before you can spend it.
For more details you can use the following link: Blockreward calculator
Is only the amount of coins important for a reward?
First and foremost, only the amount depends. Far behind is the size of the individual transactions (UTXO). A sweetspot is probably around 3,000 XSN per UTXO.
To a small extent, the speed (CPU, RAM, hard disk) of the server and the Internet connection are also decisive.
What is this coinage?
Every single transaction that goes into a wallet and remains (UTXO) is provided with a current time stamp, this is called coinage when staking. If this UTXO is used for staking and finds a new block after a time, so this timestamp is updated and the coinage is reset. This reduces the chance of finding several blocks in a row.
A block was created but not accepted.
Another wallet was a tad faster, so your own generated block is marked as wrong. But that also means that the next block found will be due soon.
This unaccepted block or transaction must be released once, there are two ways to do this:
- Right-click the transaction in "Transactions" and select "Set transaction".
- Menu Tools -> Wallet Repair -> Restore Transaction 2
Why are my individual transactions split according to a stake?
Depending on the settings of the wallet, they will be shared for certain values.
getstakesplitthreshold == This shows the current value
setstakesplitthreshold 3000 == This will save a new value 3000
A transaction must have twice the value in order to be halved. For example, if the value is set to 3000, a single UTXO of 6,000+ XSN will be divided into two halves. If the next stake still has more than 6,000, it will be again halved.
The default value is 2,000.
Is it possible to speed up the synchronization of the blockchain?
A bootstrap can be used to speed up the synchronization process. This file contains all the data on the blockchain up to a certain date. At this point, the most recent one is from October 2020. The link to the Github wallet release:
Then close the wallet and remove the blockchain data that is no longer needed (default directory for Windows: %appdata%/xsncore, Linux: ~/.xsncore):
- Folder: blocks
- Folder: chainstate
- Folder: indexes
- File: peers.dat
If the bootstrap.zip is completely downloaded, you can unpack the content into the xsncore directory. Then you start the wallet and the program starts to read the existing bootstrap file.
FAQ - TPOS
Is TPOS better than POS?
The reward is the same, there is no more or less. The only and very important difference is the security, because the own coins are offline in a wallet.
FAQ - Cloudstaking
How secure is staking in the cloud?
The security can be compared to that of a normal centralized exchange.
The more people stake their coins via the cloud, the more lucrative it becomes for attackers, but the restrictions are intended to keep the amount of coins held there low.
Why is there a limit of 10,000 XSN to stake?
The cloud is primarily only intended for small amounts. So that those who do not have that much XSN also receive a stakereward. Because with "only" 1,000 XSN it is not financially worthwhile to stake a computer or server 24/7 The cloud is very suitable for these amounts.
As a second application, the cloud is used to pay for the masternodes, you don't need 10,000 XSN in the cloud here either.
If you have more coins, you should keep them in your own wallet.
Why is it only possible to withdraw a maximum of $ 50 or $ 2,000 per day?
The $ 50 limit is for accounts without 2FA. With 2FA you can withdraw up to $ 2,000 per day.
Again, the reason is that you don't keep too many coins in the cloud.
Why is PIVX and / or STRAT displayed in the cloud?
Shortly after the introduction of the staking service in the cloud, more coins were added. It started with Pivx and Stratis, these could be kept in the cloud just like XSN and were rewarded with staking rewards. However, the interest was in the following time too small to continue this. Therefore it is only possible to withdraw these coins.