Overview This tutorial will describe how to stake your coins using qtum-qt (i.e. The Qtum wallet/node GUI). While I generally do not recommending using qtum-qt for staking, it is a good starting point. I'll discuss why I do not recommend using qtum-qt for staking at the end of this tutorial. The instructions in this tutorial are for the. However, the instructions should remain the same for the mainnet (i.e. Qtum Ignition) which is expected to be launched in September or October 2017.
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For each block generated on the Qtum blockchain (one block every 2 to 3 minutes), a 4 QTUM staking reward will be given to a Qtum network wallet/node that is staking coins. There is no minimum amount of QTUM coins that you need to stake, but the likelihood of receiving the staking reward depends on how many QTUM coins your wallet/node is staking (relative to the other wallets/nodes on the Qtum network). NOTE: I will use QTUM coin and QTUM token interchangeably. I'll also use QTUM (all caps) to refer to the coin/token, and Qtum to refer to the blockchain/organization.
Assumptions I will be making the following assumptions in this tutorial:. You are using either macOS/OSX or Linux (e.g. X8664/amd64 Ubuntu 16.04). Most of my screenshots will be from macOS. You have at least 2GB of disk space available (the Qtum Skynet blockchain data is currently at around 265MB as of August 22nd, 2017). You are familiar with using the (e.g. Bash), Unix commands, and tools (e.g.If requested, I can add instructions specific to Windows users (I have Windows 10 available on VirtualBox).In a separate tutorial, I'll describe a way to restrict the amount of disk space needed.
I'll also assume that you want to install qtum-qt in a directory called ' qtum' under your home directory. I'll be using the environment variable ' $QTUMDIR' to refer to this directory. You can either manually substitute the ' $QTUMDIR' references below, or actually use an environment variable, e.g.: $ export QTUMDIR=/qtum The line above would be run at your Unix (bash) shell prompt to set the QTUMDIR environment variable.
If you run: $ echo $QTUMDIR You should see the following: //qtum Obviously, // above will actually display your own home directory (e.g. Lastly, let's make sure that this directory exists: $ mkdir -p $QTUMDIR The command above should return without any errors. Downloading qtum-qt The qtum-qt binary is available at. For macOS/OSX, I will be showing instructions for qtum-0.14.0-osx64.tar.gz (i.e. The non-DMG version). For Linux, I will be showing instructions for qtum-0.14.0-x8664-linux-gnu.tar.gz.
Feel free to download the other variants (and adjust the instructions below accordingly). In the sections below, I'll assume that you've downloaded the tar.gz file into the $QTUMDIR directory. Extracting qtum-qt On macOS/OSX: $ tar -strip 1 -C $QTUMDIR -xf $QTUMDIR/qtum-0.14.0-osx64.tar.gz On Linux: $ tar -strip 1 -C $QTUMDIR -xf $QTUMDIR/qtum-0.14.0-x8664-linux-gnu.tar.gz When listing the $QTUMDIR directory, e.g.: $ ls -1p $QTUMDIR You should now see: bin/ include/ lib/ qtum-0.14.0-osx64.tar.gz.
share/. On Linux this will be qtum-0.14.0-x8664-linux-gnu.tar.gz. The Data Directory If you've previously run qtum-qt (or qtumd) with the Qtum Sparknet (previous testnet) blockchain, you'll need to make sure to delete (or move) any existing blockchain data. See the section entitled Deleting the Sparknet blockchain at for details. The qtum-qt executable supports many options, but we'll just be using the defaults. I'll create a separate post to discuss the various options (including options that are useful for staking). With the defaults, it is important to realize that the following (OS-specific) directory is being used to store the blockchain data, the wallet, etc.
On Linux: /.qtum. On macOS/OSX: /Library/Application Support/Qtum.
On Windows:%APPDATA% Qtum In the directory above (after running qtum-qt), you'll find wallet.dat which is your wallet file. Keep this file secure (in fact, you can encrypt it in qtum-qt by going to Settings-Encrpt Wallet in the menubar). There are other important files (e.g.cookie, etc.) and subdirectories (e.g.
The blockchain data, etc.) here as well. You want to make sure that you have at least 2GB of free disk space where this directory resides (i.e. Under your home directory, by default). Running qtum-qt To launch qtum-qt, simply run the following: $ $QTUMDIR/bin/qtum-qt If you encounter issues on Linux (e.g. Related to $DISPLAY), let me know in the comments section and I'll help you. You should see the following window the first time you start qtum-qt: I recommend that you choose the default data directory (although this is really up to you - just remember what you selected). After clicking OK, you should now see the Splash screen: After a few moments, the qtum-qt GUI should be up and running.
You'll first get a warning message indicating that your wallet needs to finish synchronizing with the Qtum network. This should take a few minutes to complete (ignore the Estimated time left until synced estimate.): You can see when the synchronizing is done by hovering over (for a second or two) the last icon at the bottom-right of qtum-qt (i.e. The check-mark): You'll also notice that you have no QTUM in your wallet: Now, let's get some (Skynet) QTUM. Using the Qtum Skynet Faucet to get free (testnet) QTUM In order to stake QTUM coins, you'll first need. Once the mainnet (i.e.
Qtum Ignition) is released, you'll be able to use actual (mainnet) QTUM coins (which are traded and have value at many cryptocurrency exchanges). Until then, we'll use Skynet (testnet) QTUM coins (which have no value) for staking. IMPORTANT NOTE: When the mainnet is released, the existing QTUM tokens (i.e. The ERC-20 tokens) being traded on exchanges (e.g. Bittrex, Binance, etc.) will need to be converted to actual QTUM coins. This conversion process will be handled automatically by the exchanges once the mainnet is released.
If you hold the QTUM ERC-20 tokens in your own wallet (e.g. MEW/Ledger Nano S), there will be instructions made available by the Qtum team on how to perform this conversion yourself. The easiest way to obtain Skynet (testnet) QTUM coins is to go to. If you prefer the English language, then select it from the drop-down menu in top-right corner (by default you'll likely get the Chinese version of the page). You'll notice the a text field on the faucet page saying: Please enter your QTUM address to receive test tokens. So, we need a QTUM address. This can be obtained from qtum-qt by selecting the Receiving addresses.
Option under the File menubar option of qtum-qt: Next, select the receiving address shown and click on Copy: You'll want to paste this address (from your clipboard) into the input field on the faucet page (mentioned above): Click on the blue check-mark at the far right hand side of the input field to submit your request. If all went well, you'll see your Qtum address being displayed under the Latest Payouts column. The Status column will likely show an hourglass until the transaction has been confirmed by the network. NOTE: The faucet can only be used once every 24 hours (without resorting to tricks). After the transaction has been confirmed by the network, you'll see a payout to your address, e.g.: Once the transaction propagates across the Qtum Skynet network to your copy of the blockchain (managed by qtum-qt), you'll see it show up in your wallet: Staking Now that you have QTUM (Skynet) coins in your wallet, you're ready to stake them. If you hover over (for a second or two) the lightning bolt icon (next to the HD icon) at the bottom-right of qtum-qt, you'll notice the following: The message ' Not staking because you don't have mature coins' appears. This is because you must wait 500 blocks for your coins to mature.
Let me repeat this: TO BE ELIGIBLE FOR STAKING, YOU MUST WAIT 500 BLOCKS FOR YOUR COINS TO MATURE. Also, once you've received a staking reward (currently 4 QTUM), you must wait 500 blocks for the reward to mature (after which you can then spend it). Once you are eligible to stake, the lightning bolt icon will turn solid (instead of empty/outlined) and the following message will be displayed (when you hover over it): Staking. Your weight is Network weight is Expected time to earn reward is day(s) e.g.: The Expected time to earn reward (in days) is roughly calculated by: (networkweight / yourweight). blocktimeinminutes / 60 minutes / 24 hours. To be clear, this is a statistical expected time (i.e.
You could get a stake reward much sooner, or much later than the expected time). How Long Do I Need To Wait For My Coins To Mature? You may be left wondering how long you'll need to wait to start staking. The easiest way to determine this is to find the block containing the faucet transaction, then add 500 to that block.
If you go to (you can also go there by clicking on your address under the Address column of the Latest Payouts table on the faucet page), you can find the faucet transaction. If you click on the transaction link (higlighted in blue) you'll be taken the the transaction information page (the URL will begin with.) On the transaction information page, click on the link (also highlighted in blue) shown for Included in Block. This will take you to the block information page (the URL will begin with.) and it will display the block number in question. Add 500 to this block number to determine when your coin will mature. Assuming that each block takes at 2.5 minutes (i.e.
150 seconds), it will take approximately 20.8 hours for your new coins to mature for staking (i.e. 500 blocks x 150 seconds = 75,000 seconds.
Which is about 20.8 hours). NOTE: You can see the average block time for the last 24 hours at. Disadvantages of Staking using qtum-qt The qtum-qt wallet is a useful GUI to interface with the Qtum blockchain. However, if you shut down qtum-qt (or put your laptop to sleep, or get disconnected from the network), you will no longer be staking your coins (until you restart qtum-qt and re-synchronize). It is therefore preferable to use the qtumd daemon (which is another binary included in the tar.gz file) for staking. I will create a separate (more technically advanced) tutorial to describe how to use qtumd for staking (using block storage with a virtual machine at a hosting/cloud provider), as well as recommending configuration options that are useful for staking.
167 Shares If you have been in the cryptoshere for a while, then you should have been conversant with ways to protect your coins and what type of wallet you should have them stored. In this article, we’re going to show you the most known hardware wallets. Why Should You Use A Hardware Wallet Hardware wallets give you more assurance of storing your cryptocurrencies much more safely and also facilitates your payments faster. This is one of the reasons hardware wallets for Bitcoin has seen steady growth in recent years. This article explains in details your best devices for storing the Bitcoin cryptocurrency without having to expose the access to those coins to cybercriminals. Good news is, you can buy all these devices online and have it shipped to you wherever you are in the world in a matter of days. Where Are My Cryptocurrencies Located?
That people refer to the hardware wallets for storing cryptocurrencies as offline wallets don’t mean you have your coins on the device and therefore cannot be accessed by anyone unless it’s being stolen. That’s a misconception. The hardware wallet merely is a device that is not readily connected to the internet. What’s contained on the device is an application which is the gateway to your coins on the blockchain.
Your tokens are always on the blockchain. So what’s the need for a hardware device when your cryptocurrencies are not on it any way you might ask? Yes, they do not hold the cryptocurrencies, but they keep the access to cryptocurrencies called the private keys or seed words which are actually what connects you to your cryptocurrencies on the blockchain. These hardware devices are also encrypted that even when they are stolen, these keys cannot be stolen therefore keeping our cryptocurrencies safe.
Account creation and key/seed words generation are all done in the encrypted environment of the hardware device, and since they are not devices connected to the internet on their own, cyber attackers have no chance whatsoever to access and make away with accesses to peoples funds. Any amount of cryptocurrency more than what you can lose is adviced to be stored on a hardware device, and the following are the best options you can invest your money on for better security of your coins. Top Cryptocurrency Hardware Wallets For 2018 Ledger Nano S Hardware Wallet The is one of the best wallets for Bitcoin and alternative cryptocurrencies you can ever get. Your coins are stored, and transactions are also done within the device. You can check and confirm your transactions on the screen built into the device. With the private keys encrypted on the device, access to funds is only limited to the device alone.
This makes your coins safe. If you’re interested to know why you should own a Ledger Nano S – you should read our article: Ledger Nano S supports: Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Ark (ARK), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Expanse (EXP), Dash (DASH), Digibyte (DGB), Dogecoin (DOGE), Komodo (KMD), Litecoin (LTC), NEO (NEO), Pivx (PIVX), Posw Coin (POSW), Qtum(QTUM), Stealthcoin (XST), Stellar Lumens (XLM), Stratis (STRAT), Ubiq (UBQ), Vertcoin (VTC), Viacoin (VIA), Ripple (XRP), Zcash (ZEC) Trezor Bitcoin Wallet The is also one of the most secured wallets on the market today. Even when used on a malware-infected system, the still proves itself secured as it keeps your private keys offline and also signs bitcoin transactions. The Trezor is recommended for the less technical users as it is straightforward to use. Cryptocurrencies That Trezor Supports: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Ethereum Classic (ETC), Dash (DASH), Zcash (ZEC), Namecoin (NMC), Dogecoin (DOGE), ERC-20 Tokens KeepKey Hardware Wallet The is yet another simple and powerful cryptocurrency hardware wallet that is trusted to protect your bitcoins.
The KeepKey works on basically any operating system, Windows, Mac, and Linux. It’s a USB HID-class device, which means it requires no driver to function properly with your operating system. A one time opportunity is granted the user to write down the 12-word recovery key. Because the KeepKey has no operating system installed, it cannot be infected by malware and other programs used by cyber attackers. KeepKey currently supports: Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE), Ethereum (ETH), Dash (DASH). CoolWallet Bitcoin Wallet is a flexible, waterproof wallet which keeps access to your cryptocurrencies 100% offline. No matter how vulnerable your network connections, your private keys never leave the CoolWallet device.
Its OTP system allows users to sign their transactions offline. The CoolWallet is a credit-card shaped device which perfectly fits into your wallet. CoolWallet currently supports only Bitcoin.
OpenDime Bitcoin Credit Stick is a sleek, small USB device that allows you spend Bitcoin like dollar bills. It works with any computer, laptop, or a mobile device. However, this is different from all other mentioned devices as the private keys are generated within the device and are not revealed to anyone.
Though losing the device can mean losing your cryptocurrencies, but loading some value of bitcoin and giving it to someone assures the person you can’t take back the funds. OpenDime currently supports Bitcoin only.
Bonus: Digital Bitbox is a hardware wallet for multiple cryptocurrencies, made by a Swiss-based company called Shift Devices AG. The device comes with a native software that excludes the risk associated with browser-based extensions.
Private keys are generated and stored on the device and not the computer device on which it’s used; this makes it a top choice for a cold storage solution. The Digital Bitbox device stores Bitcoin, Ethereum, Ethereum Classic and other ERC20 tokens.
The device also provides multiple signature protection features for cryptocurrency transaction confirmations. It also offers smart verification and two-factor authentication for Android and IOS devices. Reasons You Can Always Trust A Hardware Wallet.
Your private keys are stored securely in a protected area of the device and cannot be transferred out in plain text. Hardware wallets need physical confirmation to execute a transaction. He who doesn’t have your device at hand, cannot get access to your funds quickly. Hardware Wallets are immune to computer viruses. Because companies use open source software for these devices, the device operation can be easily verified. Image Source.