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VeriCoin Staking

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Guide to Staking

rough Outline [detail to come]

1. Definition of staking

From Wikipedia: Proof-of-stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In PoS-based cryptocurrencies the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e. the stake). In contrast, the algorithm of proof-of-work (PoW) based cryptocurrencies (such as bitcoin) uses computationally intensive puzzles in order to validate transactions and create new blocks (i.e. mining).

Here is some good copy from the website, don't have time to integrate it right now:

Network stake-dependent interest is the mechanism in which the amount of coins minted during the proof-of-stake phase occurs. Instead of a flat 1% interest, Vericoin's interest rate can range from 0% to just under 3%. The practical range of interest is between 1.5-2.5%. Based upon the number of coins being staked (occurs when the wallet is open and unlocked), the interest rate varies. The more coins staked, the higher the interest rate. This provides incentive for keeping the client open and unlocked, further securing the network. The additional security ensures that the blockchain is not compromised and forked. In addition, it provides incentive for owners of the coin to use it as a savings vehicle as it earns interest at a more reasonable rate and more representative of a real economy. The VeriCoin development team studied the economics of interest/inflation rates in model systems and the key range for a stable economy ranges between 1.5-2.5%. Finally, with a slow inflation rate (1.5-2.5% vs ~10% for Bitcoin), the coins have the potential to become a steadily valued currency.

From here: https://www.vericoin.info/interest.html

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.