This tutorial will show the simplistic method of staking your Deeponion Wallet in order to receive additional ONION tokens. Proof-of-Stake (PoS) is a form of mining using a pseudo-random selection process, whereas Proof-of-Work (PoW) solves a block using a complicated algorithm. The chance of you being selected pseudo-randomly is increased by the amount of coins in your wallet.
The coins in your wallet create your initial “weight” on the blockchain and grows heavier as time passes. The weight is reset on the coins selected for staking so that the selection process is fair.
Deeponion uses a hybrid PoW/PoS system. This system creates a very strong blockchain and keeps transactions quick and fees very low. Also, being a hybrid coin, you get users that want to mine and stake instead of just one or the other. This increases community support for the coin which increases demand.
Deeponion Wallet Installation Tutorial
Coins added to wallet via mining, exchanging, bounties, etc.
- Once you have followed the Deeponion Wallet Installation Tutorial and have got coins into your wallet, you need to unlock your wallet.
- Enter your passphrase and make sure that “For Staking Only” is check-marked
a. If you do not check mark the box, your entire wallet will be unencrypted.
From here you can hover over the icons on the bottom right hand corner of your wallet. There you will see an icon that says “Not staking because you do not have mature coins”. This process takes 24 hours reach maturity. Once you reach maturity, you will be able to stake. The icon now will state your weight and how long until you should stake.
Once you generate a stake, you’ll see a wrench icon in your transactions. Until this is confirmed, your staked coins and stake transaction will be unavailable to use. After 50 confirmations, they will all be available to send. They will automatically start creating weight again once they’re confirmed. Hover over the transaction to see specific information.
Please follow and upvote if this helps you!
ONION donation address