Deeponion TOR Wallet: Staking Tutorial
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.
Prerequisites
Deeponion Wallet Installation Tutorial
Coins added to wallet via mining, exchanging, bounties, etc.
Staking Process
- 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
DbVBcaeyvbXvoa8sqdXAKQBqDbR42QvViJ
The wallet looks a lot like the Pivx wallet. Is that something all POS coin wallets have in common?
Its based on the bitcoin wallet so most wallets will look like this if the develper does ot change the apearance
Ah, excellent post!
Excellent tutorial. I used this a while back to learn how to stake my $ONIONs! Now I have my main wallet staking 24/7.
@sowellsvt
Nice writeup
Good job
Keep it up.
Thank you!
does wallet have to remain open during staking process ?
Yes open and unlocked.
My question is this : how is the staking reward determined ? For example I got my first one, 0,15 onion. Is it random ?
Is it correct to say that not all of us will see the message saying how much time it will take before the stake reward will be received? I can't see that message.. I only see "staking", "my weight" & "network weight"
Good write up and very clear and easy to understand, thanks. Now on to stacking for staking.
thank you! Thats what i need :)
Great tutorial. Simple to follow. This is a great help to those who plan on staking their onions.