How to Stake Stratis Tokens using the Official Wallet Client - Altcoin Guides #1steemCreated with Sketch.

in cryptocurrency •  2 years ago

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Stratis is a flexible and powerful Blockchain Development Platform designed for the needs of real-world financial services businesses and other organizations that want to access the benefits of Blockchain technologies without the overheads inherent in running their own network infrastructure

Similar to the popular Smart Contract token Ethereum, Stratis offers a turnkey solution that enables developers and businesses to develop, test and deploy blockchain-based applications quickly and easily, without the costs and security concerns that would otherwise arise from an in-house implementation

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While Ethereum Developers familiarize themselves with the less popular programming language Solidity, a contract-oriented, high-level language whose syntax is similar to that of JavaScript and it is designed to target the Ethereum Virtual Machine (EVM). Stratis Developers use C# an object-oriented programming language from Microsoft that aims to combine the computing power of C++ with the programming ease of Visual Basic. C# is based on C++ and contains features similar to those of Java. This makes Stratis a more programmer-friendly platform that offers simple and affordable end-to-end solutions for development, testing and deployment of native C# blockchain applications on the .Net framework

Since Stratis is officially a 100% Proof-of-Stake POS Token, it does not support any Proof of Work Mining anymore. In the beginning Stratis tokens were minted via POW Mining, however the plan was to implement Proof of Stake, making it the only way to mint new STRAT tokens into existence. The only to way to obtain Stratis tokens is to purchase some directly from Exchanges, and to send it to the official Stratis Wallet Client for the purpose of staking

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The Initial ICO for Stratis resulted in the Distribution of 98 million tokens, from which 84 Million (85.7%) Stratis tokens to have been claimed by early Investors, while the remaining 14.3% (14,000,000) were kept by the core team for development, marketing, partnerships, and incentives programs. Stratis was a Proof-of-Work token to begin with, allowing Users to get more STRAT tokens from mining via Computer Hardware however that was only for a short period of time, in order to kickstart the blockchain with a steady supply, making Stratis now entirely proof of stake token

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Whatever machine the wallet is running on would have to stay connected to the internet for the duration that you want it to stake. To get a better idea about Staking is all about, Tokens that are stored from one address are technically locked up temporarily, so that when it's actually your turn to create a block, rewards can be earned credited directly to the address holder as compensation for securing the Network

Step 1

Run & Download the Stratis Wallet Client from the Official Developers Site, Link Here
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Step 2

Allow Stratis Wallet Client to fully sync with the Network by letting it download the complete history of it's Blockchain! This may take some time with Stratis's Client running in the Background, since you'll need to download every transaction ever recorded on Stratis Distributed Ledger

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Step 3

Once fully Synced, it's time to secure your account by Encrypting your Wallet to ensure that coins are safe from unauthorized access. Use a Secure Password to keep your Stratis Wallet Secure, to Encrypt your Stratis wallet simply go to SETTING > ENCRYPT wallet. ''Change Passphrase" in order to set a secure password that will be required to Unlock your Wallet
change password.png

Step 4

It's always a good idea to Backup your Wallet. Do this by clicking on FILE > BACKUP WALLET. this will prompt you to download a DAT. File. Keep the file secure in order to back up your tokens in the events that you need to restore access to your account, it's a good idea to store DAT. file on an external hardrive for safekeeping

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Step 5

Buy Stratis via Cryptocurrency Exchanges that offer this trading pair, visit coinmarketcap.com for more information or visit popular exchanges like Poloniex or Bittrex. Once you obtain Stratis, transfer these Tokens to your official Stratis Wallet Client, this is process similar with other Cryptocurrencies where you send & receive via long addresses (identifier of 26-35 alphanumeric characters)
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Step 6

It will take some time for Stratis token to reflect in your Balance, once received proceed with the next step of unlocking the Wallet. The Wallet must be encrypted with a Passphrase, however the Wallet needs to be unlocked at the same time in order to begin staking STRAT tokens. To unlock the Wallet go to SETTINGS > UNLOCK WALLET, it will request for Password which is the Passphrase set earlier in STEP 3

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STRAT token are issued at a rate of 1 token per Block – every 60 seconds, the more an individual stakes Stratis, the more STRAT token is giving out as a reward. An incentive for users to contribute towards making a more secure POS-based network by staking their coins

Many of you, eager to start staking your Stratis token will ask yourself this;
What is the total supply / inflation of the STRAT token?

To get a better understanding based on findings, as of May 9, 2017 there are 98,378,285 STRAT outstanding. A common misconception I see all the time in the Stratis community regards the Inflation rate, since many individuals claims that the inflation rate is 1%

A new block is derived via POS about every minute, and 1 STRAT is generated per block. This means, on average, about 1440 new STRAT are mined each day since there are 1440 minutes in a day. That equates to 525,600 new STRAT in a 365 day year. 525,600/98,378,285 = 0.0053

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So the inflation rate as of May 9, 2017 is about 0.53%, and this rate decreases as the total supply grows.
However, we can assume that not everyone stakes their STRAT. This is what makes it seem like the inflation rate is greater than it is. Around 30,000,000 STRAT are staked right now on May 9, 2017. This means that the 1440 STRAT generated per day are going to the holders of that 30,000,000 STRAT. This would equate to earnings from staking equal to about 1.75% if 30,000,000 STRAT were being staked the entire year (525,600/30,000,000 = 0.0175).

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It seems that Inflation of the STRAT token is a measly around 0.53% based on 9th May Statistics, but people can earn a higher percentage than that simply because not everyone is interested or has the means to stakes their tokens

To ensure that everything go smoothly, please make sure to update your software to the latest version of the Client. Keep up with notifications of updates by joining us Stratis Slack channel, Bitcointalk thread, or follow them on Twitter @stratisplatform. Also keep in mind that it's best to keep malware software running full scans on a regular basis and to avoid unwanted or unauthorized software from gaining direct access to your Stratis Files

Always Write down or otherwise make sure you will always remember your password every time you change it, if you don't known the right password, you'll lock yourself out of their wallets and always remember to regularly back up your Wallet, store the important DAT files on multiple offline storage

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Ethereum developers are planning on implementing some sort of Hybrid POS for ETH, while Stratis has already changed from POW to POS, allowing all it's user to start staking Stratis Tokens now. Follow this Guide, you should be earning some of the newly minted STRAT tokens, personally I'm a fan of Smart Contract Tokens and see great potential in this Project

Stratis is also one of the few Cryptocurrency projects backed by established Corporation Microsoft, it does raise eyebrowns knowing that some most well-known Tech Company is currently interested in Stratis. There are over millions of C# Developers ready to jump on the Cryptocurrency Bandwagon, Ethereum uses Solidity which can unfamiliar to many Programmers out there

Staking Coins, is a good way to get Investor to safely store their Tokens while incentiving them to contribute by securing the Network. Enjoy Staking Stratis, hold this Token like how you would with Steem Power in order earning interests similar to how you would with Bank Saving Acccounts

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Thanks a lot.
finally I understand POS with your article :)

Good document! It was very helpful.

Interesting - I bought some STRAT on Bittrex recently, was not even aware of this. Makes sense to stake the coins though if its going to earn me an interest.

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Do you know how much interest you can get from Stratis?

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Actually, I do not. I'm interested to know as well though.

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You can do a rough calculation of returns through this website. https://www.stratispool.com/

Sounds like a good place to park a few bit coins.

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Wouldn't want you around my family

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I wouldn't want you around my goldfish

Great write-up. Do you know if it's possible to stake tokens without having the client open, and connected to the internet constantly? Some sort of mining pool maybe... Similar to NEM

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We used [PosWallet] to stake Stratis Token, however not sure if they are planning on continuing this Service in the future, would definitely recommend Staking with them for now just for the convenience. Right now, I can't seem to find anything that allows Staking Stratis besides the official Client, my Friend is planning on getting a Raspberry Pi to specifically stake this particular token, this will be the dedicated unit to run 24th & 7 Days a Week, it will waste little Electricity and should be able to provide 100% uptime

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I just bought some Stratis and I'm using their official program to store and stake the coins. Thanks for the guide and for convincing me to get on board! The reading I've done in addition to your original article has me convince that the team is a winner and the platform is poised to do well. Wish I had bought a week ago when the price was much lower though...

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Thanks for the great article, I've held Stratis for a while and was unsure how to stake it until now, I am planning on writing an article for Stratis when the Ico-platform is released. It will be an interesting innovation for the blockchain.

One of the best article on steemit for Stratis. I also believe it is going to change the blockchain game.

Do you have to have your computer turned on in order to stake coins? Or does it run automatically on the blockchain?

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The Computer needs to be running 24/7 in order to stake, unlike NEO

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A #Raspberry Pi is all* IT takes.

And considering inflation, calculate daily compound interest ;)

  • Near.ly <3
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I have setup a Raspberry Pie and set it up for Stratis Staking!

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Meez™ Pi I only lights red atm :(

Must we keep the Stratis wallet software opened and linked to the internet to stake Stratis? Or can we have the wallet closed and it will auto receive earnings?

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Wallet must be running in order to stake! Best get a dedicated Laptop to do the job

staking computer Strat.png

Hey guys! Just wanted to share this. You can Earn while you Trade or Hodl at Btcpop.co!

If there are any lazy stakers out their Btcpop stakes deposits for you and gives you proportionate rewards

Excellent article, thanks for the info, can't wait to get into this.

Do you have to be connected to the internet? What happens if you have staked coins and turn your computer off?

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Unlike Neoshares, if your client isn't running 24 hours connected to the Internet. Stratis will not stake and however you won't lose any earned rewards previously earned Staking. As if you left and came back to contribute just that with Stratis and Neoshares there is certain amount required before you can claim your earnings

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Can you stake using a raspberry pi, if so how?

Awesome article! I had encrypted my wallet about a week ago and was wondering why it was no longer staking my coins. Easy fix: Unlock wallet.

Why is it always such an easy/stupid solution? Thanks again!

Stratis has been declining offers from company's, because they want to build a strong and stable fundation first. This shows great professionalism and confidence about this project. Stratis will be in the top coins within a few years.
.net ftw.
Blockhain technology for world adoption!
Thanks for this post. Will follow you.

I followed these steps but it doesn't show that any are staking and the lightning bolt is not lit up, any ideas why? How long does it usually take once the wallet is loaded with Stratis to start staking? Thanks!

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It can take about an hour for your coins to "mature" and start staking if what you followed above was the first time you did it. Please backup your encryption passphrase because you will need it to unlock the wallet for staking if for any reason you need to restart the stratis wallet. Hope i have been some help.

I ended up figuring it all out on my own, but came here to find out how much I'd be earning. Great job - very concise!

So, Staking means just holding coins?

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Yup, holding and running the official Stratis Client!

Hey Guys. I found this guide for top STRAT staking. I think you should check it out.
http://topstaking.com/

It would be helpful if someone can give a proper figure like say for example I have put 1000 WINGS for POS for 30 days, then how much can I gain

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https://stratispool.com/ Use this to calculate

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Thanks! Sadly it takes allot to generate anything. NEO gives more to be honest.

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Neo is much more Profitable at this very moment! Agreed

Fantastic article and I actually bought some Stratis yesterday so now I'm gonna do some staking :D

If anyone is interested @Btcpopco has pooled staking for STRAT (if you’re not tech savvy like me).

STRAT Staking Wallet.gif

Hi great article. What does staking do? If I stake my coins does that mean I validate transactions that come in from other people? How do my coins help validate the network if I turn off my computer? Do I just leave it in the wallet? Where's the CPU power that verifies transactions come from? Thanks!