How to setup Linda for staking on Ubuntu 16 Linux

in lindacoin •  last year

LINDA - Staking coins in Ubuntu 16


Bitcointalk - https://bitcointalk.org/index.php?topic=2002111.0
Website - http://lindacoin.com/
Github - https://github.com/Lindacoin/Linda
Explorer - http://lindachain.com/


Linda is a new hybrid masternode coin that promises a great ROI, and supports PoW(Proof of Work) and PoS(Proof of Stake).  If you'd like to learn how to setup a Linda masternode in Ubuntu 16 linux, I wrote a similar guide to this here. Since many of us can't afford a full Linda masternode yet, the next best thing to do is earn some interest on your coins by staking them. This guide will cover how to stake your Linda coins with the Lindad Ubuntu command line daemon.  


1. Install dependencies:

sudo apt-get install build-essential libtool automake autotools-dev autoconf pkg-config libssl-dev libgmp3-dev libevent-dev bsdmainutils
sudo apt-get install libboost-all-dev
sudo add-apt-repository ppa:bitcoin/bitcoin
sudo apt-get update
sudo apt-get install libdb4.8-dev libdb4.8++-dev


2. Create a swapfile:

Since we will be compiling the Lindad command line daemon, we will need a swapfile, or the compile process will run out of memory. This example will create a 2G sized swapfile which is optimal for a 1G VPS, but will also work for a 512MB VPS as well. This is how we create one:

sudo fallocate -l 2G /swapfile
sudo chmod 600 /swapfile
sudo mkswap /swapfile
sudo swapon /swapfile

Now let's make this permanent so that if your VPS restarts, the swap will turn on automatically:

echo '/swapfile none swap sw 0 0' | sudo tee -a /etc/fstab


3. Now let's get the Linda source and compile:

cd ~/
git clone https://github.com/Lindacoin/Linda
cd Linda/src
make -f makefile.unix
cp Lindad /usr/local/bin


4. Now that we have Lindad compiled, start it up and let it sync:

Lindad -daemon


This will take 2-6 hours to sync depending on your connection and proximity to other peers.

You can check on the progress of it by typing:

Lindad getinfo


And look for the "blocks" line.  The latest block at the time of writing this was:

"blocks" : 84569, 


5. While your wallet is syncing, let's create a new account address for address 0, and make a note of it:

Lindad getaccountaddress 0


6. Now send your Linda coins to the address you just created.

You can check to make sure your transaction made it your your new wallet by running:

Lindad listtransactions


It is important to remember that in order for your coins to stake, they will need to mature in your wallet for 24 hours after they have arrived.

Once your coins have made it to your new wallet, let's secure your wallet in the next step.


7. Encrypt your wallet:

Lindad encryptwallet "your password"

***DO NOT FORGET THIS PASSWORD***

8. Now stop Linda so you can modify the config.

Lindad stop


9. Edit your config which you will find here:

~/.Linda/Linda.conf


Your config should be edited to look like this:

rpcuser=put-your-rpc-user-here
rpcpassword=put-your-rpc-password-here
rpcport=33821
rpcallowip=127.0.0.1
daemon=1
server=1
staking=1
listenonion=0
addnode=104.238.159.161
addnode=45.32.77.164


10. Start Linda again:

Lindad -daemon


11. Unencrypt your wallet:

Lindad walletpassphrase "the password you set above" 999999999


12. Now, you can check on your staking status :

Lindad getstakinginfo


Here's some example output:

{
    "enabled" : true,
    "staking" : true,
    "errors" : "",
    "currentblocksize" : 1000,
    "currentblocktx" : 0,
    "pooledtx" : 0,
    "difficulty" : 445441827.37744325,
    "search-interval" : 16,
    "weight" : 65268187776766,
    "netstakeweight" : 199352904154774688,
    "expectedtime" : 274892
}


If you see "enabled":true, then your wallet is staking. You will need to wait 24 hours before you see "staking":true. You can estimate your next payout time by looking at "expectedtime", but keep in mind it is just an estimate, and is not a guaranteed time.


And there you have it, you're successfully staking Linda on Ubuntu 16 Linux.  


Congrats!

13. BONUS STEP: Backup your wallet before you log out of your VPS.

Use any SFTP or SCP program to connect to your VPS, and backup your wallet.dat file to your local desktop or laptop. That file is located here:

~/.Linda/wallet.dat



If you feel like you got any value from this, support my efforts:

LINDA:   LW6e6Tfda7vEgiwU7cBV4kPYiAyUaJwkiX 



Thank you!

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Great. Thanks for sharing. I'm starting to follow you.

·

Glad you found it helpful. Thanks for the follow!

Great post thanks

Admittedly, I'm very new to linux servers. When installing the 3rd command line I get the following error -

sudo add-apt-repository: command not found

Can you lead me in the right direction of why I'm getting this error?

I get error with line
sudo add-apt-repository ppa:bitcoin/bitcoin
ERROR: '~bitcoin' user or team does not exist.

What's the staking for this? Like how much percent on monthly/annual basis?

great post, just want too add here that transaction shows up only when blocks are synced till top.

Thank you kindly for this post.

·

You're welcome! I'm glad it helped.

I have a small number of Lindacoins sitting in my wallet since last week. Since probably the number of coins isn't enough, the weight from my end (=number of coins) never changes. And ever since I started staking I keep seeing the Expected time to earn reward to be anywhere between 8 to 20 days depending on the network weight at that time.

My question is - shouldn't the wallet weight change the longer you stake? I have confirmed over 10000 transactions now but nothing has changed over the week. Is this normal?

Also should I expect to get the reward eventually with my current coin count or it's mandatory to add more coins to be able to get the reward?

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Hi pqbd! With the current difficulty, you will likely need at least 1 million Linda to get a payment approximately everyday. You didn't mention how many coins you have, but if it's under 1mm, it could take awhile to get a reward. It might take 5 days, or it might take 20 days. Staking rewards are very random. You could try restarting your wallet and see if that helps. I've heard from the early devs (not the current ones), that restarting sometimes will result in you getting a staking reward in a few hours...especially if you've been staking a long time like you have. You won't have to wait for your coins to mature if you restart, they are already mature.

Also, to answer your question about staking weight. With Linda, your staking weight is not dynamic, and will only change when the number of mature coins in your wallet changes.

I hope that helps.

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Thanks auspex, this helps! I currently only have 50k Linda. From the day I started I have confirmed over 21000 transactions though. I thought that would make a difference but so far I haven't received any Lindacoins. Hoping to add more soon. Appreciate your reply!

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Where does it inform you of the number of confirmed transactions? I am currently using the GUI wallet.

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You can see that when you hover over to the right where it shows the Recent Transactions.

FYI for those that don't know: A hard fork is coming for Lindacoin. The dev team has split from the Lindacoin owners if you weren't aware. @auspex

https://steemit.com/cryptocurrency/@pqbd/lindacoin-hard-fork-imminent