Getting started with QTUM StakeBox

Getting started with QTUM StakeBox

StakeBox and QTUM have partnered together to bring you the QTUM StakeBox – a device that allows you to stake your QTUM cryptocurrency and make a return on your investment.

Staking QTUM is the process of securing the network with your coin weight, which in turn rewards you with new QTUM.

The StakeBox only require a little bit of setup, allowing you to get up and running in no time at all and including all the essential accessories.

This guide will show you how to get up and running staking your cryptocurrency in no time at all with your QTUM StakeBox.

Note: This guide is for reference only and we cannot be held responsible for any loss or theft of wallet data. Please make sure you back up your wallet and passphrase in a variety of locations.

What you will need

Assemble your hardware 

  1. Connect your HDMI cable to your TV/Monitor
  2. Connect your Keyboard & Mouse
  3. Insert your QTUM microSD card into the SD slot (If purchased separately) 
  4. Connect the micro USB power adapter

Expanding filesystem

Before we get started we need to make sure that there is sufficient space on your SD card on your StakeBox. By default, the filesystem has not been expanded and as such you could run out of disk space quickly resulting in the qtum daemon service stopping. 

  1. Open up a terminal window or login via SSH as shown above. In the terminal type the following command:
sudo raspi-config
  1. In the configuration menu navigate to 7 Advance Options

 

  1. In the advanced menu select the first option A1 Expand FileSystem and hit enter

 

Hit OK then Finish and reboot the StakeBox for the filesystem to be expanded.

 

 You can confirm the changes by typing in the following command in the command line: 

df

Updating QTUM to latest version

Now that we have access to the StakeBox command line, however you choose, we can start setting up Staking QTUM.

If you are running QTUM for the first time, then we recommend that you have the latest version. To do this you will need to run the following command from the command line:

sudo apt-get install --only-upgrade qtum

Note: We always recommend you backing up your wallet before performing updates, just in case. See our article on backing up your wallet here.

You can check which version of the QTUM Core you have by typing in the following command:

cd /.qtum/
qtumd –version

Launching QTUM Service

To launch the QTUM Core service you will need to type in the following into the command line:

qtumd –daemon

This launches the qtum core daemon and the blockchain begins to synchronize right after launching. It can take a few minutes to become fully synced.

Encrypting your wallet

Encrypting your wallet is an important aspect of keeping everything safe. You can encrypt your wallet at any time but we recommend doing it at this stage in the guide. To do this you simply type in the following command replacing “yourpassword” with a password of your choice:

qtum-cli encryptwallet yourpassword

This will now begin to encrypt the wallet which in turn will restart the qtum daemon. You should see the following output:

wallet encrypted; Qtum server stopping, restart to run with encrypted wallet. The keypool has been flushed and a new HD seed was generated (if you are using HD). You need to make a new backup.

After encrypting your wallet, you can obtain your wallet address by typing the following into the command line:

qtum-cli getaccountaddress ""

You should see something like the following output 

QNaNaSP8hxET52wXXXXXXXXXXGMXkjGkVt

You can now send QTUM coins to the address we just obtained from the qtum core daemon. To check your transaction (incoming and outgoing) type in the following command:

qtum-cli listtransactions

Note: The transactions require at least 500+ confirmations before they become mature enough for staking.

Staking 

By this point you should now have waited until you have at least 500+ confirmations on your received transaction, you are now able to start the staking process.

Note: You cannot stake coins with a locked wallet

First step is to make sure you can access your wallet otherwise you will not be able to stake. To decrypt your wallet type in the following command in the command line replacing password with the password you set to encrypt your wallet: 

qtum-cli walletpassphrase password 999999999

The above command will unlock your current wallet for a period of 30+ years. As mentioned before you will need to wait until you have 500+ confirmations to be able to start staking, if you already do, then it is a matter of time which will vary depending on the network weight vs your wallet weight.

To check to see if your wallet is staking you can type in the following command:

qtum-cli getstakinginfo

If the staking field is false, it means that you are not currently staking i.e. your coins have not yet matured.

To check your balance at any time you can type in the following command which will show you general information, including your available balance and balance for staking.:

qtum-cli getinfo

Splitting your balance into multiple transactions

Each transaction sent to a QTUM wallet takes 500+ blocks to mature and start staking. The network weight is the total number of staking QTUM. This weight determines the probability 1 QTUM will mine the next block; the larger the weight, the lower the probability.

Currently, a QTUM block is set to be mined roughly every 2 minutes. Each block rewards its miner with 4 QTUMs plus the fees in the transactions within the block. If an unspent transaction in a wallet mines a block, it is considered to have been “staked” and has no chance to mine a block for the next 500 blocks. As such, it is expected that the number of staking QTUM in a wallet is lower after the wallet has mined a block. This is also why it’s recommended that you split your wallet’s balance into multiple transactions. The more transactions you have, the less QTUM is removed from staking once you mine a block. Depending on the total number of QTUMs you have, you might want to consider 250-1000 QTUMs per transaction.

There is no concept of “progress” in staking QTUM. Mining a block is completely based on probability. You can think of it as a raffle being held every time a new block is generated. 1 QTUM in a wallet is one entry into the raffle for that wallet.

If you’re looking for an in depth description of proof of stake 3.0, the proof of stake system QTUM is using, check out the blog post, “The missing explanation of Proof of Stake Version 3”, by QTUM cofounder Jordan Earls.

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