Proof of Stake
WGR uses a proof of stake system, this utilises coin age (or weight) in that the longer the address holds the coin on the network and they are unspent, the higher chance of a reward, there is a certain amount of randomization to this too.
Coins in large blocks that have been unspent start to compete with other wallets and coin weights for the next block, When a block is found a reward is sought. As you are supporting the network and verifying transactions, you are therefore rewarded in ‘stakes’.
Once a ‘stake’ is sought, or rewarded to your wallet, the coin age resets to 0 and the process begins to competing for the next block again. This allows others a chance to gain a reward and keeps the network active.
After some days or perhaps weeks, the coins in the wallet would have reached their maximum staking probability and there will be a very little chance of them being able to stake again, they might even have split up into change addresses for more chances to stake, or as a result of the stakes.
You can see that ’Coin Control’ is enabled here, this enables you to easily identify blocks of coin that you can then go on to select and send. Coin control has further uses but as in this case, all none Masternode inputs are selected to be then sent on to a dedicated staking wallet. This would be the same process as sending to yourself - from the originating wallet address that you copied earlier.
*FYI, note the change addresses too.
After confirmation on the Blockchain, if you open the transaction detail by double-clicking in the wallet, you will see the address with (own address) quoted after, other useful information is here too.
If you have followed the above guide with your own wallet and successfully sent the different coin blocks and weight back to yourself, in some time the wallet will accrue coin age and be ready to compete for stakes again.
Setup the QT wallet for staking
Setting up a staking wallet is very easy and can be created in a number of minutes as follows:
First, make sure you have backed up the private keys for the address you would like to use for staking as per the guide at https://wagerr.zendesk.com/hc/en-us/articles/360001312952-What-is-Wagerr-wallet-Staking-and-how-do-I-take-part-in-it-
Edit the wallet configuration file
Open the wagerr.conf file from the File menu > Tools> ‘Open wallet configuration file’.
- Add the following on the first line
- Save the file and close it.
- Restart the wallet to reflect the change in the wagerr.conf file that was just made
Start staking your WGR!
You have just set up the Wagerr Qt wallet and it is ready for staking - now, unlock your wallet from the file menu, make sure to check the box for extra anonymity and security.
Send the WGR you would like to stake to the address you selected in the wallet. Once sent, and confirmed, the coin weight and time online will accrue, you can see if the wallet is ready and competing for stakes by the icons that can be hovered over with the pointing device for further tooltips.
After some time you could receive some rewards, bear in mind that the bigger amount of WGR you have in the client wallet, and the longer time online, the better chance of a stake you have. Keep your wallet client online to keep active on the network and ready to stake!
Happy staking with WGR.
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