Start Staking

Staking is participation in the proof of stake consensus in order to secure the network against the double spending attack. Blacknet rewards it with newly mined cryptocurrency and transaction fees. The mined cryptocurrency comes at a rate defined by the protocol. The transaction fees come from native and platform transactions. Cold staking is staking from a cold cryptocurrency wallet.

With Full Node

A full node is a node that validates and maintains an entire copy of distributed ledger. You may need to launch and keep the node running and online. The node relies on a system clock and may not function properly if it is set incorrectly. A project of alternative UI also exists.

With Software Wallet

You can activate staking in the web UI. To have automatically activated staking, you could put mnemonic into configuration file blacknet.conf, for example, mnemonic that is used in testing mode:

## Start staking at node start up
mnemonics=疗 昨 示 穿 偏 贷 五 袁 色 烂 撒 殖

Never give out your mnemonic to anyone, unless you intend to gift them all the monies.

With Hardware Wallet

Support for hardware wallets may be implemented in future updates. A hardware wallet is a special device that stores your mnemonic or private key and signs a new block generated by staking.

With Pool

Stake pool is a way of staking with lightweight wallet and combining small staking weights together.

Lease to Pool

You may lease BLN from wallet to a pool that stakes with full node. The minimum amount is 1000 BLN. Await maturation of this transaction. Proof of stake reward is distributed by pool according to its terms. A pool cannot re-lease (lease again) to another pool. You may cancel leasing at any time.

Operate Pool

A pool operator runs a full node with an address to that stakeholders may lease weight. Usually, a pool is publicly announced with the terms of service and BLN address.

About Stake Pool

Cold staking was introduced in Blacknet proof of stake version 4. It allows to have a block signing key that is different from a spending key. A block signing key is used by node for staking, whilst a spending key can be stored in a cold wallet. Stake pool was observed in the reply. Staking pool allows to participate in staking having only a lightweight wallet. Leased weight is combined by pool without rights to spend coins. Stake pool pledging may be implemented later. Pledging is a Sybil resistance mechanism for pools, which prevents a Sybil attack. Sybil attack is an identity disproportionatization attack.