Non custodial staking | Bitcointalksearch.org

rat4

full member

Activity: 329

Merit: 197

Two-way squared

Solo & Pool are the three methods of noncustodial staking. As you are familiar with mining, try to imagine that a wallet is ASIC, then the analogy should become clear.

BTC doesn't have staking in the sense of proof of stake. In fact, words like staking and farming sometimes are used to mean whatever. When I stated conceptualizing what and why Zero-Knowledge Finance, then described three types of activity as staking vs leasing vs lending. Interested in opinions about this. Grin

I_love_Crypto

newbie

Activity: 12

Merit: 2

Hello,

Thanks for everybody inputs. I'm aware that i'm not going to be rich easily with staking but my aim is to have a better
understanding of the concept. I like learning:)
ETH is my favorite alt, but i don't mind staking others. Btw, why rewards differ greatly on alt? Indeed, i never seen
a decent reward with BTC staking...

Software and navigator plugins seem indeed easy to use and might be the best solution to start earning,
but they are "black" boxes to me. Ten years ago, i enjoyed mining BTC with a RaspberryPi 1 and 4 USB
asic miners...Those were the days:)

Quote from: rat4 on May 30, 2024, 08:45:06 AM

Noncustodial staking can be pretty easy. Details vary between cryptos, following is how it works in Blacknet, and it also should help with understanding in general.

Solo staking requires to run your own full node and hold some amount in the wallet. Check hardware requirements and install the computer program. Of course, periodically look for updates and that everything is OK.

Leasing to pool is the easiest way, but doesn't promote the decentralization of network. Basically, it requires only a lightweight wallet. We used to have a few pools, but at the moment there's none public.

Operating pool is an option too, however our stakepool software is not beginner-friendly.

I have a few questions. Would i have to download the whole blockchain to do solo staking? Also, why leasing to pool is
different from non custodial staking like blacknet? And more generally i would be interested to better understand the differences of these four concepts (non custodial staking, solo staking, leasing to pool and operating pool...

Thanks a lot:)

jrrsparkles

sr. member

Activity: 2520

Merit: 280

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: I_love_Crypto on May 30, 2024, 05:12:24 AM

Hello everyone,

I heard that it is possible to stake with my own wallet.
This seems to provide you the best of two worlds: you
keep control of your funds and you earn rewards with
them. That being said, the only info i can get on this
is: "Non-custodial staking is more complicated and requires
technical skills and blockchain knowledge that is beyond
most beginners".

Can someone elaborate or give a link for a better
understanding?

Thanks a lot:)

Staking doesn't really worth the risk for the rewards we get in return but still some people interested in the concept of staking and make something instead of letting their crypto on their wallet.

AVAX is a choice for you, all you need to setup your own node and have 2000 AVAX to become a validator and you can get around 7.5% APY while holding crypto in your custody.

nelson4lov

hero member

Activity: 2310

Merit: 832

🌀 Cosmic Casino

Non-custodial staking or simply managing your own staking endeavor won't be worth the effort unless you're a big time hodler of the assets that you want to take. Staking rewards are between 3-12% on most chains abd if you push to manage the staking by yourself, there's a big chance that you'll end up with net negative roi for staked assets when you factor it in.

OP, if you're a daredevil, all you need to setup Non-custodial staking is to go over the project docs, download and sync a node then proceed to stake via a mechanism (most likely a Command line interface).

Churchillvv

member

Activity: 66

Merit: 5

Eloncoin.org - Mars, here we come!

Quote from: Charles-Tim on May 31, 2024, 02:20:01 AM

Quote from: pinggoki on May 31, 2024, 02:09:42 AM

~snip~

Keplr is better but it is not also open source either. One thing about altcoins that I do not like about them is that many of the wallets used for them are close source. Keplr is better because it does not bring up unstaking problem as often as Trustwallet can bring it while unstaking the coins that you staked already.

One thing that I have noticed while making research on a non custodian wallet to chose for staking, I have found out that it's absolutely rare to find an open source wallet for staking either it's closed source or nothing.

Op you can read more from here eventually you would be interest in the details in the link below
https://forum.cardano.org/t/how-eternls-staking-vault-works/100023?u=heptasean

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Always read which wallet you're going to choose for your staking. Because even if it's not about the wallet, there are cryptos that certainly giving a timeframe of when you're able to withdraw that asset. So, you choose also the fix and flexible terms.
Always choose the flexible term so that you can withdraw anytime you want or you'll be able to send the crypto you stake rightaway to an exchange if pumps happen and you want to sell it.

electronicash

legendary

Activity: 3248

Merit: 1055

Quote from: betswift on May 31, 2024, 10:29:15 AM

Quote from: I_love_Crypto on May 30, 2024, 05:12:24 AM

Hello everyone,

I heard that it is possible to stake with my own wallet.
This seems to provide you the best of two worlds: you
keep control of your funds and you earn rewards with
them. That being said, the only info i can get on this
is: "Non-custodial staking is more complicated and requires
technical skills and blockchain knowledge that is beyond
most beginners".

Can someone elaborate or give a link for a better
understanding?

Thanks a lot:)

Depends on what asset you want to stake. Moreover, sometimes you need to stake it via the smart contract, so please, give some more exact information!

i see it that way too. there are certain token that you can stake on your wallet only and earn tokens through it. one token I held for a moment was Cardano (ADA) which you can stake inside your wallet, you just have to delegate your wallet to a pool. and then you can receive some ADA every week. of course the more you have then the more you get every week as well. that's sort of how it works.

betswift

copper member

Activity: 280

Merit: 5

Quote from: I_love_Crypto on May 30, 2024, 05:12:24 AM

Hello everyone,

I heard that it is possible to stake with my own wallet.
This seems to provide you the best of two worlds: you
keep control of your funds and you earn rewards with
them. That being said, the only info i can get on this
is: "Non-custodial staking is more complicated and requires
technical skills and blockchain knowledge that is beyond
most beginners".

Can someone elaborate or give a link for a better
understanding?

Thanks a lot:)

Depends on what asset you want to stake. Moreover, sometimes you need to stake it via the smart contract, so please, give some more exact information!

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

Quote from: Bureau on May 31, 2024, 02:41:22 AM

Keplr wallet is indeed an ope source wallet but it's Cosmos focused and doesn't allow staking of other crypto. Beng a closed source wallet, the Trust wallet is backed by Binance and does allow multiple staking of crypto. It has gained a lot of trust since it was bought by Binance. I personally don't like using multiple cryptocurrencies wallet like Trust wallet but it's interface is easier for staking and other services.

I also call it open source wallet before, until I saw this:

Quote from: https://github.com/chainapsis/keplr-wallet

Also, this repo contains submodules that are not open sourced and are only available through the Chainapsis’ official Keplr Browser Extension release. However, all primary features of the extension will work without the closed sourced submodules.

A bit of close source in an open source code makes the code to become close source already. If it is not completely opened source, it is still a close source wallet.

Bureau

sr. member

Activity: 490

Merit: 279

Quote from: Charles-Tim on May 31, 2024, 02:20:01 AM

Keplr is better but it is not also open source either. One thing about altcoins that I do not like about them is that many of the wallets used for them are close source. Keplr is better because it does not bring up unstaking problem as often as Trustwallet can bring it while unstaking the coins that you staked already.

Keplr wallet is indeed an ope source wallet but it's Cosmos focused and doesn't allow staking of other crypto. Beng a closed source wallet, the Trust wallet is backed by Binance and does allow multiple staking of crypto. It has gained a lot of trust since it was bought by Binance. I personally don't like using multiple cryptocurrencies wallet like Trust wallet but it's interface is easier for staking and other services.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

Quote from: pinggoki on May 31, 2024, 02:09:42 AM

It takes a long time for someone to get the crypto that they've staked in Trust Wallet so I don't recommend it, I have like a small amount of my ETH that's just sitting there staked in that wallet and let me tell you that it took about a day and more before I was ever able to get it out. Just go with the Keplr Wallet, I haven't used them but I think that they're much better than Trust Wallet plus do you really want to trust that wallet when you know that there have been a lot of problems with Trust Wallet in the past and it's closed source nature, I don't think it's a good idea to do so.

Trustwallet is close source and not recommended, but I do not see the wallet that I can use for the example as my knowledge is limited if it is altcoins. Only what I expect you to do is to bring open source wallets that are recommended because Trustwallet recommendation has been on my first post that I do not recommend it and expecting people to bring open source wallets that can be used for it.

Not recommending it and also saying that it is close source is just like you repeated what that I have already posted before on the same page and on the same thread.

Keplr is better but it is not also open source either. One thing about altcoins that I do not like about them is that many of the wallets used for them are close source. Keplr is better because it does not bring up unstaking problem as often as Trustwallet can bring it while unstaking the coins that you staked already.

pinggoki

sr. member

Activity: 1666

Merit: 426

Quote from: Charles-Tim on May 30, 2024, 05:24:04 AM

You can download Keplr wallet and use it to stake some coins. If you download the wallet you can easily know how it works. Trustwallet is close source but I have seen on it before that you can use it to stake some coins, you can click on 'earn' on Trustwallet and you will see the coins that you can stake. My knowledge on alts are limited, let see if other people can recommend open source wallets that you can use for staking.

It takes a long time for someone to get the crypto that they've staked in Trust Wallet so I don't recommend it, I have like a small amount of my ETH that's just sitting there staked in that wallet and let me tell you that it took about a day and more before I was ever able to get it out. Just go with the Keplr Wallet, I haven't used them but I think that they're much better than Trust Wallet plus do you really want to trust that wallet when you know that there have been a lot of problems with Trust Wallet in the past and it's closed source nature, I don't think it's a good idea to do so.

Reatim

sr. member

Activity: 2828

Merit: 357

Eloncoin.org - Mars, here we come!

Yes it is indeed possible for you to stake in your own wallet however wherever you get that quote from is correct. But I believe that it’s nothing anyone can learn. Yes you are going to need a few technical knowledge and skills under your belt however you can start with choosing which blockchain you want to stake in and finding a wallet that supports or is compatible with the blockchain you want to stake in. From there you can start reading up on their contracts and other few details.

muncuss

full member

Activity: 747

Merit: 102

It is easier now to di non custodial staking because wallet app like trustwallet offer that service. But it is not really hard either to do stake without something like trustwallet, just only need few extra step like choosing a pool

rat4

full member

Activity: 329

Merit: 197

Two-way squared

Noncustodial staking can be pretty easy. Details vary between cryptos, following is how it works in Blacknet, and it also should help with understanding in general.

Solo staking requires to run your own full node and hold some amount in the wallet. Check hardware requirements and install the computer program. Of course, periodically look for updates and that everything is OK.

Leasing to pool is the easiest way, but doesn't promote the decentralization of network. Basically, it requires only a lightweight wallet. We used to have a few pools, but at the moment there's none public.

Operating pool is an option too, however our stakepool software is not beginner-friendly.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

You can download Keplr wallet and use it to stake some coins. If you download the wallet you can easily know how it works. Trustwallet is close source but I have seen on it before that you can use it to stake some coins, you can click on 'earn' on Trustwallet and you will see the coins that you can stake. My knowledge on alts are limited, let see if other people can recommend open source wallets that you can use for staking.

I_love_Crypto

newbie

Activity: 12

Merit: 2

Hello everyone,

I heard that it is possible to stake with my own wallet.
This seems to provide you the best of two worlds: you
keep control of your funds and you earn rewards with
them. That being said, the only info i can get on this
is: "Non-custodial staking is more complicated and requires
technical skills and blockchain knowledge that is beyond
most beginners".

Can someone elaborate or give a link for a better
understanding?

Thanks a lot:)

Topic: Non custodial staking (Read 158 times)