Topic: PPCoin Proof of Stake Minting Setup Guide - page 6. (Read 57034 times)

Yeah the gui has a little delay to update so if you ran the script twice it would report that error on the 2nd time.

I followed the guide .. created the bat file. when I execute the bat file I get this:


but the gui still says  Minting suspended due to a locked wallet.


edit:  after a while the gui is right and now the client is unlocked for block minting purpose... Thank you for the guide....

Added some info to the first post...  

Proof of Stake Important Concepts
Coin-Age:  I receive 10 coins from Person X and hold them for 30 days, those particular coins have a combined coin age of 300 coin-days.
Generating A Coinstake:  Once minting is unlocked you can generate a coinstake which consumes your coin age in exchange for generating a block with profit.  The greater the coin age the higher probability that the proof of stake will be generated, if you are offline for a couple years for example when you reconnect you will probably generate a proof of stake almost immediately however you may have missed opportunities for compounding earlier.
Transferring coins to another person: Destroys all coin-age attached... only static coins gain age.

For detailed info please review the ppcoin whitepaper -> http://www.ppcoin.org/static/ppcoin-paper.pdf

The actual probability of it generating does adjust based on network factors.

Question:

If I mint with 100PPC, how high is the probability to receive - let's say - 0.1 ppc after 30 days?

How is the minting rate and amount calculated?

HowMuchCoinsPerDay(n: Coins, x: CoinAge)

Thanks, corrected now!

Typo here: should be 'lock'

Great!  


You are now passively generating "Proof of Stake", the unique feature of PPCoin, essentially a small amount of interest just from holding the currency.  

So as long as your wallet is unlocked as shown in the main post you will average about 1 PPC per 100 PPC each year.  Any coins you have need to mature for a while so you won't see the "interest" for a while.


Yes, it's not mining in the traditional sense which is generally applied to "Proof of Work" blocks... for that you should use a separate program such as Reaper or CGMiner, just like with Bitcoin or Litecoin.  You can find more info on that here -> http://cryptocur.com/ppcoin-ppc-mining-guide-gpu/.  You can have both going at the same time, "Proof of Work" is actively mining more PPC blocks (normal mining) while your "Proof of Stake" (your PPC balance in your wallet) is passively accumulating interest over time.

Good guide thanks! One more thing, in the minting-only unlock mode, you cannot send coins in gui I think in the current release. In order to send coins you should lock wallet first and then send as usual.

ppcoind walletlock

Thanks, I've updated my post above saying that indeed the PPCoin-Qt's status message changed

Now, ppcoind says generate=false when I do "getmininginfo", does it mean it's not mining?


Also, if you know about how stake rewards work, could you elaborate on:


I'm really fuzzy on what is the difficulty of finding stakes is. Assuming I did find one, though, I guess 1% means I'll be getting 1 PPCoin per 100 PPCoins in wallet?

Thanks!  Yep, that's correct behavior... did you see if you got the correct message in the QT client?  When you hover over the lock it should say "Wallet is encrypted and currently unlocked for block minting only."

Good guide! So far I've followed instructions exactly, but when I run mint.bat, ppcoind just exists without any error message. What gives?

EDIT: Okay, I see, my PPCoin-Qt UI now says "Wallet is encrypted and currently unlocked for block minting purposes only". So I guess that mint.bat ppcoind command should not stay running in the background. Now, how do I know that block minting is actually occurring?

EDIT2: See this helpful Youtube tutoral for walkthrough!

PPCoin Proof of Stake Minting Setup Guide

One of the unique features of PPCoin is the concept of "Proof of Stake" which allows stakeholders (essentially anyone with PPC in their wallet) to generate "interest" on their reserves.  Since I could not find an easy to read guide I have written one myself so that you can start collecting "Proof of Stake" on your PPCoin balance as well!

Step One:

As with all Crypto Coins is to encrypt your wallet... so run the PPCoin-Qt go to the options menu and encrypt your wallet with a strong password.  DO NOT LOSE THE PASSWORD OR YOU LOSE ALL YOUR COINS... FOREVER!!!!  Sorry to be melodramatic but it's important!

Step Two:

Go to your %appdata% folder (usually something like C:\Users\Admin\AppData\Roaming\PPCoin) and create a PPCoin.conf text file as follows.


Note that the username and password can be anything it doesn't matter (it is NOT your wallet password and you should not make it your wallet password for security reasons) so make it something long and obnoxious.

For more info on reservebalance check the FAQ -> https://github.com/ppcoin/ppcoin/wiki/FAQ

Step Three

Now run the PPCoin-Qt program and open your wallet.  Go to wherever PPCoin is installed:  Usually it's C:\Program Files (x86)\PPCoin\, in that folder you will see PPCoin-Qt.exe along with a daemon folder.  Within the "daemon" folder create a batch file called "mint.bat".


This batch file will ask you for your wallet password and will unlock your wallet for minting purposes only, any transfers will still require your password to be initiated.  This must be run each time the client is restarted.  

If you did everything correctly you can hover over the lock icon in the lower right corner and it will say "Wallet is encrypted and currently unlocked for block minting only".  In theory you could just have a shortcut or batch file with the password entered but then you'd have a shortcut that has your wallet password sitting in plaintext on your computer which is a terrible idea!

Step Four

Sit back and relax.  

Once you have the client running and you are getting the "unlocked for block minting only" message over the lock you just sit back (for a long time) and let the interest accrue.  

It will be approximately 1% per year on your PPC balance.  Note that it takes a while for freshly minted coins to mature so you will not see interest generated right away.

Extra Information:
The current release of the client will send coins without a password while in minting mode (this may be changed in a future update).

Proof of Stake Important Concepts
Coin-Age:  I receive 10 coins from Person X and hold them for 30 days, those particular coins have a combined coin age of 300 coin-days.
Generating A Coinstake:  Once minting is unlocked you can generate a coinstake which consumes your coin age in exchange for generating a block with profit.  The greater the coin age the higher probability that the proof of stake will be generated, if you are offline for a couple years for example when you reconnect you will probably generate a proof of stake almost immediately however you may have missed opportunities for compounding earlier.
Transferring coins to another person: Destroys all coin-age attached... only static coins gain age.

For detailed info please review the ppcoin whitepaper -> http://www.ppcoin.org/static/ppcoin-paper.pdf


Questions / Comments
If you have any questions post here and I'll try and update this guide with any needed information!

If you found this guide helpful my Tip addresses are:
PPC: PXWSoRA2c6qbiy6o4pS4tt68S6jtssEGQU BTC: 1HujuRGYtFgj7Em1pnhX22KAYnY9sxGAR6 LTC: LPiK3W3F7uqDHsBumArby7akVf7zW9UrhG