It would be nice if we can get remote staking (hot-/cold-wallet setup) for spectrecoin, like NEM's remote harvesting or remote masternodes with DASH.
I don't feel comfortable with leaving a hot-wallet open 24/7.
I don't feel comfortable with leaving a hot-wallet open 24/7.
The spectrecoin wallet when stacking is open only for stacking.
In stacking, it is closed to send, ask for the password again before.
Spectrecoin is safe as much as your password. So is Bitcoin.
If you can not use a good password, I think you should not use crypto-currencies.
To compare, this image is very good:
https://bitcointalksearch.org/topic/m.17630837
If you do not care about privacy, it's okay to use Dash or Bitcoin.
Well I do care about privacy, that's why I'm interested in this coin and hope the devs will deliver.
However, I think a privacy centered coin should also offer a safe way to stake and with the same wallet which holds your coins, that's not the case.
Imho the best way to stake would be to have the wallet open on a cheap VPS.
Trusting a 3rd party (VPS provider) with your private key is a no-go, even if it's secured with a strong passphrase.
Therefore the option of remote staking would be a great security enhancement for this coin and I hope the devs will consider that for future releases.
Could someone explain to noobish me what remote staking means or how it works?
Somehow the entity who has access to the private key needs to be connected to the internet, right? So what is the alternative to keeping the wallet open?It's explained in the NEM FAQ https://www.nem.io/faq.html#howDelegateHarvest
Basically you are lending your staking power to another account, preferably with an empty wallet.
First you generate a key with your original wallet, which is only used for staking and activate remote staking. (This key has nothing to do with with your funds and private key.)
Then you can close your original wallet and put this key in the config of another wallet, which is and stays empty.
The empty wallet stays open for staking and all rewards are going to the original wallet.
The benefit of this setup is, that the wallet with your funds is only needed when starting remote staking and afterwards it can stay offline.
If the server with your staking wallet gets compromised, in the worst case, the staking key gets stolen and then the attacker can stake for your wallet
This architecture in connection with trezor would be a very secure setup.
