Unlike Bitcoin, Qtum (quantum chain) uses a proof-of-stake (PoS) mechanism and does not require mining using mining machines. Strictly speaking, the PoS mechanism is not "mining", you don't need to consume a lot of computing resources, you only need to download a full node wallet, become a node of the Qtum network, and deposit a certain amount of Qtum coins into the wallet, you will have the opportunity to help the Qtum network confirm the transaction and package the block, and get some Qtum coin rewards. The process of obtaining this virtual currency reward is known as PoS "mining".
Let's take a look at the estimated earnings first, and use the tools on this website to see the estimated earnings:
https://qtumexplorer.io/qtum-staking-calculator
Assuming that 10,000 Qtums are invested, it is expected to generate 674 Qtums in a year. 6.74% doesn't seem to be able to outperform GDP, but if you really have this income, if you are really optimistic about Qtum, this rate of return is not bad for a long-term appreciation.
Qtum currently has more than 1,000 full nodes, distributed in 57 countries, compared to Bitcoin's 10,000 full nodes, Qtum's current mining competition is not large, and it will not lose anything if it is stored in the wallet for automatic mining, which is worth trying.
Step 1: Download the wallet
https://github.com/qtumproject/qtum/releases
In Quickstart, find the installation file you want to download according to your device. Personal use of Mac, can only use the Mac version of the display, but it's the same.
Qtum will release a mobile version of the wallet at the end of the year, and you can download the mobile version to dig directly on your mobile phone....
After downloading, make sure that the computer has enough hard disk space, currently need to prepare more than 2GB, note that the full node wallet will become larger and larger with the increasing number of transactions on the Qtum network.
Step 2: Install the wallet
When installing the Mac version, you will be prompted: Non-certified developers cannot open it.
Solution: Find the Qtum Core icon in the application and right-click Open, and make sure you want to open it.
If you have a fast internet speed, you can download it in a few minutes:
Step 3: Encrypt your wallet
After installing the wallet, don't rush to deposit coins into it, first set a password (Passphrase) for the wallet.
In Settings, select Encrypt Wallet.
Be sure to think of a password that is unique and will not be forgotten. It is best to type it clearly first, and then copy it.
My experience: I tried to charge 2 coins first, and then set the password, and it was entered twice to confirm, after setting the password, I couldn't unlock it!! I forgot the password as soon as it was set, and I was also drunk. In fact, I haven't forgotten the password, so I don't know where I pressed the wrong password, and I can no longer unlock the wallet, and it is unjust enough to lose 2 coins for no reason.
Playing with a virtual currency wallet, you are destined to lose more or less coins sooner or later, this is a lesson!
Step 4: Try Wallet Deposit
Click Receive, Request payment, and a new address will be generated.
Or you can see the existing receiving addresses in File, Receiving addresses:
Then withdraw coins from the exchange to the wallet. It is best to try it first with a small amount.
Qtum network transfers are extremely fast and arrive in seconds. 2 Qtums deducted 0.01 fees.
Step 5: Back up your wallet
Select File, Backup Wallet, and export a dat format file, this wallet file can be restored with the wallet password, be sure to back it up and save it.
Step 6: Export the private key
Private keys refer to this article everywhere:
https://steemit.com/blockchain/@zege-studio/77cs9r-qtum
It is best to disconnect the Internet first and turn off the wifi.
Then enter in Help--Debug window--Console:
"walletpassphrase <你设的密码> <允许钱包打开限定的秒数>"
Remove double quotation marks and parentheses, and keep spaces. If successful, it returns null.
Enter now:
"dumpprivkey<你的地址>"
That is, to generate a private key for this address, Qtum is an address corresponding to a private key. After the private key comes out, be sure to find a way to save the private key, and then be sure to clear the command line code. If the private key is leaked, then there is nothing....
Step 7: Wait for the coins
After backing up the wallet file and the private key of the address, you can almost deposit coins into it with confidence.
You will find that you still cannot stake mining, and the lightning bolt icon in the lower right corner will prompt: Not Staking because you don't have mature coins.
Depositing Qtum coins does not allow you to participate in PoS immediately, you need to put it in for a period of time, and when your coin "matures", it will be automatically mined.
It takes 500 blocks to mature, and the average block time of Qtum is 1-3 minutes, which takes a few days, so wait and see.
For PoS mining, to unlock the wallet, check the For staking only option.
Summary:
Overall, it is said that Qtum wallet is very easy to use, Qtum combines the advantages of Bitcoin and Ethereum, and it is not just a blow, nor is it just copying the code of the two. Direct 2M blocks, fast currency transfer speed; Distributed governance protocols are not afraid of forks; PoS mining in one step.... You can also create various smart contracts with templates in the wallet....
Posted on 3/7/2018 4:37:51 PM
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