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PoS - Staking
Using the Proof of Stake (PoS) algorithm is the basis of many new cryptocurrencies. Staking involves the purchase of crypto coins and holding them in a wallet for a particular period of time. This is similar to a fixed deposit in the non-digital currency sphere that rewards you with a defined interest at the end of the period as stipulated in the contract. Proof of Stake also rewards you with additional coins. By holding coins in your wallet, you are rewarded for supporting the network. Therefore, your coins will increase in number depending on how long you hold them in the wallet.
Merge's wallet supports staking of MERGE starting on block 57,602.
Staking with Merge is extremely simple. Following these steps will ensure that you are on the network earning that MERGE interest.
- 2.Make sure you have sent coins into your wallet and that they have been there during at least 1 hour.
- 3.In your Merge wallet, click Settings > Unlock Wallet...:
- 4.Tick the “For anonymization and staking only” option.
- 5.Enter your passphrase and click OK:
That's it! Now your bottom right arrow will be green and you are successfully staking!
A successful stake will be seen as an entry on your "Recent transactions" and on your Transactions tab. It will look like any other deposit into your staking address.
Follow the next steps:
- 1.Close the wallet.
- 2.Go to MERGE's data directory:
- 3.Open the file merge.conf and add this entry:
- 4.Save the file and close it.
- 5.Open the wallet again and verify the up arrow is not in green colour anymore: