Learn more about Pinkcoin Staking by reading this guide on how to set up a Wallet to earn POS rewards. Begin staking your Pinkcoin using the official Windows Wallet Client as part of our ”Blockchain Guides” Series
STEP 1 – DOWNLOAD THE OFFICIAL PINKCOIN WALLET CLIENT
First Step is to download the necessary files required to get started, you’ll need to download the Official Pinkcoin Wallet Client that let’s stake Pinkcoin in order to earn some the newly distributed minted Tokens
Keep in Mind that you will need a 64-Bit Windows PC in order to run Pinkcoin’s Desktop Client
STEP 2 – INSTALL & SYNC THE WALLET
Install the official Desktop Client, it will act as a Cold Wallet that safely stores Pinkcoin on your Computer, giving you full responsibility over your Tokens.
Just like syncing a Bitcoin Wallet when it comes to Mining, it will take some time for a new Pinkcoin Wallet Client to fully sync with the Network, during this time it’s downloading every transaction that ever occurred on the Network, this would mean that a new wallet is required to have downloaded a full copy of the Blockchain to able to begin Staking
This process will automatically run in the background, there is no need to get all technical but patient is the key here since you will need to wait for it to be ”Full Sync”
STEP 3 – MANAGE & CREATE A NEW RECEIVING ADDRESS
Within the Desktop Client, lookup ”Receive Coins” tab to manage your Pinkcoin Addresses, you can add, label and also displays your Private Master Key. Just Click ‘new address’ at the bottom of Client, from there you can Label your new Wallet by giving it a name and you’ll have the option to make it a Stealth Address. Copy the key under the address column in the Pinkcoin wallet into the exchange wallet and click send.
Just Click ”new address” at the bottom of Client, from there just label your new Wallet by giving it a name and you’ll have the option to make it a Stealth Address. Copy your Pinkcoin address on the Exchange to sent tokens directly to the Official Wallet receiving address
You should see your coins show up in Transactions. Fact: It will take 5 confirmations before your coins are spendable
TRANSFER PINKCOIN FROM EXCHANGE TO YOUR WALLET
No doubt you’ll have purchased some Pinkcoin on a Crypto-exchange, now just send them to your official wallet address
STEP 4 – ALLOW COINS TO MATURE
Just like any other Cryptocurrency, ‘‘confirmations” is the term used to Confirm “to make firm or more firm; add strength to; settle or establish firmly” a Transaction record within a distributed ledger.
Each confirmation you get on the network strengthens the transaction since with each subsequent block that is found, the number of confirmations is increased by one
So before you can begin Staking after Transferring Pinkcoins to your Account, you must allow the tokens to mature by letting it remain idle in the Wallet
There will be a waiting time so expect it to take around 6-8 hours or 101 confirmations before tokens will be ready for Staking, this is to strengthen the network by requiring recent transferred Pinkcoins to mature through set amount of confirmations to ensure the transaction is legit & verified by the Distributed Leger
STEP 5 – ENCRYPTING YOUR WALLET WITH A PASSPHRASE
Before you begin to Stake, there is the need to Encrypt your Wallet, which is simply done by setting a password to secure your Account.
Remember that this should be Long and Hard to guess Password since Security should be your number one priority when it comes to keeping Digital Money safe. When you set a Password it will encrypt the official ‘Wallet.dat’ file which is where all Pinkcoin’s will be stored, losing access to this means that you won’t be able to retrieve all your Pinkcoin stored in your Wallet
STEP 6 – UNLOCKING YOUR WALLET FOR STAKING MODE
Staking requires your wallet to be unlocked. Click the small padlock on the bottom right of your wallet. Tick the tickbox “For Staking Only”. As a security measure, type the password that you’ve just created in Step 5 and select the Tickbox ”For Staking Only”, to allow the wallet to be unlocked
STEP 7 – MAKING SURE YOU’RE ALL SET TO STAKE PINKCOIN
Once you have completed all the following Steps, let Blockchain Technology do the rest and just leave your Computer running to stake your Pinkcoins. In order to Stake your Pinkcoins, you’re required to be connected to the Internet, this means you can’t shut down your Computer as the Pinkcoin Wallet Client needs to run the background and connected to the Network
To check that you’re actually staking, look out for an Upwards Pointing Green Arrow located at the bottom right, this is an indication that you’re currently in Staking Mode.
At the Bottom, are all the Indicators that you need to look for: A Green Tick to confirm that you’re fully synced with an up to date Blockchain Ledger, Notification that the Wallet is Encrypted and an Open Lock to show Wallet is Unlocked. The upwards pointing Green Arrow that provides some Staking Statistics such as the Weight, Network Weight & chance to stake within an Hour