Staking is a great way to earn a passive income whilst helping to provide essential security for the blockchain network. Stakenet has worked to ensure that staking is accessible for everyone who owns XSN. There are currently 3 recommended ways to stake XSN coins: XSN Cloud Pooled Staking, XSN Core Wallet Staking and Cold Staking (TPoS).
Staking is the act of holding Proof of Stake (PoS) coins in a staking node to mint (or forge) new blocks. Minting (or forging) is the act of creating new blocks in a Proof of Stake blockchain to have a chance to receive a block reward.
A staking node is a computer that runs the coin’s wallet with a positive coin balance. The wallet will automatically stake by using the node’s resources to protect the blockchain by verifying the legitimacy of the transactions. For its services, the blockchain will send rewards (coin payments). Rewards are based on the number of coins the wallet owns; the more coins the more chances there are to receive a reward. The node must always be online or it won’t be staking and therefore not receiving rewards.
With XSN, every 60 seconds a block is produced which mints 20 XSN and these are split 45 % (9 XSN) to staking nodes, 45 % (9 XSN) to Masternodes and 10 % (2 XSN) to the treasury to pay for development. Staking secures the network while Masternodes provide services for the network.
Read the full official article about XSN Staking on : https://medium.com/stakenet/trustless-proof-of-stake-tpos-wallet-staking-and-pooled-staking
Find the latest average stats on the endpoint: https://xsnexplorer.io/api/xsn/rewards-summary
With Stakenet you can easily stake your XSN coins in various ways with almost no requirements.
Once you have at least 1 XSN in your wallet, you can pick any of the following options, or even all of them.
This video is great to get an overview of the different staking options:
If you are in control of the coin address that is actually staking (Option B & Option C), its recommended to adjust your address UTXOs on the current average input which is 2518.91 XSN to have the optimal staking reward chances. Head over to the Staking XSN Core Wallet command section to set it up.
Prerequisite: For this option you need to have an account registered on the XSN Cloud, because you will be using it's Staking-as-a-Service.
Once signed up, you need to deposit your XSN coins to the XSN Cloud deposit address and after 24h, you will automatically see the first rewards incoming. As rewards are earned they are split between all the stakers in the pool. This means you get smaller and more frequent rewards paid into your wallet as opposed to full block rewards of 9 XSN at a time as you would using other methods of staking.
For XSN, fees deducted are a percentage equivalent to [2.5 * (amount of coins in the pool / circulating supply)]. E.g. if there's 4 000 000 XSN in the pool and the circulating supply is 80 000 000 XSN, fees will be [2.5 * ( 4 000 000 / 80 000 000)] = 12,5%. The higher the pool percentage represents over the total circulating supply, the higher the fee. This is done as a mean to avoid centralization, and for people that can afford it to use TPoS instead as it is much more secure.
It is important to note that the XSN Cloud service is a centralized service and as such does carry the risks associated with using centralized services. It is the same as sending your coins to an exchange where you have to trust them with your assets as you do not own the private keys to them. For this reason, Stakenet strongly recommends to use the XSN Cloud only for smaller balances.
Prerequisite: XSN Core Wallet, latest release can be downloaded from github.com/X9Developers/XSN/releases.
Wallet staking involves running the XSN Core Wallet 24/7 with your XSN in it. To get started, you just have to install the wallet, send your XSN to it and leave it unlocked and running, after 24 hours your XSN will be eligible to receive staking rewards. You can activate “unlock for staking only” within the wallet for extra security for your XSN. This means nobody can move your funds without using your passphrase to unlock them to keep the coins secure while leaving the wallet running on the computer. With this kind of staking you win full block rewards, so every time you mint a new block, you will receive 9 XSN. You can begin normal wallet staking with any amount of XSN in the XSN Core Wallet.
Cold Staking with XSN is achieved through a Stakenet original technology called Trustless Proof of Stake (TPoS) which allows you to stake from cold storage. TPoS offers the greatest level of security to your XSN as your balance is kept offline (not connected to the internet so is not at risk of hackers, for example). Once the TPoS contract is set up, you can take your wallet offline and then in a few days, weeks, months, years, just open up your wallet and all your rewards earned will be there waiting for you.
You can use TPoS via the XSN Core Wallet but soon you will be able to use it directly from hardware devices such a Trezor and Ledger as well as our own hardware device XSN Viper X, turning them into cold-storage staking devices. We will also be adding TPoS to our new multi-currency wallet XSN Viper Light.
Or do you want to become a XSN TPoS Merchant yourself? Checkout the following tutorial to get started:
Open the XSN Core Wallet and the debug console (Tools > Debug console) to execute any of the following commands: