PoS: Setup Staking Wallet with Worx Coin

I recently created a study on how Staking Rewards compare with Masternode Rewards. Without any consideration for VPS costs, putting up a collateral for MNs makes more sense, rewards-wise. However, for whichever reasons, you might still want to stake. Here's how.

Linux VPS Set-up

The instance I got was the tiny 1CPU, 1GB and 1TB of bandwidth. This seems to be ample enough to start the PoS. Given the promo I got, I have about 5-6months of free VPS instance, giving me enough time to recoup (or even EARN!) for the future costs of the investment.

If you're looking for the same set-up I have found vultr.com, to be a very reliable VPS provider.

I selected the Ubuntu 16.04 LTS setup. Having the instance ready, download the PuTTY SSH client to connect to the VPS instance.

Update Ubuntu 16.04 LTS

First and foremost, install the necessary updates!
sudo apt-get update
sudo apt-get -y dist-upgrade

Install The Worx Wallet

Next, install the Worx wallet.
bash <(curl https://raw.githubusercontent.com/worxcoin/WorxInstaller/master/worx_installer)

Select choice #2 when prompted. The script will take a while to complete, so you might want to take a coffee break. In my experience with setting this up, it takes roughly about 45 minutes to an hour.

 

Run and Sync the Worx Wallet

When the script completes it is time to sync the Worx wallet to the blockchain.

Execute this on the terminal window.
worxd

Enable Wallet Service

While the wallet syncs itself to the blockchain, you may enable the service installed by the worx_installer script above.
sudo systemctl daemon-reload
sudo systemctl enable Worx.service

Monitor the Sync Process

In order to monitor the sync process, you can interface with the Worx wallet RPC service.
worx-cli getinfo

The "blocks" from the output JSON should not increase as fast if the wallet has completely sync'd. Also, the file "debug.log" under the .worx directory would indicate the same.

(Optional) Encrypt Your Wallet

For added security, you might want to consider encrypting your wallet. I marked this optional since the wallet will not automatically stake once the Worx.service is invoked. I will go into further details later in this post.
worx-cli encryptwallet [PASSWORD]

WARNING! If for some reason you forget the password of your wallet, you will not be able to retrieve your coins.

Automatically Stake with Worx.service

If you opted to encrypt the wallet, you might want to add this line to the Worx.service file located in /etc/systemd/system.
ExecStartPost=/usr/local/bin/worx-cli walletpassphrase [PASSWORD] 0 true

However, adding the above line exposes the wallet's encryption password. It defeats the security of encryption. The trade off would be that if the Worx.service starts the wallet it will not stake unless the wallet is unlocked for staking. You have to weigh the pros and cons and decide if you want to encrypt or not.

Deposit Some Worx for Staking

Now that you have a working Worx wallet, all that is needed is to deposit some Worx in it. First, generate a Worx address on your wallet.
worx-cli getaccountaddress "WORX"

WORX can be any arbitrary label to your address. And the output can be used to send Worx coins from the exchange.

Restart Wallet

Regardless of whether you encrypted the wallet or not, it needs to be stopped. But started under the control of systemd.
worx-cli stop
sudo systemctl start Worx.service

Check Wallet Balance

Once deposit is made, you will need to check, verify and confirm balance. Any of the below commands will work.
worx-cli listaccounts
worx-cli getinfo
worx-cli getbalance

Check Staking Status

Coins mature after 101 confirmations. But it will take a while before they mature for staking. To check if the coins have indeed matured and ripe for staking, use the command below.
worx-cli getstakingstatus

The above command should indicate "mintablecoins" to "true". And when all the values are true, you need to simply wait for rewards for staking a block.

Getting notifed of any rewards is nice to have. You may also configure your wallet for push notifications to your mobile device.

 

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If you happen to find this post helpful, buy me coffee or beer by these wallets. Thanks in advance.

• Bitcoin (BTC) - 3Kyjg1Wj1PNGN3KhiRprxYvvQpdjC5kT3k
• Etherium (ETH) - 0x5F168F895C63ccC5FbEf921047bc2b63f6780c3F
• WORX - WhXE4AFWFWT13zus2thfMF4rYR7DdHSsMH

Thanks! (vote for them as witness!)

• @coff33a
• @enginewitty
• @surpassinggoogle