Bitcoin Forum

Minting guide for Philosopherstone like Cryptocurrencys


The Concept of Philosopherstones and other POS coins
 

The validation of transactions is done with Bitcoin like proof of work (POW) and something called proof of stake (POS).

The  POS is a method to securing a cryptocurrency network through requesting users to show ownership of coins defined in the “stake” field in .conf file (more later). For this energy saving process of securing the network, you get a reward for just holding the coins and unlock your wallet for minting. After the stake, coinage is destroyed.

The Reward for holding POS Coins
 

To do your first stake your coins need to generate coinage (days of coins in the same wallet which aren’t send to another wallet in this time). The days before Stake and the rewards are different between the POS coins out there. Here a short list:

                                               Days until first stake                   Interest p.a.      1. Year       2.         3.

Mintcoin                                    20                                             20%                   15%             10%       5%

Philosopherstones                      5-15                                          50%                  

Novacoin                                       30                                            starts from 100% per year and cut a half every 64x multiply of difficulty.

Peercoin                                    30                                             1%
Blackcoin                                                                                    1%
 

Howto enable wallet for minting:
 

1.    Once you downloaded the wallet you need to encrypt you wallet. Go to “settings” and click “encrypt wallet”. Set a min. 8 char password with special characters and numbers but write it down, because you can’t get it back if u loose them.



2.    Now we need to create a conf file in %appdata% (just paste this in windows explorer navigation) and go to your Philosopherstone, Mintcoin ... folder. Here is your wallet.dat. Now create a new file called “philosopherstone.conf or mintcoin.conf or somethingelse.conf”. Put in these lines and replace “yourusername” and “yourpassword” with something strong and random. !Pls not your wallet pass!
Then safe and exit.


server=1
  rpcuser=**Yourusername**
  rpcpassword=**Yourpassword**
  rpcport=16282
  rpcconnect=127.0.0.1
 
 


3.    Now go to your Philosopherstone or Mintcoin folder where philosopherstone-qt and stoned.exe are in.

Now create a file called mint.bat and put in these lines:  
  
 for PHS
@echo off
@echo Enter PHS password...
SET /P variable=Password :
stoned.exe walletpassphrase %variable% 9999999 true

for mint
@echo off
@echo Enter PHS password...
SET /P variable=Password :
mintcoind.exe walletpassphrase %variable% 9999999 true


4.    Everytime you click on this batch file it will ask you for your wallet password and then unlock the wallet for minting. You can check if minting is enabled, if you hover over the lock symbol in the downer left corner.


If u find this helfpfull you can donate ;)

PHS: 9nL16kFtxh5e86HQGvs7fnAnkq1Mx3mXbs Mint: Msyymc4SBmpRAxyh4eBi2ggr8vM6SHXdJ2
 

Greetings


Ps: If u find any Misspellings or recommendations pls tell me  i will keep this up to date :)





 

 

 

very helpful, thank you

So it doesnt just start producing them automatically?  I was wondering why its been 16 days and i dont see anything yet...dammit


ok, so when i run that bat file, am i entering the password that i put into the .conf file?

or is it a wallet encrypt file that i create inside the wallet program?

no problem you already produced coinage so you can start directly :)


Thx :D

Suppose now that ive encrypted the wallet, I HAVE to use that bat file somehow?


EDIT:  got it unlocked, but no stake yet...does it still calculate time that passed while the wallet was closed?

Yess it also produce coinage while the wallet is offline. Sometimes the stake comes directly after unlocking, sometimes it needs some time until stake so leave the wallet open once you think there is enough coinage . Depends on how much coins you got and how long you waited before stake (more coinage)

I hope its clear now ;)
Greetings

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HBN and PHS.

Check out my HBN Investment Journal. Link is in my sig below

So is staking and minting the same thing?