PPCoin Proof of Stake Minting Setup Guide

[Sunny King]

Sunny,

I have gone through the steps but I can't get into minting mode. I am still seeing "Info: Minting suspended due to locked wallet". on the lower left and "Wallet is encrypted and locked" when hovering over the lock in the lower right.

I have gone through your following steps 1-4.  After starting the wallet up (in the several times I've tried this), I run the mint.bat file and enter my password- to clarify, this is the encryption password for the wallet and not the rpc password in step 2, correct?

before the terminal window disappears i can briefly see "Error: type mismatch".

Any idea of how to fix this?

Thanks and regards-

Oh I haven't tried xk5's script, yeah it was meant to be wallet passphrase, to see it you can start->run->'cmd' and then cd to the script directory to run it on command line, so you can see the errors properly without the terminal closing on you.

[1714942652]

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[gramma]

Do you have an ampersand in your encryption password?

[kokojie]

Two questions:

1. how do I mint PoS without encrypting my wallet?

2. can I still send coins to my wallet while it is locked for minting?

[InitialLetter]

I believe I read somewhere that user wouldn't be able to send payments from encrypted wallet while it is "open for minting purpose only". However, I tried sending 0.1 coins in this state and they went through without asking password. Can anyone confirm this observation?

Maybe I understood the logic wrong?

[Sunny King]

I believe I read somewhere that user wouldn't be able to send payments from encrypted wallet while it is "open for minting purpose only". However, I tried sending 0.1 coins in this state and they went through without asking password. Can anyone confirm this observation?

Maybe I understood the logic wrong?

Oh ok so maybe I stand corrected. Only rpc on commandline is currently blocked from sending. This is actually considered a bug as the qt should ask you for passphrase in a future release.

[kong2029]

Do you have an ampersand in your encryption password?

No I don't.  I have upper and lower case letters, spaces, and numbers.  'type mismatch' is a variable type error, I believe.  Maybe the spaces?

[kong2029]

Do you have an ampersand in your encryption password?

No I don't.  I have upper and lower case letters, spaces, and numbers.  'type mismatch' is a variable type error, I believe.  Maybe the spaces?

FYI, I removed spaces from my password and the wallet unlocked and went into minting mode.

[kong2029]

I believe I read somewhere that user wouldn't be able to send payments from encrypted wallet while it is "open for minting purpose only". However, I tried sending 0.1 coins in this state and they went through without asking password. Can anyone confirm this observation?

Maybe I understood the logic wrong?

I can confirm this- I had the same thing happen.

[kneim]

How can I identify the instance that created the last Proof-of-Stake block? I want to identify PoS-blocks in-a-row.

[kneim]

And how do I identify if a specific PoS block is created by myself?

[Yurizhai]

So do I need to simply unlock for mining for just 2 minutes or so, every week or two? Or leave it unlocked for hours at a time?

[xk5]

I believe I read somewhere that user wouldn't be able to send payments from encrypted wallet while it is "open for minting purpose only". However, I tried sending 0.1 coins in this state and they went through without asking password. Can anyone confirm this observation?

Maybe I understood the logic wrong?

I can confirm this- I had the same thing happen.

Thanks for the info, I've updated the main post!

[mhps]

Two questions:

1. how do I mint PoS without encrypting my wallet?

2. can I still send coins to my wallet while it is locked for minting?

Can someone answer this? I can't be borthered to encrypting my wallet (or maybe I don't want to forget the password after a year). Can I still mint PoS? If I can, do I just run ppcoin-qt to check if I find  a block? Do I need to edit ppcoin.conf ?

Thanks

[MaxGen]

FYI, if your pass phrase has spaces, like mine, which is a combination of 8 words with spaces, - When entering the password after running mint.bat, encapsulate the passphrase in quotes ""

That will eliminate the "Type mismatch error"

Do you have an ampersand in your encryption password?

No I don't.  I have upper and lower case letters, spaces, and numbers.  'type mismatch' is a variable type error, I believe.  Maybe the spaces?

FYI, I removed spaces from my password and the wallet unlocked and went into minting mode.

[owsleybeatsbigcartel]

PPCoin Proof of Stake Minting Setup Guide

One of the unique features of PPCoin is the concept of "Proof of Stake" which allows stakeholders (essentially anyone with PPC in their wallet) to generate "interest" on their reserves.  Since I could not find an easy to read guide I have written one myself so that you can start collecting "Proof of Stake" on your PPCoin balance as well!

Step One:

As with all Crypto Coins is to encrypt your wallet... so run the PPCoin-Qt go to the options menu and encrypt your wallet with a strong password.  DO NOT LOSE THE PASSWORD OR YOU LOSE ALL YOUR COINS... FOREVER!!!!  Sorry to be melodramatic but it's important!

Step Two:

Go to your %appdata% folder (usually something like C:\Users\Admin\AppData\Roaming\PPCoin) and create a PPCoin.conf text file as follows.

Code:

#ppcoin.conf
# JSON-RPC options (for controlling a running ppcoind process)

#Server mode allows Qt to accept JSON-RPC commands
server=1

# You must set rpcuser and rpcpassword to secure the JSON-RPC api
rpcuser=<A username>
rpcpassword=<A random password>

#The reserve balance field is the minimum amount of coins you want to have available and NOT put up as stake.  
#The reason for this is that if you are generating proof of stake you cannot spend those coins for 520 blocks.
#reservebalance=10000

Note that the username and password can be anything it doesn't matter (it is NOT your wallet password and you should not make it your wallet password for security reasons) so make it something long and obnoxious.

For more info on reservebalance check the FAQ -> https://github.com/ppcoin/ppcoin/wiki/FAQ

Step Three

Now run the PPCoin-Qt program and open your wallet.  Go to wherever PPCoin is installed:  Usually it's C:\Program Files (x86)\PPCoin\, in that folder you will see PPCoin-Qt.exe along with a daemon folder.  Within the "daemon" folder create a batch file called "mint.bat".

Code:

@echo off
@echo Enter PPC password...
SET /P variable=Password : 
ppcoind walletpassphrase %variable% 9999999 true

This batch file will ask you for your wallet password and will unlock your wallet for minting purposes only, any transfers will still require your password to be initiated.  This must be run each time the client is restarted.  

If you did everything correctly you can hover over the lock icon in the lower right corner and it will say "Wallet is encrypted and currently unlocked for block minting only".  In theory you could just have a shortcut or batch file with the password entered but then you'd have a shortcut that has your wallet password sitting in plaintext on your computer which is a terrible idea!

Step Four

Sit back and relax.  

Once you have the client running and you are getting the "unlocked for block minting only" message over the lock you just sit back (for a long time) and let the interest accrue.  

It will be approximately 1% per year on your PPC balance.  Note that it takes a while for freshly minted coins to mature so you will not see interest generated right away.

Extra Information:
The current release of the client will send coins without a password while in minting mode (this may be changed in a future update).

Proof of Stake Important Concepts
Coin-Age:  I receive 10 coins from Person X and hold them for 30 days, those particular coins have a combined coin age of 300 coin-days.
Generating A Coinstake:  Once minting is unlocked you can generate a coinstake which consumes your coin age in exchange for generating a block with profit.  The greater the coin age the higher probability that the proof of stake will be generated, if you are offline for a couple years for example when you reconnect you will probably generate a proof of stake almost immediately however you may have missed opportunities for compounding earlier.
Transferring coins to another person: Destroys all coin-age attached... only static coins gain age.

For detailed info please review the ppcoin whitepaper -> http://www.ppcoin.org/static/ppcoin-paper.pdf


Questions / Comments
If you have any questions post here and I'll try and update this guide with any needed information!

If you found this guide helpful my Tip addresses are:
PPC: PXWSoRA2c6qbiy6o4pS4tt68S6jtssEGQU BTC: 1HujuRGYtFgj7Em1pnhX22KAYnY9sxGAR6 LTC: LPiK3W3F7uqDHsBumArby7akVf7zW9UrhG

step by step how do you decrypt an encrypted addy?~via debug window?  tia!

[jubalix]

does it matter if I have balances on different addresses in the same wallet

does sending coins to a new address in my wallet destroy coin age?

even if the coins do not move, ie comes up send to self.

how long does it take for 520 block to go, ie until I can use the coins that I have been using since I used them for minting, once I stop minting

my current client says 0.3.0 beta do I have to upgrade?

[lucasjkr]

followed the instructions a few times, and kept having issues with the password (ppcoind would report password as being wrong even when i copied and pasted the same one into it and ppcoin-qt). Finally took out all the special characters and now ppcoin-qt reports wallet is unlocked for minting purposes.

I set a very low reserve balance for the time being. But the QT client reports all my coins as being part of my "Balance", with none of them a part of my "Stake". How do I get it so that PPCoin-QT moves my ordinary balance to being a part of my stake balance instead?

[mhps]

followed the instructions a few times, and kept having issues with the password (ppcoind would report password as being wrong even when i copied and pasted the same one into it and ppcoin-qt). Finally took out all the special characters and now ppcoin-qt reports wallet is unlocked for minting purposes.

I set a very low reserve balance for the time being. But the QT client reports all my coins as being part of my "Balance", with none of them a part of my "Stake". How do I get it so that PPCoin-QT moves my ordinary balance to being a part of my stake balance instead?

See a similar question of mine answered here https://bitcointalk.org/index.php?topic=101820.msg2641454#msg2641454

[crazyearner]

Hello need some help here where would I go about adding to this conf file for solo mining

Code:

# ppcoin.conf configuration file. Lines beginning with # are comments.

# Network-related settings:

# Run on the test network instead of the real bitcoin network.
#testnet=0

# Connect via a socks4 proxy - default none
#proxy=127.0.0.1:9950
# Accepting incoming connections
listen=1
# UPnP
upnp=1

##############################################################
## Quick Primer on addnode vs connect ##
## Let's say for instance you use addnode=4.2.2.4 ##
## addnode will connect you to and tell you about the ##
## nodes connected to 4.2.2.4. In addition it will tell ##
## the other nodes connected to it that you exist so ##
## they can connect to you. ##
## connect will not do the above when you 'connect' to it. ##
## It will *only* connect you to 4.2.2.4 and no one else.##
## ##
## So if you're behind a firewall, or have other problems ##
## finding nodes, add some using 'addnode'. ##
## ##
## If you want to stay private, use 'connect' to only ##
## connect to "trusted" nodes. ##
## ##
## If you run multiple nodes on a LAN, there's no need for ##
## all of them to open lots of connections. Instead ##
## 'connect' them all to one node that is port forwarded ##
## and has lots of connections. ##
## Thanks goes to [Noodle] on Freenode. ##
##############################################################

# Use as many addnode= settings as you like to connect to specific peers
#addnode=69.164.218.197
#addnode=10.0.0.2:8333

# ... or use as many connect= settings as you like to connect ONLY
# to specific peers:
#connect=69.164.218.197
#connect=10.0.0.1:8333

# Maximum number of inbound+outbound connections.
#maxconnections=

# JSON-RPC options (for controlling a running Bitcoin/bitcoind process)

# server=1 tells Bitcoin-QT to accept JSON-RPC commands.
server=1

# You must set rpcuser and rpcpassword to secure the JSON-RPC api
rpcuser=edited
rpcpassword=edited

# How many seconds bitcoin will wait for a complete RPC HTTP request.
# after the HTTP connection is established.
rpctimeout=30

# By default, only RPC connections from localhost are allowed. Specify
# as many rpcallowip= settings as you like to allow connections from
# other hosts (and you may use * as a wildcard character):
rpcallowip=
rpcallowip=
rpcallowip=
rpcallowip=
rpcallowip=
rpcallowip=
# Listen for RPC connections on this TCP port:
rpcport=9902

# You can use ppcoind to send commands to ppcoind
# running on another host using this option:
rpcconnect=127.0.0.1

# Use Secure Sockets Layer (also known as TLS or HTTPS) to communicate
# with ppcoind
#rpcssl=1

# OpenSSL settings used when rpcssl=1
#rpcsslciphers=TLSv1+HIGH:!SSLv2:!aNULL:!eNULL:!AH:!3DES:@STRENGTH
#rpcsslcertificatechainfile=server.cert
#rpcsslprivatekeyfile=server.pem

# Miscellaneous options

# Set gen=1 to attempt to generate ppcoins using built-in CPU mining
gen=0

# Use SSE instructions to try to generate bitcoins faster.
4way=1

# Pre-generate this many public/private key pairs, so wallet backups will be valid for
# both prior transactions and several dozen future transactions.
#keypool=100

# Pay transaction fee amount per kilo-byte. Default 0.01 (1 cent)
# Minimum required 0.01 (1 cent)
paytxfee=0.01

# Allow direct connections for the 'pay via IP address' feature.
#allowreceivebyip=1

Where would I add the other data in order to use while solo mining thx.

Also another question is do I need that conf any more or is this still needed for solo mining ?

[mullick]

I would be very happy if users start contributing to the github wiki page, so far there is a lot a complaints and no contributions, except for the quite nicely done reddit discussion forum page.

As to the website, there is nothing preventing anybody designing a nicer portal than ppcoin.org, I have a separate domain name ppcoin.info currently not used. If there is community consensus that the design is nice enough I would link ppcoin.info to it. But that would need someone to either volunteer the work and hosting, or try to raise a bounty for it.

I have a few things i could contribute to the wiki. When I get some free time ill try to add a few things too it.