This article explains how to earn free coins by staking PIVX and taking advantage of their reward system.
What is this mythical PIVX coin you speak of?
The name of this cryptocurrency is a cheeky abbreviation of it's features: Private Instant Verified Transaction (X). It is a transactional security and privacy-focused decentralized open source cryptocurrency.
PIVX believes that users have the right to exchange data privately & securely, without any pressure or interference from governments, eavesdropping spies or malicious individuals. They want to make sure their users have a platform where they can exchange their assets freely and be confident that their transactions are being executed timely and securely.
With such a strong ethical core, enforced by an amazing team, I believe this is a really great project.
But didn't I hear all of this before elsewhere?
Yeah, you did - from DASH, and no wonder too - PIVX was created as a fork from the DASH v0.12.0.x core and is now it's competitor. Both cryptos are solving the same problem, but there are significant differences between the two such as differences in development ideology and voting governance, but most importantly - their offer of Proof-of-Stake mining.
Proof of Steak?
Proof-of-Stake is the kind of dish you hear gourmet miners talk about all the time.
In a nutshell, it means mining with coins in your possession. If you have PIVX coins lying around getting dusty and you are not looking to shift them around, you can lock them in your wallet and set them up for staking - similar to putting your money into a savings account.
By doing so you are contributing to the network's security: You are balancing out the influence of masternodes and stakers as you become a node in the network yourself.
How can you not love this gif?
The Reward System
Barbecue time.
First things, first - you need to get some of those sweet PIVX coins. No coins, no steaks.
Then we can talk about 2 options:
1. Running a Masternode
It can get a bit technical to set this one up. Oh, and also you need 10,000 PIV. At the current rate (3.06$/PIV) that amounts to 30,600USD.....ok, maybe later yeah?
2. Stake Your PIV
To keep it simple: PIVX uses an algorithm (called see-saw) that incentivizes balance between masternodes and stakes, it works in such a manner that when there are too many masternodes the block rewards are shifted in favor of staking and vice-versa. This is how you get your coin rewards.
Setting it up
It's surprisingly easy.
- Download the PIVX wallet client.
- Encrypt the wallet.
- Backup your keys.
- Transfer your PIV coins to the wallet.
- Wait until you have received the coins and 101 confirmations from the network.
- Go to settings, unlock your wallet and enable "for anonymization and staking only" option.
That's it - you've successfully set up staking!
Takes about 10 minutes to set up your wallet, and 30 minutes or up to a few hours to get all the confirmations in. Don't worry if you don't see anything happen at first, just be patient.
Here are the official resources that go into a bit more detail:
https://pivx.org/knowledge-base/wallet-setup-guide/
https://pivx.org/knowledge-base/staking-setup-guide/
How much PIV should I expect to make?
It's hard to name a precise number, because the reward algorithm has so much randomness built into it. A rule of thumb is that for every 1,000 PIV you can expect a reward once every 30 days, and overall yearly returns of about 5%. You can read more about the algorithm here.
PIVX also has a tool which you can use to calculate masternode and staking rewards based on your balance. (link to staking calculator)
Some numbers from this tool:
Balance: 10,000PIVX, Average Waiting Time: 1.91 days, Monthly Revenue: 21.26 PIVX
Balance: 5,000PIVX, Average Waiting Time: 3.81 days, Monthly Revenue: 10.63 PIVX
Balance: 1,000PIVX, Average Waiting Time: 19.05 days, Monthly Revenue: 2.13 PIVX
Conclusion
As the above calculation shows, if you own 1,000 PIVX or more it is surely worth staking your coins and letting them grow. Setting up staking is very easy, and does not require any technical knowledge. Unlike proof-of work, it consumes only a tiny amount of CPU power and a little bit of your network bandwidth. So why not take advantage of it and contribute to the coin network?
If you are really enthusiastic about the PIVX project (and you should be!) then you might even consider setting up a masternode.
I hope you learned a bit more about this exciting project from my article and found the guide helpful.
Image sources:
image source 1
image source 2
image source 3
image source 4
Information sources:
https://pivx.org/reward-system
https://pivx.org/what-is-pivx
https://pivx.org/knowledge-base/staking-setup-guide
https://pivx.org/knowledge-base/wallet-setup-guide
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Do you want to learn how Atomic Swaps work? (Read article)
- Nick ( @cryptonik ) -
@cryptonik very good job.
A question, have you used the PIVX trade idea I left on my channel a couple weeks ago?
Hey there @gazur,
glad you enjoyed the article, and thank you for the re-steem!!
I did not use the trade idea, as I am currently very comfortable with the amount of DASH and PIVX in my portfolio. I did buy a little more PIVX in the current dip tho. Currently I'm accumulating some other alts to take advantage of the fork momentums.
Cheers mate
Wow nice post
Thank you, glad you liked it :)
Does your computer have to be on for the POW to work?
It POS. But yes you need your pc on for it to work buy just run a virtual private server or online pos wallet to stake them if you do not want your pc on 24/7 but there also a phone wallet so stake it there, your phone on almost 24/7 right?
Wow, thank you for this contribution, I was not aware of this. I think you will have better results with a raspberry Pi tho, as depending on what mobile phone you are using, you could run into hardware limitations.
I have a raspberry Pi 2 that I have been messing around with and that is probably a good use of it.
Sounds like a great idea! I'm going to be building and price-alarm ticker on my Raspberry soon :)
True...but if you do not care for the coin but think it has some potential there are online pos wallets.
And i use a vps for masternodes and will for eth when pos is ready
Ok good to know. I'm still learning. I like the idea of the VPS.
Hey, I'm just learning too! The more I learn, the more I see that there is still so much left to discover. Blockchain technology is such a vast area!
Yeah the potential is huge.
this is also another cool idea= https://poswallet.com/
^^Look at that :) PoSW coin is something to look into. I haven't read up on it yet.
Yeah, it has to be on 24/7 and the wallet has to remain in "unlocked' mode.
Good job.
Thank you!
welcome
Thanks for the concise information. way too many options out there to discover each of them. For example, I'm looking into Monero mining via CPU, not GPU.
Now you give me another choice.
Do you or one of our fellow Steemian know what is the hardware requirement for Pivx POS mining? Looking to build a new Linux box anyway soon.
Upvoted.
~Joe
@joe.nobel
Hello Joe, thank you for the feedback. The hardware requirement is minimal as the PIVX PoS does not require any significant CPU resources. It is just a wallet lite client using a bit of your network bandwidth. You could PoS is on a raspberry Pi if you wanted to. The see-saw algorithm determines the balance between stakes an MN and will drop your reward based on this balance and a few other variables. I have done CPU Monero mining myself, just for fun. You could download the Minergate pool client and get started in 5 minutes and 3 clicks ;)
Hey this was a great breakdown of the coin and the system Nik.
You know I was skeptical about PIVX when it came out because I was passionate about DASH but now I am not sure it if was Amanda B I was passionate about.
I have lost all interest in DASH but I own DASH. I invested in a 2 year contract on Genesis mining and I am not yet up to one year. so i have quite a bit more to earn from that as yet. PIVX sounds interesting and I have heard that those involved in it are quite passionate about it. It might well be that I change sides- so to speak.
Hey Nik, my sincere apologies, I thought I was following you but I just checked and saw I wasnt. I have corrected that error. I will make sure I support your posts from now on. Knowledge such as yours is valuable here on Steemit.
Have a good Sunday mate : )
Well look who's here :)
I don't choose sides on this one...I love both DASH and PIVX and I see great opportunities ahead. Obviously DASH has the name and the marketing advantage here. I believe that DASH is a great hedge against Bitcoin as it moves detached from Bitcoin, and if it does follow - it is very delayed move. I use it to diversify and hedge.
What I like about both coins are the core values and dedication to protect user privacy, which I believe is something that is becoming more crucial each day. I really identify with these concerns and advocate for them in everything I do in technology.
Thank you for the kind words and the support, Arthur.
My strategy here is simple: I will only create quality content that I am satisfied with, and I think the efforts will be rewarded sooner or later. Love talking about crypto's and tech anyway :)
Cheers mate!
I know what you mean, I crypto-currency is a passion of mine, its good to have other who one can talk with on the subject. Every one in my house are tired of me going on about it, especially the Mrs lol.
Have great sunday Nik
I've learnt about both PIVX and POS wallets thanks to you!
Wow - I consider my post has fulfilled it's meaning then! That is super cool to hear :)
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Nice, you got a 74.0% @tincho upgoat, thanks to @cryptonik
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Thanks again for looking out :)
Ok
@eileenbeach has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.
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Now you give me another choice.
Do you or one of our fellow Steemian know what is the hardware requirement for Pivx POS mining? Looking to build a new Linux box anyway soon.
Upvoted.
~Joe
@joe.nobel
I don't know why my post doubled.
No problem :D
As a follower of @followforupvotes this post has been randomly selected and upvoted! Enjoy your upvote and have a great day!
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