SwiftCash is LIVE! How To Stake SwiftCash Using The QT Wallet

in #swiftcash3 years ago (edited)



If you haven't heard it yet, swiftcash is out and you can download the whitepaper from HERE or read it on steemit HERE. If you were among the eligible smartcash holders, you can claim your coins like THIS. A common question that probably needs to be answered is how to stake! But what is staking?! Let's see.


Staking or PoS mining is when you allow your wallet, coins and computer to participate in the task of producing blocks and by doing so you will secure the network. Unlike traditional PoW mining, PoS mining or staking depends on your stakes rather than hash power so you do not need a powerful computer to participate in this task.


First, add staking=1 to swiftcash.conf before starting the wallet. Next, in order to stake with your wallet, you need to make sure your wallet is synced first. Both blockchain and swiftnodes need to sync first before you can try staking. You also need to make sure your wallet is unlocked. That is in case your wallet is encrypted with a password and it better be! You can unlock your wallet only for staking by choosing unlock wallet button from menu which then pops a similar box as seen below. Then you enter your passphrase and click OK! Once staking becomes active, you should see the small swiftcash icon at the bottom right corner of the wallet turn green! That's it! HAPPY STAKING!!!

Screenshot from 2020-05-14 10-57-36.png


You can deactivate staking by either locking your wallet or keeping it locked or by simply adding staking=0 in swiftcash.conf and restarting the wallet. You can also deactivate staking by setting a reservebalance on runtime which is greater than your total balance. You can do this by typing something like reservebalance true 158000 assuming your total balance is less than 158,000 SWIFT.



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If you were among the eligible smartcash holders,

This is one of the main things, amongst many others, that is turning us away from SmartCash and unfortunately this hardfork, which we were initially very excited over for a long time.

Not quite sure what you mean but we couldn't just airdrop all addresses. There wouldn't be much difference between smartcash and swiftcash if we did that since the majority of the total supply would end up in the hands of smartcash founders & smarthives and they would end up controlling everything in this chain too and if we wanted that, we would just continue to contribute to smartcash instead. But if you happen to be among the wrong guys or a minority who have been targetted by this, which we didn't really intend to target, you can submit a proposal if you want and before doing that you can discuss it with the community as well. Someone might even tip you the proposal fee if you have legit reasons! You can of course also just forget and pursue something else. Either way, I wish you all the best!

Yeah you guys having control over who gets the coins is why we are leaving... Every airdrop/hardfork in history just gave the holders the coins but since we didn’t know wtf was going to happen (you just choosing which wallets you like isn’t Decentralized) we just decided we didn’t want any part of this.... It was fun doing our SmartCash giveaway for ~ a year but at this point this Swift Cash thing just removes legitimacy from the SmartCash project... And why did you change the name from bitcoin confidential to swift cash....? So many things that make no sense as to why you all decided to go the even-more centralized route....

Our pick and choose method didn't pick a few people and blacklist the majority. It whitelisted the majority and now the few left out can submit proposals if they want to get their funds. It can't get more democratic than that. And bitcoin confidential is a different fork which hasn't launched yet. We have nothing to do with that fork. And neither our treasuries nor our voting nor our mining is centralized or handled by humans, unlike smartcash.