ElonCoin Staking | A Beginners guideline to Staking ElonCoin
Staking Eloncoin is the best way to earn EMC. Unlike PoW Coins, staking doesn’t require a lot of hardware resources. ElonCoin staking will only require you a device to run the ElonCoin Wallet, hold some EMC on the wallet, and keep your wallet connected to the internet. That’s it. You are fine to earn some EMC by contributing to the ElonCoin network.
ElonCoin has been created with the purpose of ensuring low energy consumption as recently Elon Musk has posted Bitcoin consumes so much fossil fuels. Since Bitcoin is a Proof-of-Work coin and there are thousands of active miners trying to find a single block, it wastes a lot of resources. However, a PoS coin consumes/wastes much less energy than PoW coins.
Information about ElonCoin Staking Rewards:
Ticker: EMC
Max Supply: 10 Billion
Type: PoS
Block time: 71 seconds
Block Reward:
0 to 50000 Block- 100000 EMC
50001 to 100000 Block- 50000 EMC
100001 to 150000 Block- 25000 EMC
150001 to 200000 Block- 12500 EMC
200001 to 250000 Block- 6250 EMC
250001 to 300000 Block- 3125 EMC
300001 to 350000 Block- 1562.5 EMC
350001 to 500000 Block- 781.25 EMC
500001 to UP- 500 EMC
Guideline to Staking ElonCoin (EMC)
For staking ElonCoin, you will either need your computer to run all the time to run the wallet for ElonCoin Staking, or you have to rent VPS to run the ElonCoin Client. Both processes are the same. If you have idea about how to set up a VPS, you are fine to go. I will share here about running your wallet on your personal computer using Windows and staking ElonCoin.
1st Step:
You have to download the ElonCoin wallet in order to stake ElonCoin. After downloading the file, install the wallet. Now, create your wallet. Remember to save your wallet backup and/or store your private key in a safe way.
2nd Step:
After creating your wallet, generate an address and receive some EMC in your ElonCoin wallet in order to start staking ElonCoin. After receiving the coins, you have to wait till 600 confirmations for starting ElonCoin staking. After 600 confirmations, your coin will be mature enough to stake ElonCoin for you.
That’s it. Very simple.
FAQ on ElonCoin Staking
But, you should probably know some more information about how ElonCoin staking actually works. I will list them below. Will update the list with more soon.
A. Why don’t I get a block?
It depends on how much ElonCoin you are holding for staking. If you are holding a few thousand coins, you are unlikely to get a block.
B. How long does it take to get a block?
If your coins are matured which means they are over 600 confirmations, depending on your network weight vs total network weight, you will get a block. Right now, it should take at least a week to get a block if you are staking ElonCoin of 100k.
