TPOS: How to get started with one of Blockchain’s greatest, revolutionary technology and start profiting from it in under 48hours even if you are a newbie

What you should know before you read this article: even if you a newbie, a dummy whatsoever or even a 7 year old kid, by the time you are done reading this single article, you would have learnt a basic idea of

· What blockchain is and how it works

· What mining is and how it works

· What staking is and how it works

· What TPOS is and how it works

· How to get started with TPOS and start profiting within a couple of days with zero technical knowledge because it’s dead simple to set up in just a few clicks.

Therefore, this article is mostly written in a layman’s language, targeted at newbies and people who might not have heard of Bitcoin talk less of blockchain, this set of people form the majority of the mass market that should begin driving mass adoption of blockchain and its various applications in our daily lives. So relax, and endeavor to read this to the end.

The truth be told, if the world at large, the masses, were to understand how cars and its mechanical engineering worked before they could use it, there would never have being mass adoption of cars in the first place, probably, only mechanical nerds would be driving cars on our roads today. People dream of owning cars: because it takes them from point A to point B easily while comfortably seated; that was a breakthrough invention in 1885 that shaped the transport industry till today.

The same way it will be, that people do not need to have in-depth technical knowledge of how blockchains work, nor do they need to know the technicalities behind a major blockchain breakthrough such as Trustless Proof Of Staking, abbreviated as TPOS, in order to use it or profit from it by earning rewards, which they would learn of after going through this article.

So similar it is with cryptocurrencies and the underlying technology, blockchain, which enables people to exchange value seamlessly among each other without the interference/need for a third party (such as a government, a custodian) and without the burden of having to trust the peer you are transacting with.

Now take a look at this:

Assuming Country Orange was once a war zone, fortunately, the war is now over, but everything it had once boast of, booming economy, robust institutions, very profitable businesses; had all collapsed, and the people of Orange have to start all over again.

Firstly, since the people have picked up the pieces of their lives and engaged in petty business activities in order to carry on with their lives, they need a medium of exchange. The people of Orange called for a meeting of its wisest people to bring about a solution. The wisest people concluded that a new monetary system that is accountable, immutable and transparent be invented. Albeit, since Country Orange has no central government/authority, and necessarily do not want one because it would bring about people being elected into offices, of which they may end up being corrupt, thereby furthering their own selfish interests, with the people protesting against the government, and another war might erupt again. With Orange Country just recovering from a recently ended war, the wise gathering decided they want no government/central again, hence they would make this new monetary system work in a peer to peer arrangement without the need to trust a central authority.

In addition to that, the wisest gathering decided that since there is no central authority to power this new exchange/monetary system, they would not necessarily make a physical representation of this money, as this would save a lot of costs, and prevent the circulation of fake replicas of this new money among its community. Hence a peer to peer, non-physical monetary system was born called Stakenet Version 1.0, and it would be denoted as XSN.

They made this new announcement to the whole Orange community, and everyone was super excited. Henceforth XSN would be used across their community as Country Orange’s currency. And they therefore deliberated and evaluated how much each items ranging from clothes, bathing soaps, grains, fruits, footwear and basically everything be worth in XSN.

So here’s how it works. Whenever John, a farmer, goes to Henry, a Fertilizer merchant, to purchase 5 bags of fertilizer, he would pay 10 XSN for each bag, so for 5 bags, he would pay 50 XSN. But since there isn’t a physical value exchanged between them because XSN isn’t physical, like paper notes. The values are recorded in different copies of notebooks (ledger) for tracking and the purpose of record keeping by the group of wisest men who invented the monetary system, this would ensure the wisest people attest to the transaction between John and Henry and every other monetary exchange, validate it as true and append their signature to it inside each copy of the notebooks with each of the wisest people. Since there was no physical exchange, here’s how the wisest persons would record the transaction between John and Henry: John incurs a debit of 50 XSN while Henry receives a credit of 50 XSN, optionally, the transaction was labelled for 5 bags of Fertilizers purchase. All this transactions were written in a specified/agreed format with each new transaction referencing from a previous transaction, thereby creating a chain of transactions.

“The Notebook where all transactions are recorded is the blockchain ledger, the wisest people validating the transactions are the Miners“

Mining

There would be the need the need for more XSN to go round in circulation to cover increasing business & exchange activities in Country Orange, so new XSN units need to be created, in which whenever members that constitutes the group of the wisest people records a new ‘set’ (block) of transactions in each copy of their notebooks, they would get rewarded with new created XSN units for recording, validating and preventing spam/fake transactions all on the notebook. This process would then be called mining.

As time went on, advancement in technology came, and the use of paper notebooks were dumped for digital notebooks, rather than each member of the wisest people doing tedious paper entry of every money exchange transactions, they were each replaced with computers/specialized hardware that would perform this same tasks: recording, validating & signing transactions, but would require each of this computers to solve a complex mathematical puzzle deter attacks on the network, and would therefore get rewarded with new XSN units for add a new set of validated transaction to the digital notebook (ledger).

“The process whereby new set (=block) of transactions are validated and accepted to be recorded into the notebook (=blockchain) is Mining, sometimes referred to as Proof Of Work”

“The computers are called nodes, while the specialized hardware is mining equipment”

Staking

However, as computers and specialized hardware were introduced to validate new set of transactions, this new innovation had a few flaws, one of which is it could be susceptible to attack with false transactions by some evil people if they endeavor to spend a lot of money into buying a lot of this computers in order to more computing power in validating the transactions, making it centralized into the hands of such people. In addition to that, the process, mining, with which transactions are recorded and validated into the digital notebooks, requires a huge computing power that consumes a lot of electricity, which can be as much as some small country’s total annual electricity usage, thus leading to a vast waste of resources that could have been harnessed for a different purpose.

Moreover, the need for the wisest people of Country Orange to gather again, and come up with a new innovation, hence the need for a new way transactions would be recorded and validated emerged, which would no longer need buying specialized hardware, or burn away vast amount of useful electricity, but requires acquiring any number of XSN units on computers, keeping them connected to the network in order to record, validate new set/block of transactions and contribute to securing the network of XSN transactions notebook. This new innovation was called Stakenet version 2.0

“The process whereby new set (=block) of transactions are validated and accepted to be recorded into the notebook (=blockchain) by number of coins/units held on a computer (=node) is called staking, sometimes referred to as Proof Of Stake”

Other Innovations (DPOS)

Other variants of Innovation was done to improve on Stakenet version 2.0, one of which was to address the fact that Stakenet 2.0 can still be centralized if a lot of people were to launch an attack, introduce false transactions on computer network of the transactions notebook by acquiring majority of the coins in order to stake. One of such variants is appointing some set of the wisest people (and their computers) as delegates who would be handed over to, the responsibilities of ensuring the network security away from any form of attack while validating and signing new set of transactions into its notebook. One of this such innovation variants is what led to what we be named Stakenet Version 3.0

Most recent and presently the best Innovation (TPOS)

Country Orange’s wisest people gathered at a conference, and once more again, they looked back through the years to when Stakenet Version 1.0 was born, and were indeed marveled at what a breakthrough invention they had created, that is now vastly changing the future of finance all over their community and beyond. Nevertheless, there was a bone of contention while the conference was ongoing, and it was that despite all the advancement made so far, the network of Stakenet’s transaction notebook is not optimally safe until a significant majority of XSN units are online, participating to contribute to securing the network, and secondly, avoiding computers with special, delegated and authoritarian privileges as much as possible, as this would achieve the very best form of decentralization the whole Country Orange Community always dreamt of achieving. Everyone went back to work, and a better decentralized and more secured innovation was born called Stakenet Version 4.0

At the basic level, they were able to achieve this with computers which require zero investment/acquisition of XSN units to participate in securing the network from attack, spam or fake transactions, this designated computers have no authoritarian/centralized privilege whatsoever, and neither do they have any major influence on the notebook of transactions all over the network, this designated computers were referred to as merchant computers.

This merchant computers are mostly connected to the network at all times, hence users who would like to earn rewards for validating new set of transactions into the transactions notebook, need no technical know-how, as they are protected by a shared key, with which a merchant computer can help them stake (validate transactions, contribute to network security) and earn block reward only, but has no access to spend or withdraw it, via a tpos contract, a programmed agreement on the stakenet network of transactions. And soon users would be able to stake from Ledger Hardware wallet as it’s a development under progress.

“The process whereby new set (=block) of transactions are validated and accepted to be recorded into the notebook (=blockchain) by optimally bringing as much coins/units as possible, allowing more offline coins/units to be allowed to participate in the staking process via the use of ever online merchant nodes (=merchantnodes) powered by a trustless programmed agreement (=contract), is called Trustless Proof Of Staking (TPOS)”

In its simplest form, a Tpos contract works this way:

User A sends 1000 XSN to Merchant B via a TPOS interface in his wallet, User A and Merchant B must have agreed on a commission, which for illustration purposes may be 10%, User A sends the XSN to Merchant’s address. From which any rewards earned from the staking, 90% goes to User A while 10% goes to Merchant B, as commission. Note that even while you send your XSN coins to a merchant address, it is still yours and in your custody, not accessible (spendable) by the merchant, only that it has been locked for the purpose of staking, and can be unlocked anytime for spending or whatever purpose with just a click of a cancel button on the TPOS interface of your wallet.

TPOS brings more coins which should have been idling away, to join an army of nodes securing its blockchain network, thereby bringing about what would birth “one of the world most decentralized and secured POS blockchains”. A real world, more familiar scenario is the United States being a significant World Power, because it has more military equipment (tanks, fighter jets) that could block an attack on the U.S soil. So it is with XSN blockchain which has a lot of its existing coin supply participating as nodes (tanks, fighter jets) to prevent an attack on its blockchain, thereby increasing investor’s confidence in the network.

“Stakenet 1.0 is Bitcoin (BTC).

Stakenet 2.0, an improvement of Bitcoin is peercoin (PPC).

Stakenet 3.0, a better improvement of Bitcoin are Nxt (Nxt), Bitshares (BTS) etc.

Stakenet 4.0, the most recent, best improvement of Bitcoin & cold staking is Stakenet itself, (XSN).”

Time to get started with XSN and TPOS

Download the latest wallet from https://github.com/X9Developers/XSN/releases.

Select the latest release, and choose an option depending on your computer’s operating system. Choose the first option if you are using Linux Operating system, the second option if you are using Macintosh Operating system and the last option if you are using Windows Operating system.

Complete your download, extract the file and Install on your computer. Once completely installed, launch the wallet on your computer. While launching, you may need to wait a few minutes or up to an hour, depending on the speed of your internet connection for the wallet to download the recent blockchain of transactions, a process called synchronization.

Once your Wallet is synchronized (updated) with the latest blockchain transactions, You’ll be welcomed with an homepage page similar with:

Now it’s time to acquire some XSN coins, it presently trades on a number of exchanges, namely Cryptopia, Livecoin, Sistemkoin and a host of others.

Sign up for an account on any of these exchanges, verify your account or proceed anyway, fund your wallet with bitcoins.

But if you want an option where you would never need to submit KYC documents for whatever volume of transaction, you may want to sign up on Livecoin. So let’s go, head to https://www.livecoin.net/ and click on open a trade account.

Enter your details in the registration form and sign up, you would receive a confirmation email in your inbox, confirm it, and be right back into your account. On your homepage should be BTC/USD trading pair scroll down to the bid/ask boxes.

Click on the deposit Bitcoin, and copy the address. Send your bitcoins to that address.

In case you need to know how to get Bitcoin, just google search trusted Bitcoin exchanges in your country, preferably companies, where you can buy bitcoins with your local Fiat currency. Withdraw bitcoins from where you bought them and send to the bitcoin address you copied on the exchange.

Once your bitcoin arrived the exchange, go to the search bar, search for XSN, and choose the XSN/BTC pair.

On the XSN/BTC bid/ask order book, you can choose to buy with your bitcoins at current market price or set a buying price of your own and wait for your order to get filled. Now, back to your wallet, click on the RECIEVE XSN tab, click on request payment and copy address.

Back to the Exchange, once you’ve bought XSN coins, click on the withdraw button, enter the amount you wish to withdraw, paste the address copied from your XSN wallet and click on send payment.

Once your withdrawal transaction has been validated on the network, give it some time, it would arrive your wallet. Once received and confirmed into your address, it would appear on your wallet’ spendable balance.

Time to TPOS

Firstly, head over to this link http://discord.gg/cyF5yCA accept the Invite and sign up or login to XSN’s discord. You would find yourself in XSN’s general discord channel by default, you can decide to look around or go straight to business.

Click on the tpos-marketplace on the left, and send a message requesting for a merchant or head over to the right, choose any of the featured merchants online (with a green circle) under the TPOS MERCHANT section, send a direct message and negotiate the commission with the merchant.

Once you have both agreed on a commission he’ll receive on each reward, he’ll give you his merchant address.

Now head over to the TPoS tab on your wallet, paste his address in the merchant address form.

Enter the amount of XSN coins you would like to stake, e.g. if you would like to stake 1000 XSN coins, you would enter 999, leaving one coin, you can ask the merchant for clarification on this.

Enter the agreed commission.

Click the stake button and you are done.

The merchant will do what he ought to do on his own VPS, and within 15–30 minutes your TPOS would start.

“Now is the time to sit back and enjoy your profits rolling in consistently, you’ve done all the hard work in a few button clicks.”

Disclaimer: I’m not a financial advisor, neither can the XSN team guarantee the future value of XSN, therefore, you may want to consult with financial advisor before starting your journey with XSN or any cryptocurrency at all. Also, the more coins you are staking/tpos’ing, the higher the rate of block rewards you earn consistently.

Discord: yemyoung

For XSN donations: Xdc55v2AGDfpo6bgVH7QHPYZk6f967uLMz

Copyright: This article is not meant to be reproduced without my consent or permission.