A step by step explanation on how to setup your wallet to hold and/or stake your coins
***We advise people to always back up their wallet! Your wallet.dat file is your private key. Also, dont forget your walletpassphrase if you set one up!***
Check this video out if you want to have a visual step by step explanation on how to set up your wallet!
If you dont want to mint and just hold your token inside this wallet, then this is also fine. Just follow step 1 to 3 then.
Step 1: Download the wallet here: http://www.lomostar.com/download.html. When you open the file it sometimes can take a few minutes, just be patient.
Step 2:
Option 1: Download the bootstrap files from here to let it sync quickly: https://drive.google.com/drive/folders/1dOa_4pMiPIIGFIy6gKrf-W1t38UdJEI3?usp=sharing. After downloading these files replace them in the LoMoCoin folder. Go to :\Users\Account Username\AppData\Roaming\LoMoCoin to find it. If you cannot find the LoMoCoin folder make sure that you have ‘display hidden files’ on (see here: https://imgur.com/a/PC2qP2B). Remember, dont touch your wallet.dat file since this is your private key.
Dont forget to unzip the blockindex.zip file when pasting all the files (the other files are already unzipped). Your LoMoCoin file should look exactly like this if you paste the bootstrap files: https://imgur.com/a/b7zZv0O. After you have pasted it like this, open your wallet.
Option 2: You can also not use the bootstrap file and wait till is fully synched (this will most likely take a few days instead of a few hours with the bootstrap file). If it says you have no connections paste the lomocoin.conf folder from the Google Drive link above in the LoMoCoin folder, again go to :\Users\Account Username\AppData\Roaming\LoMoCoin). If you cannot find the LoMoCoin folder make sure that you have ‘display hidden files’ on (see here: https://imgur.com/a/PC2qP2B).
Step 3: Transfer your LMC to your wallet (this will take a few minutes up to a few hours) after it is synced. If you however transferred your coins before the synching has finished.
Step 4: Follow the tutorial link to see how you can set up your wallet to start minting (chapter 8) https://goo.gl/kFAe3S.
Step 5: Once you follow the instructions you will see the following image (https://imgur.com/a/qvBC8) on the bottom of the wallet when you hover over the lock icon (wait a few seconds). If you see this then you know it is minting. If you do not see this, restart your wallet or try again.
Step 6: You have to leave your laptop/pc and your wallet (in the background) open to mint your coins. If you close your laptop/pc, fewer coins will be minted each day
***We advise people to always back up their wallet! Your wallet.dat file is your private key!***
Potential problem 1: if you get the following error when you set up your wallet (https://imgur.com/a/BiesS) you need to reset it. Follow the instructions in chapter 9 in the wallet tutorial. For the people who cannot find the wallet.dat file (this mostly happens for Mac users) then you need to upgrade to the latest OS.
Potential problem 2: If you see 0 active connections in your wallet. Add the lomocoin.conf file (see bootstrap link in step 2) to your LoMoCoin folder
Staking amount and rates
The amount you can stake depends on the amount of LMC you hold in your wallet. The following picture (https://imgur.com/a/mtRcI) gives an estimation how much LMC you will produce each year. You, however, do not have to wait one whole year to get the LMCs. Each 3/4 days new LMCs will be added to your account, based on how much you have minted in that period of time. If you have <50.000 coins the stakes take a bit longer (approximately 7/8 days). Also, you need to send all your coins at once to stake the maximum amount. Else your staking will be divided into groups. For example, 40% of your coins will be in bracket 2 60% in bracket 3. If you combine them you might have all your coins in bracket 4.
For further questions please visit our Telegram channel https://t.me/lomocoin or email support@lomocoin.com
