Essentia Staking Guide

Due to the numerous requests from our community, we are following up on the guides on the token swap and masternode deploy with this instruction on how to initiate staking.

We recommend you follow the steps closely in order to get through the process as smoothly as possible! Also, at the end of the guide, you will find an illustrative video to help you even more. Let’s go!

Staking Step-by-Step

1. In order to start staking, the first step for you will be to set up the Essentia native node as described in this guide.

Or you can to that via Docker (which is a more preferable way and working for most platforms):

- install Docker: https://docs.docker.com/install/

- install ESS node (via command line):

docker run — name essnode -d -p 8080:8080 -p 41312:41312 -p 41313:41313 devess/essd:latest

Note: if you installed your node via Docker you can do a node commands it using this prefix in additional to all commands (without space at the end):

docker exec -it essnode ./

This way, to check your wallet info from the node in the Docker container the resulting command will be:

docker exec -it essnode ./ess-cli getwalletinfo

2. Then, moving on to the Staking itself. Please check if you have a required sum of ESS coins (at least 10000 coins).

2a. If you already have an address with coins in it, you can import the private key using this syntax:

ess-cli importprivkey “private key”

3. Encrypt your wallet:

ess-cli encryptwallet custompassphrase

3a. Restart your node:

essd

If using docker:

docker start essnode

4. Make a backup of your node wallet.

- if you have a node without docker you have to copy the wallet file in your home dir in

.ess folder “wallet.dat” (usual path is: ~/.ess/wallet.dat).

- If you are using docker:

docker cp essnode:/root/.ess/wallet.dat .

5. To enable staking you need to have all these conditions as ‘true’:

- the chain must have active connections, can be verified using the command:

ess-cli getconnectioncount

- the chain must be synced, not imported or reindexed, can be verified using the command:

ess-cli mnsync status

- the wallet must be unlocked for staking:

ess-cli walletpassphrase custompassphrase 99999999 true

- mintable coins (coins must have at least 101 confirmation).

Note: if you see “mintable coins: false” result, it means there are not enough confirmations.

6. Staking status can be checked using the command:

ess-cli getstakingstatus

Staking is enabled when all values are true:

{
“validtime” : true,
“haveconnections” : true,
“walletunlocked” : true,
“mintablecoins” : true,
“enoughcoins” : true,
“mnsync” : true,
“staking status” : true
}

7. Staking can sometimes take up to 30 minutes to start working even after all the conditions marked true.

7b. If all conditions are true but staking is not working for hours after you have initiated it, restart the wallet and unlock it.

Staking FAQ

When will I receive the first staking reward?
It depends on the network. However, generally, you can expect to receive the first reward during the 1–2 hours after all conditions are true.

Can I configure masternode and run staking on the control node?
Yes, you can.

If I turn off my computer or lose internet connection, does my coinage reset to zero?
No, that won’t change the UTXOs.

How do I maximize my staking earnings?
You have to reach the maximum coinage of your coins which equals 7 days. After this time all your coins will stake.

Our advice would be: don’t touch your coins and don’t put them on an exchange. If you send your coins somewhere, you will reset their staking power to zero and it will take you a week to build it again.

Note: You can receive coins to the staking wallet as it will not affect coinage that already present in the wallet but you still have to wait 7 days for received UTXOs.

Why does coinage reach 100% in 7 days?
It depends on the project. 7 days seemed optimal, so we put it at that.

Can I stake on the masternode?
No, masternode can’t stake. But you can start staking on your control node.

Note: If you have followed all the instructions and an issue occurred anyway, please send us a message to our Official Telegram channel or support@essentia.one.

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