Staking NEBL earns rewards and makes your computer an operator of the Neblio Network
What is Proof-of-Stake?
Proof of stake is the process Neblio wallets use to validate transactions using a distributed consensus through the creation of new blocks on the blockchain. This is an alternative method to the more widely known process used by bitcoin; Proof-of-Work (PoW). Proof-of-Stake is easier for users to set up and consumes very little CPU power, making the process eco-friendly.
How to start staking NEBL
To stake NEBL, you must first have:
1. The latest version of the Neblio Core wallet running on your computer
2. NEBL in your wallet
You can download the latest version of the Core Desktop Wallet for your computer’s operating system type here.
NOTE: The light Neblio wallets (Orion, Electrum, & Neblio for Android) are not capable of staking.
Once you have the Neblio Core wallet running on your computer and the wallet is fully synced, it is time to send NEBL to the wallet so that it can begin maturing and then begin staking. If you do not already have NEBL, the native Neblio cryptocurrency can be purchased via a cryptocurrency exchange such as Binance or KuCoin.
There is no minimum amount of NEBL needed to stake, but the more NEBL you have in your wallet, the faster your wallet will stake and the larger your stake rewards will be.
When you first send NEBL to your wallet, they will be in what’s called an immature state and will not be able to stake right away. The NEBL will mature in 24 hours and your coins will start to stake automatically.
If you have encrypted your wallet (and you should, to protect your NEBL), you must unlock the wallet for staking by clicking ‘Settings > Unlock Wallet’ and leaving the ‘For staking only’ box checked when entering your passphrase.
That’s it! If your Neblio wallet is fully synced, is unlocked for staking, and contains mature NEBL, your wallet should now be staking your NEBL as a full node, validating all Neblio transactions! To verify you are staking, the “stack of coins” icon in the bottom right of the wallet should switch from white (not staking) to black (staking). As shown here:
Staking NEBL not only allows you to earn rewards from validating all Neblio transactions and creating new blocks in the blockchain, every additional user staking helps to further secure and increase decentralization of the network.
We encourage all users to use one of the Neblio Core Desktop wallets and stake NEBL to do their part in operating, governing, & securing the entire Neblio Network!