Navigating Veil Staking: Your Path to Secure Transactions and Passive Rewards
In today’s digital world, protecting our financial privacy has never been more important. With the rise of data breaches, surveillance, and identity theft, many of us are seeking safer alternatives for our transactions. That’s where privacy-focused coins like Veil come in. And one of the most exciting ways to get involved with Veil is through staking. Staking isn’t just about earning rewards. It’s about actively participating in Veil’s network, and making it stronger and more decentralized. In this guide we’re going to dive into the world of Veil staking.
Understanding Staking with Veil:
Staking is a dynamic process that empowers users to support the Veil network and earn rewards in return. Unlike some traditional methods that require locking up funds for a specified period, staking with Veil offers flexibility, allowing users to start or stop staking at any time. In return for their contribution stakers are rewarded with additional coins from winning blocks by having your wallet open and unlocked for staking. This makes it an attractive option for those seeking passive income.
Staking represents 50% of Veil’s daily block rewards. So whether you’re new to staking or a seasoned investor, understanding Veil’s staking mechanism is essential for maximizing your returns and contributing to the network’s growth.
Before we begin I must point out that in Veil’s current state there are four different types of Veil. RingCT, Stealth, Basecoin, and Zerocoin for staking. Here is a picture from the core wallet also explaining this.
Getting Started with Staking
RingCT Veil:
If you’ve purchased Veil from NonKyc exchange, you’re already ahead of the curve. NonKyc exchange utilizes Stealth addresses, eliminating the need for conversion steps. Simply proceed to mint Zerocoin page directly.
To get to the mint Zerocoins page press the gear icon on the bottom right side of the wallet .
Then press the Zerocoin Minting button.
Once on the Zerocoin minting page. You can enter an amount of 10, 100, 1000, or 10000. Remember there is also a small minting fee (0.0100 Veil). After entering a denomination press enter or click MINT.
Alternatively some people like to use the debug console. To use the debug console click the following:
Gear icon>
Advanced Options>
Console>
Alternative guide to reach the debug console.
The debug console will open. Then you can type:
mintzerocoin 1000You can now enter 10, 100, 1000, or 10000 Zeorcoin denominations depending on how much Veil you have and want you want to mint for staking.
After successfully minting, the console will return Txid and information about the mint. This will also generate a receipt in the Transaction tab.
The Mint will start staking after 1000 confirmations if staking is enabled.
Basecoin Veil:
For coins obtained from exchanges like TradeOgre, Probit, and through mining, you will receive them in basecoin(bv address).
You’ll need to send them to your Stealth address (sv address), to your Stealth (CT) balance. Then also using your stealth address, to your RingCT balance.
This conversion ensures privacy and anonymity for your transactions.
To convert, open the terminal:
Gear icon>Advanced Options>Console.
Once the debug console opens you can enter:
sendbasecointostealth sv1qqpq037sucjyw76..... 20002You then enter sendbasecointostealth the stealth address and the amount you’re sending, then hit enter. The console should return a Txid.
From there, once the coins have been confirmed and matured, convert the coins to RingCT which will provide enhanced security. To do this use the same steps as above to open the debug console.
Then instead type:
sendstealthtoringct sv1qqpq037sucjyw76..... 20001Next you enter sendstealthtoringct the stealth address and the amount you’re sending, then hit enter.
After the coins mature in the RingCT format you can proceed to mint Zerocoin denominations of 10, 100, 1000, or 10000.
Remember to encrypt your wallet for added protection. This is not necessary, but is recommended. If you do encrypt, Do NOT forget or lose your encryption password!
Then enable staking to start earning rewards.
Initiating Staking in Your Wallet:
To enable staking in the core wallet simply use the slider located on the bottom left of the wallet GUI.
If your wallet is encrypted you will have to enter your password to unlock your wallet for staking.
You can also check the staking status with the debug console using:
getwalletinfo
Once the Zerocoins have 1000 confirmations, you should be staking. So keep your wallet on, open and unlocked, then sit back and watch the rewards come in.
What denomination to mint:
When it comes to choosing the denomination to mint in Veil staking, the decision ultimately depends on your specific circumstances and preferences. If you have a smaller amount of Veil, say around 2000, minting smaller denominations like 10 or 100 might be more suitable, as it allows for more frequent staking opportunities. However, if you possess a larger amount such as 200,000 Veil, opting for larger denominations like 1000 or even 10,000 could be more efficient. It’s worth noting that when you win stakes they come in Zerocoin denominations of 10. This makes it essential to consider your preferred denomination for staking. By minting fewer, larger denominations, you simplify the staking process and streamline your staking experience. Ultimately, the choice between denominations boils down to finding the balance between maximizing staking rewards and optimizing your staking strategy.
Conclusion:
Through staking, you’re not just a passive observer. You’re an integral part of Veil’s network ensuring its strength and resilience. Whether you’re minting Zerocoins or navigating the conversion between different Veil types, understanding the process is your key to unlocking rewards while maintaining the privacy of your transactions. So, dive into Veil staking with confidence, knowing that you’re not only safeguarding your finances but also actively shaping the future of decentralized finance. Sit back, relax, and watch your rewards roll in as you join Veil on its journey towards greater security and innovation.
Additional help can be found at the Veil Discord, Telegram, and the Veil Helpdesk.
Hope this article helps you understand more about Veil and how Veil staking works!
Cheers,
Ohcee
