Getting started with QTUM StakeBox

Pi Supply Getting started with QTUM StakeBox

Getting started with QTUM StakeBox

StakeBox and QTUM have partnered together to bring you the QTUM StakeBox – a device that allows you to stake your QTUM cryptocurrency and make a return on your investment.

Staking QTUM is the process of securing the network with your coin weight, which in turn rewards you with new QTUM.

The StakeBox only require a little bit of setup, allowing you to get up and running in no time at all and including all the essential accessories.

This guide will show you how to get up and running staking your cryptocurrency in no time at all with your QTUM StakeBox.

Note: This guide is for reference only and we cannot be held responsible for any loss or theft of wallet data. Please make sure you back up your wallet and passphrase in a variety of locations.

What you will need

Assemble your hardware 

  1. Connect your HDMI cable to your TV/Monitor
  2. Connect your Keyboard & Mouse
  3. Insert your QTUM microSD card into the SD slot (If purchased separately) 
  4. Connect the micro USB power adapter

Getting Started

Once the StakeBox begins to boot give it a few minutes whilst it expands the storage of the full size of the SD card. It may reboot a few times whilst it does this. Once it finished booting you will be presented with the login screen.

The default login credentials are:

Username: qtum

Password: qtum1234

After entering the default credentials you will be asked to change the password and then you will login to the desktop.

Updating QTUM to latest version

To update the qtum Stakebox to the latest version of the Qtum Core Wallet you will need to open a terminal window. Click on the terminal icon on the top of the Desktop:

If you are running QTUM for the first time, then we recommend that you have the latest version. To do this you will need to run the following command from the command line:

sudo apt-get update
sudo apt-get install --only-upgrade qtum

Note: We always recommend you backing up your wallet before performing updates, just in case. See our article on backing up your wallet here.

You can check which version of the QTUM Core you have by typing in the following command:

qtumd –version

Launching QTUM Service

To launch the QTUM Core Wallet you will need to click on the Qtum icon on the desktop and this will start the application.

You will be prompted to select a install directory for the Qtum files. Just use the default directory and then click ok.

Encrypting your wallet

Encrypting your wallet is an important aspect of keeping everything safe. You can encrypt your wallet at any time but we recommend doing it at this stage in the guide. To Encrypt your wallet with a password go to Settings > Encrypt Wallet...

Enter a password for your wallet

Confirm and wait until the encryption process has completed

 

You can now send QTUM coins to the address listed in Windows > Receiving addresses . You can also create new addresses.

Note: The transactions require at least 500+ confirmations before they become mature enough for staking.

Staking 

By this point you should now have waited until you have at least 500+ confirmations on your received transaction, you are now able to start the staking process.

Note: You cannot stake coins with a locked wallet

First step is to make sure you can access your wallet otherwise you will not be able to stake. To decrypt your wallet go to Settings > Unlock Wallet..

 Enter your password to unlock your wallet and click OK

Splitting your balance into multiple transactions

Each transaction sent to a QTUM wallet takes 500+ blocks to mature and start staking. The network weight is the total number of staking QTUM. This weight determines the probability 1 QTUM will mine the next block; the larger the weight, the lower the probability.

Currently, a QTUM block is set to be mined roughly every 2 minutes. Each block rewards its miner with 4 QTUMs plus the fees in the transactions within the block. If an unspent transaction in a wallet mines a block, it is considered to have been “staked” and has no chance to mine a block for the next 500 blocks. As such, it is expected that the number of staking QTUM in a wallet is lower after the wallet has mined a block. This is also why it’s recommended that you split your wallet’s balance into multiple transactions. The more transactions you have, the less QTUM is removed from staking once you mine a block. Depending on the total number of QTUMs you have, you might want to consider 250-1000 QTUMs per transaction.

There is no concept of “progress” in staking QTUM. Mining a block is completely based on probability. You can think of it as a raffle being held every time a new block is generated. 1 QTUM in a wallet is one entry into the raffle for that wallet.

If you’re looking for an in depth description of proof of stake 3.0, the proof of stake system QTUM is using, check out the blog post, “The missing explanation of Proof of Stake Version 3”, by QTUM cofounder Jordan Earls.

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