How do I mine Oduwacoin? In contrary to bitcoin, which is Pr | Welcome to Oduwacoin trollbox
How do I mine Oduwacoin?
In contrary to bitcoin, which is Proof Of Work (POW), Oduwacoin is Proof Of Stake (POS). Instead of using a lot of CPU power to create new coins, OWC is created by having it and staking it. It can be compared to receiving interest on your savings account.
Wallet
How do I install the wallet?
https://github.com/ODUWAX/oduwacoin/releases/tag/v2.0
choose wallet type for your computer, install, encrypt, add coin and start staking
How do I encrypt my wallet?
Encrypting your wallet is a great idea to prevent other people from using your computer to steal your money or your wallet.dat file. Please don't forget the encryption password. If you lose it, you can't access your funds.
How do I backup my wallet?
The most important thing in cryptocurrencies is backing up your wallet data! Always keep backups in multiple places so your money is safe when somebody steals your computer or your house burns down.
That being said, There are two ways to backup your wallet. And you probably should do both.
Method 1 - Backup wallet.dat. When the application is closed
Make sure your Oduwacoin wallet application is closed.
Go to your Oduwacoin wallet folder.
Copy the wallet.dat file and save it on a USB stick in a secure location. Remember: if your wallet is unencrypted and it gets stolen, your Oduwacoin is not safe!
Method 2 - Backup wallet.dat, when the application is running
File - Backup wallet - save to external destination or drive
Where is my wallet data located?
You can find your wallet in the following directory:
- Windows: %APPDATA%\rRoaming\Oduwacoin
- Linux: ~/.Oduwacoin/
- Mac: ~/Library/Application\ Support/Oduwacoin/
Syncing is taking forever
You can speed up syncing by downloading a backup of the blockchain:
Close the wallet application
Go to your wallet directory
BACKUP YOUR wallet.dat ON AN EXTERNAL DRIVE AND KEEP IT IN A SAFE LOCATION
Remove the blocks and chain state directories, I will say everything except the wallet.dat
Download the Oduwacoin_Blockchain_database-***.zip file at the official Oduwacoin Github page or we also provide a link for easy access (http://68.183.115.49/OduwaCoin-DB.zip)
Unzip the file and put the new blocks and chain state directories in your wallet directory
Start your wallet
Error: corrupted blockchain
Corrupt blockchains: Follow the steps in 'Syncing is taking forever' to resync your blockchain.
Error: / Crashing wallet when is wallet is unlocked for staking
Open the wallet, for now, stay connected to the network to record staking age, do not unlock for staking, the team is scanning to fix the bug, is a manual process - we update asap
Staking
What is staking?
You can compare staking with bitcoin mining, but instead of using CPU power, you use your Oduwacoin to gain interest. The more Oduwacoin you have, the more often you will earn a 'stake'.
How much do you earn with staking?
It depends. At the time of writing you get about 1 stake per day if you have 18 000 Oduwacoin in your wallet, and 1 stake per 1-2 days if you have 10.000 Oduwacoin in your wallet.
staking protocols are highlighted on the whitepaper
How to start staking?
If you have a substantial amount of Oduwacoin, you should stake it. It's safe and you get free OWC! You only have to run your computer/server 24/7 (it can be offline for about 50 minutes per day for updates/reboots). Staking is enabled by default.
Do I need to restart my wallet after adding Oduwacoin?
No, that's not necessary, after 101 confirmations it will be added to your staking amount.
Why isn't staking working?
It could be a couple of things. Make sure your added funds have 101 confirmations. The more coins you have (Equity), the network will give you more advantages. Hence, is called proof of stake
Make sure your wallet is unlocked for staking, and make sure your wallet has more than 1 active peer (see Help -debug - peer on your wallet). If staking works, the arrow pointing up in the bottom right will turn dark.
