CICO Staking(PoS mining)Tutorial

CICO uses PoS (Proof of Stake) consensus mechanism, which is similar with Qtum. This is mining process without the use of a machine and it is called in PoS system as staking. The block producer will get 12.8 CICO, as well as the transaction fees and gases as block reward.

What you need for staking:

  1. Cico fullnode, and make sure its online (PC or even Raspberry Pi can run a fullnode);
  2. Get cico in your wallet (Any amount of CICO can be used for staking, more CICO means higher possibility to stake).

If you have no cico yet, please get some from market before you doing following staking settings.

Currently, Cico Core wallet is the only wallet that support cico PoS staking. Note that other wallets like mobile wallet and CICO Electrum are not able to stake for the time being.

Two ways to stake:

  • Method 1:Staking with cicod, using command line, suitable for Linux/OSX/Windows/Raspberry Pi users who are familiar with command line tools.
  • Method 2:Staking with cico-qt wallet, with GUI, suitable for common users.

Either way works in the same way for staking, so you can choose either method you like.

Method 1:Staking with cicod (command line)

1. Run cicod

Follow the guidance to run cicod:

./cicod -daemon

Staking is default on for cicod, so no need for other options if you only want to stake.

2. Send some CICO to your wallet

First you can generate a new address with:

./cico-cli getnewaddress

This will generate a new address with Prefix ‘C’. You can send some CICO to this new generated address for staking. You can generate as many addresses as you like, and send arbitrary CICO as you like for staking.

Note:The coin should wait for 500 blocks before being able to stake, i.e. about 24 hours to MATURE..

After the cico node syncing to the latest block, you can check current balance with ./cico-cli getbalance or get utxo list with./cico-cli listunspent

Please do following steps after your coin is mature.

3. Check staking info

Check current staking info with:

./cico-cli getstakinginfo

You might get the result like this:

{
  "enabled": true,
  "staking": true,
  "errors": "",
  "currentblocksize": 1000,
  "currentblocktx": 0,
  "pooledtx": 5,
  "difficulty": 5683612.564280176,
  "search-interval": 46,
  "weight": 53206430,
  "netstakeweight": 2278172497819029,
  "expectedtime": 5480654870
}

enabled means if your wallet have enabled staking, it should be true by default. staking means if your wallet is currently staking (mining). weight stands for the amount of CICO that is staking right now, with unit 10^-8 CICO, here in the example, we have 0.532 CICO staking. expectedtime stands for the expected time that you will get a reward, the unit is second.

4. How to stake if the wallet is encrypted?

If your wallet is not encrypted, you can skip this section. However, for security, we recommand you encrypt your wallet.

CICO wallet can be encrypted with encryptwallet. However, staking will be stopped when it is encrypted. For example, ./cico-cli getstakinginfo for a encrypted wallet:

{
  "enabled": true,
  "staking": false,
  "errors": "",
  "currentblocksize": 1000,
  "currentblocktx": 0,
  "pooledtx": 94,
  "difficulty": 5788429.670171153,
  "search-interval": 0,
  "weight": 53206430,
  "netstakeweight": 2438496688951881,
  "expectedtime": 0
}

See staking turns to false, which means wallet is not staking.

You can use walletpassphrase to unlock wallet for staking:

./cico-cli walletpassphrase "<your passphrase>" 99999999 true

After unlocking, you can double check getstakinginfo, it should look the same with previous unlocked result, staking become true.

Method 2: Staking with cico-qt wallet

1. Open Cico qt wallet

Launch the wallet.

2. Send some CICO to your wallet

If you already have some CICO in your wallet, you might skip this step.

If not, please send some CICO to your wallet first.

Note:The coin should wait for 500 blocks before being able to stake, i.e. about 24 hours to MATURE..

3. Check staking status

The flash sign at the bottom of wallet shows staking info :

Solid black flash means it is staking now. For more information, you can put your mouse on the flash, e.g.:

  • Staking: if it is staking;
  • Your weight is: How many CICO are able to used for staking, unit is CICO;
  • Network weight is: How many CICO are staking in the network, unit is CICO;
  • Expected time: expected time to get reward, unit is Day.

Hollow flash measn it is not staking

Possible reasons for not staking:

  • 1.There is no coins of no mature coins (more than 500 confirmations(blocks)) – Solution: send some CICO to the wallet and wait for 500 blocks (about 24 hours);

  • 2.Wallet is locked/encrypted – Solution: unlock the wallet for staking.

No flash sign means staking is disabled

  • 3.Staking is disabled – Solution: enable staking in the cico.conf (-staking=true)

About block reward

The block producer will get more than 12.8 CICO rewards, something to keep in mind:

  • The reward come from a new transaction, you can check balance to see if you get the reward.
  • Once succesfully stake, you will get 1.28 CICO reward immediately.
  • Other 11.52 CICO will be sent to you after 500 blocks (about 24 hours), in continuous 9 blocks, within each block you will get 1.28 CICO,, so in total it will be 12.8 CICO.
  • The staked coins (UTXO) will be locked for 500 blocks, during this period, it cannot be spent nor be used to stake.

How to disable staking?

Staking is by default enabled for CICO wallet. If you need to disable staking for some reason (for example exchanges are always recommanded to disable staking), you might following anyone of the 3 ways below:

1 Add -staking=false when running CICO node:

./cicod -staking=false -daemon

For qt wallet, it is like:

./cico-qt -staking=false

2 Add config staking=false in cico.conf;

3 Encrypt wallet, since encrypted wallet will automatically stop staking.