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How to stake with Lytix
Staking with Lytix is easy.
GUI Client Staking
How to stake with a GUI client:
- 1.Make sure you have sent coins into your wallet and the coins received have 15 confirmations
- 2.In the Lytix Core client, click Settings > Unlock Wallet
- 3.Click “Unlock Wallet”
- 4.Tick the “For anonymization and staking only” option
- 5.Enter your passphrase
- 6.Click “OK”
That's all you need to do in order to start staking.
If you are running the daemon on Linux or another operating system you can add:
Restart the daemon and you will be staking.
What to Know Before Staking
The larger the balance you have the more likely you will receive a stake. You can approve transactions up to the amount that you stake (or have in your open wallet.) For example, if you have 10,000 LYTX you will be able to approve and insure transactions up to that amount. If a transaction comes in at 10,001 then you will not be able to insure that and receive a stake.
Considering that staking requires an open, unencrypted amount in your wallet to be available make sure that you are comfortable with the risks associated with that. Also, when you receive a stake and insure the transaction, your entire staking balance will be on hold for the 15 confirmations required to approve the stake. Once you reach the 15 confirmations then your balance is free to use again. Most coins require 101 confirmations, so you are welcome.