The PacCoin wallet install file is 1.8GB – and includes *all* files needed to have a wallet working around 30-60 minutes!
After downloading unzip & run the Paccoin_Install.exe and please be patient it takes time to load.
PLEASE NOTE IF YOU CHOOSE TO POS WITH THE WINDOWS WALLET WE ARE WORKING ON A BUG FIX. IF YOUR REWARDS.
The PacCoin wallet has been designed to be user friendly for PoS minting rewards. PacCoin wallet versions 5.0 and beyond require no additional steps to mint coins, you simply generate an unencrypted wallet that you intend to leave untouched for 30 days, send the coins to the wallet, and wait with the wallet on or offline during the aging process. Once the blocks have successfully aged, connect back to the network and you will now be competing for stake.
“mygoodpassword” would be the password for the wallet (the same password that your encrypted with) and 999999 represents the number of seconds the wallet will remain unlocked – this needs to be at least 30 days (2592000 seconds), but longer is suggested because staking often times doesn’t happen right at the 30 day mark.
There is an optional parameter that can be passed to walletpassphrase which will prevent an unlocked wallet from sending coins via RPC Command. To use this your command would be as follows:
walletpassphrase <password> [true/false]
Your wallet should look like this image to the right —>
To allow an encrypted PacCoin wallet to POS or stake, see below:
- Open the PacCoin QT wallet client
- On the top bar locate Help and click Debug Window
- Type into the console: walletpassphrase <yourpass>
For example: walletpassphrase mygoodpassword 999999
After you have successfully completed the described steps, you should see coins stake after they reach the appropriate age. PoS minted coins will be received just like any other coin transaction is received, but will be labelled as “PoS” in your wallet and look like this image to the right —>
Using POS/Minting to get more PacCoins:
PacCoin has the “normal” Proof of Work (PoW) blocks of 500 coins but PacCoin also has the capability to generate new coins using what’s called Proof of Stake (PoS). Many crypto-enthusiasts don’t know what this is and how it works, so we’ll try to explain in simple terms.
Proof of stake’s real purpose was meant to secure the network. PoS is a system that rewards the coin holders for helping to secure the network. PacCoin does this by minting PoS blocks. PoS blocks are very similar to PoW blocks. The big advantage to PoS blocks is that there are no ASIC miners needed to earn them! Just secure the network and this makes a 51% attack almost impossible to achieve. You would need to have a huge amount of PacCoins at 51% as well as 51% of the hashpower to invalidate both the PoS and PoW blocks making a 51% attack VERY expensive!
Now, how do we suggest you get more PacCoins? Easy! All users with a wallet running with coins older that 30 days are able to generate new blocks. The network will generate a new block using some coins of your wallet. After the confirmations, you get your coins back plus a reward for having your coins locked to generate a new block!