New to Nav Coin? Find all the information you need to stake your NavCoin.
Proof of Stake (PoS)
Nav Coin is a Proof of Stake cryptocurrency. Proof of stake is the process your wallet uses to validate transactions in a distributed consensus through creating new blocks on the blockchain. This is an alternative method to the more widely known process used by bitcoin; Proof of Work (POW). You can find more information about Proof of Stake in the NavCoin Proof of Stake guide.
All you need to stake Nav Coin is a Core version wallet with coins in it. The Core version wallet requires a copy of the entire blockchain on your computer. There are two version of the Core wallet, the NavCore and the NavPi. The NavCore wallet is used on a desktop. The NavPi wallet is used for the Raspberry Pi. In this tutorial we will explain the process of getting started with staking with the NavCore wallet on desktop. The process of setting up a NavPi is a bit more complicated. To learn how to setup a NavPi, follow the video or written tutorial.
1. Download NavCore
First you will need to download the NavCore wallet for your system. Go to https://navcoin.org/downloads and download the NavCore wallet for your system.
2. Install NavCore
Open the NavCore installer that you just downloaded. Run the installer. You can either make use of the default settings, or select a different destination folder.
After running the installer you will be asked to import an old wallet of create a new one. Select “create a new wallet”. The last step is setting up your NavTech servers. NavTech servers are used to make anonymous transactions. I recommend to add the NTS.1000 (NavTechServers.com) server. Do this by adding “220.127.116.11:3000” and click ADD NEW. The NTS.1000 server is the cheapest and most reliable way to make anonymous Nav Coin transactions.
After this click SAVE and the NavCore wallet will start.
3. Encrypt Wallet
NavCore makes use of a file called “wallet.dat”. In this file the private keys are stored. Private keys give you access to your Nav Coin. It is very important to encrypt this file so nobody else can steal your Nav Coin. To encrypt your wallet go to “Settings” and click “Encrypt Wallet…”. Enter the password you want to use to encrypt your wallet. Make sure to remember this password very good or write it down. Without this password you will not be able to send or stake your Nav Coin in the future.
After entering the password click OK. Read the warning and click OK, NavCore will close. Open NavCore again.
4. Test Wallet Encryption
To make sure that the encryption was succesful and that you will be able to send and stake your Nav Coin, test the encryption. Go to “Settings” and click “Unlock Wallet for Staking…”. Enter your encryption password and click OK.
If your password was entered incorrect you will see an error. If your wallet was unlocked you will go into the NavCore wallet. Under staking it should display “Not staking because wallet is offline” or “Not staking because wallet is syncing” or something similar.
5. Create backup (wallet.dat)
Always have multiple backups of your wallet.dat file. You can create a backup from the NavCore wallet. Go to “file” and click “Backup Wallet”… and save the file. I recommend adding the date to the name. NOTE: When using the backup, rename it to wallet.dat and import it. The NavCore wallet will only recognize it when the file is called wallet.dat.
6. Bootstrap the blockchain
You can bootstrap the blockchain to speed up the syncing process.
- Close NavCore if it is running.
- Download and save the blockchain file to your PC. You can download the blockchain from https://build.nav.community/bootstrap/bootstrap-navcoin-4.1.0.tar
- When the download is completed, open the blockchain file. You might have to use a program like WinRar.
- In the .navcoin4 folder you will find two folders, “blocks” and “chainstate”.
Now also open the NavCoin4 folder on your PC (this is a different folder than the .navcoin4 folder). You can find the NavCoin4 folder in the following directory:
- Windows: ~/AppData/NavCoin4
- OSX: ~/Library/Application Support/NavCoin4
- Linux: ~/.NavCoin4
Drag and drop, or copy and paste, the “blocks” and “chainstate” folders into the NavCoin4 folder. You will be asked to overwrite the current folders, allow this. By doing this you replace the current blockchain files with the ones you downloaded.
- When the folders are transferred into the NavCoin4 folder you can open your NavCore wallet. Your NavCore now should only have a few weeks left to sync.
7. Add coins to NavCore
Next you will need to add Nav Coin to the wallet. You can do this by sending Nav Coin to your NavCore. Send the Nav Coin to your receiving address. Go to “Receive” and copy the address. Create a Nav Coin transaction to this address.
When you make a transaction to your NavCore wallet it should show up very fast. When you send from an exchange it might take a little bit longer. You can check a transaction on the block explorer.
8. Start staking
Once you have installed and encrypted the wallet, bootstrapped the blockchain, made a backup, synced the wallet and send Nav Coin to NavCore, it is time to start staking. When you have Nav Coin in your wallet you only need to unlock the wallet for staking. Go to “settings” and click “unlock wallet for staking”. Enter the password you used for encrypting the wallet to unlock the wallet for staking.
The first time staking you will see a notification that your wallet is not staking because the coins are not mature. It will take about 2 hours the first time for your coins to mature. This happens only the first time you start staking the coins.
Remember, staking costs time. It can take up to 5 times longer than expected to find a stake. If you wallet is unlocked, synced and open you will stake.
If your wallet is not staking make sure to check the following list:
- Is your wallet unlocked for staking?
- Is your wallet synced with the blockchain? Compare the block height to the block height of the block explorer.
- Do you have Nav Coin in your wallet?
- Does your wallet have connections to the network?
- Are you running the latest version of NavCore?
If you have trouble staking, join Discord and ask for support in the #navcoin-support channel. You can find me there under the name @colvano.