How to Stake – Tutorial

This is a simple guide to starting a Radium Core Wallet node and getting it to start staking Radium coin.

Step 1. Download

First go to the Products page and download the Radium Core wallet for your operating system. For security click on the ‘SmartChain Verify It!’ link to check the validity of the file hash.

Step 2. Sync

Once you have downloaded the file, open it to run the Radium Core Wallet. The wallet will then have to download the blockchain from other nodes, which can take anywhere from 3-6 hours.

Step 3. Encrypt

Now that your Radium Core Wallet is synchronized with the rest of the network, you will want to Encrypt and Backup your wallet. To Encrypt your wallet, click on Settings in the upper left and in the dropdown menu click Encrypt Wallet. You will be asked to enter a password that will be used to unlock your wallet file. Use a STRONG and UNIQUE password. DO NOT LOSE THIS PASSWORD – YOU WILL LOSE ACCESS TO YOUR WALLET!

The wallet will now tell you it needs to restart. It will close itself once you agree. Then you must restart your wallet.

Step 4. Backup

You will now want to backup your wallet file. To do this click on File in the upper left of the Radium Core Wallet and click Backup Wallet. It is best to save this file onto a USB thumb drive and/or onto another secure computer. Please note, that if you change your password you will want to replace your old backups as they will still use your previous password to unlock.

Step 5. Transfer Radium

Now that you have an encrypted and backed up wallet. It’s time to send it Radium. To get an address to send the tokens to, click on the ‘Receive” button on the menu to the left. Then copy the address you wish to send tokens to. Use this address to send your Radium from an exchange or another wallet. Once the transaction comes through, it will take a few minutes to confirm.

Step 6. Start Staking

Once the Radium are confirmed and in the wallet, they will have to “mature” in the wallet for around 6 hours before they are ready for staking. But, at this point you can unlock your wallet for staking only. If the wallet is not unlocked for staking, your wallet will not be used by the network to verify transactions. Unlocking for staking only means that to transfer any Radium from the wallet, you will have to reenter your password. Make sure not to unlock your wallet completely and leave it unlocked as it is possible for a hacker to easily steal your Radium.

To unlock your wallet for staking, click on Settings in the upper left and then click on Unlock Wallet. A popup window will appear and by default the “For staking only” checkbox is checked. Leave that checkbox checked. Then type in your password and hit Ok.

Step 7. Keep it Open!

Your wallet is now unlocked for staking only and for maximum rewards, leave your wallet open 24/7. This maximizes your chance at finding a block and also helps secure the network. If your computer restarts, make sure to restart your wallet and unlock it for staking.

 

Radium Staking overview