Setting up Staking
Quick guide to getting up and running and collecting rewards
Last updated
Quick guide to getting up and running and collecting rewards
Last updated
Lets encrypt our wallet and set a password for it. It is important to set a very secure password and store it somewhere extremely safe such as writing it down on a piece of paper and placed in a secure location.
Begin by starting up the HYDRA wallet from the start menu shortcut. Click on 'Settings' at the top, and then select 'Encrypt wallet'.
Enter your password twice to confirm it, making sure it is difficult password to guess and you have a way to remember it, then click 'OK'.
You will be prompted to make sure you have noted your passphrase and to verify that you wish to encrypt. Click yes when you are ready to proceed.
The software will take a few moments to encrypt the wallet and it will then alert you that in order to complete the process it must close the application. Click 'OK' to close and complete the process.
We will now reopen the HYDRA wallet software to start up the wallet in encrypted mode. From now on your password will be required for performing wallet functions such as enabling staking, sending out funds, or importing/exporting private keys.
Once we have re-initialized the HYDRA wallet we can import our private key(s) - This is the key that you may have created previously using the Webwallet method, If you wish to start fresh instead and use one of the addresses automatically generated by default in the HYDRA wallet then you can skip to Step 3.
Navigate to 'Help' above and click 'Information window' .Ensure in the new window that opens that 'Console' above is selected.
From here we will be importing our private key. Firstly we'll need to unlock the wallet by entering our passphrase. The command to unlock the wallet from the console for a duration of three minutes is:walletpassphrase "yourpassphrase" 180
You should see a response that displays 'null' which indicates that your password has been accepted. You now have three minutes to import your private key before it locks again. If you wish to extend the time that the wallet is unlocked you can increment the time in seconds by setting 180 to a higher number.
The command to import your private key is: importprivkey "yourprivatekey"
After entering your key and pressing enter, The wallet will rescan. You can confirm that your key has been successfully imported with another 'null' message. You may now close this console window.
Navigate to the 'Recieve' tab above and click 'CHANGE DEFAULT ADDRESS' to confirm that your new imported address is displayed. It should match the address that you have created if you imported it from the Webwallet. To use the address select your address (If you have not imported an address you can select the default one that has been generated) and then click the button that says 'Choose'.
If you have opted to use an address created by the wallet or wish to create another address through the Hydra wallet you can enter the command getnewaddress within the console to generate one for usage. The address will also now be included in the wallet.dat. You may want to create a backup of the private key for the address and can do so with the command dumpprivkey <address> - Please ensure that private keys are stored safely as they are essentially the key to your funds within this address. You can also use this private key to send/receive funds within the webwallet.
Every time you create or import a new address into the staking client, you should make a new backup since they may not be included in the previously backed up wallet.dat file. It is recommended to frequently backup your wallet and to do so prior to client updates.
We will now backup our encrypted wallet. Click 'File' above and then 'Backup wallet':
You can now save the wallet.dat
Be sure to store your wallet in a secure location such as an encrypted usb flash drive.
If you have not added funds to your wallet you can now add them safely by sending HYDRA coins and LOC tokens to the address belonging to the private key. This will be the address that you will use when withdrawing funds from the exchange, when recieving funds from anywhere else. This can also be the address that you can use to register for airdrops.
The final step after adding HYDRA to our wallet is to navigate to the 'Stake' tab and ensure the switch is to the right side to enable staking.
We will need to activate staking and enter our password each time we start the software. To ensure full staking rewards please make sure that the wallet is online and running - otherwise you could miss out on staking rewards. Once staking is working and you have mature coins, the lightening in the 'shield' icon will turn white. You can hover your mouse over the 'shield' to see your Network weight and time expected to earn rewards.
Good luck! If you wish you can view instructions HERE for adding the LOC Token contract address in order to see your Token balances. Remember to create a backup after importing Token contracts in order to see them after a restore.
