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Staking your CloakCoin

2018-12-12 | CloakCoin

How to start staking CloakCoin?

Staking CloakCoin is incredibly easy and only requires a computer, an internet connection, some coins, and the CloakCoin wallet software.

To start staking CloakCoin:

  1. Download the wallet here.
  2. Allow the wallet to sync to the CloakCoin blockchain. Be aware that this process will take quite some time to complete.
  3. Once synced, you can encrypt your wallet to enhance its security. Go to the wallet settings and create a secure password for your wallet. Be sure not to lose the password as this will cause you to lose your coins.
  4. Now you can send coins to your CloakCoin Wallet using your address which can be found in the wallet
  5. Lastly, unlock your wallet for staking from the settings tab to start earning rewards.

What is the Return on Investment of staking CloakCoin?

Cloakcoin staking offers 6% returns per year on average. The process is highly randomised and thereby difficult to predict. It may well be that you will see some rewards in quick succession followed by no rewards for a long time. The highest returns will be achieved when staking continuously, which is also the most valuable to the security of the network. Staking continuously provides you with rewards on a more frequent basis. This will allow the rewards you receive to compound as the rewarded coins are automatically included in your stake. Furthermore, CloakCoin has stated in their whitepaper that they intend to introduce mechanisms to further incentivise continuous staking.

Stake your coins with the OmniStaker

Although staking is easy, using any old computer is not the best way to earn extra CloakCoin. Because staking is very random, keeping your staking setup running is preferred. The power consumption of a regular computer would seriously decrease your earnings and its hardware is not designed for always-on purposes. For this reason, we have developed the OmniStaker. The Omnistaker is an easy-to-use and efficient device that you can use to continuously stake your CloakCoin as well as other Proof of Stake currencies. It can simultaneously stake multiple currencies 247 while keeping power consumption low. Using the OmniStaker will allow you to maximise your returns when staking CloakCoin.