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About VEIL Staking
Veil’s hybrid consensus systems includes “Proof-of-Stake”, in which individual coin holders, who have “staking” enabled in their wallets, can compete to process the network’s transaction blocks. After each one-minute block processing period, actively staking wallets compete for validation based on the amount of veil that is staked in the wallet. The chosen wallet, after successfully validating the current block of network transactions, receives veil as compensation for the work done.
To stake, all you have to do is be fully synced and unlock your wallet for staking. This will allow your Zerocoin veil to stake.
If your zerocoins have been minted from RingCT in Veil, then the privacy benefits of RingCT will flow-down to your zerocoin staking rewards.
How To Stake VEIL
The security of veil network is with the anonymous zero-coin based proof-of-stacks system and through the following steps you begin staking veil.
Download and install the official veil wallet
A QR code or receiving address would be displayed in the overview tab to deposit veil into your wallet when you can send veil.
Click the staking toggle at the bottom left and input your password to unlock your wallet for staking autominting.
Allow the wallet to automatically mint your base coin veil into zero-coin veil.
However, it is necessary to take note that a negligible zero-coin mint fee of 0.01 veil exists as a spam deterrent. Autominting newly received veil uaually takes up to 30-70 minutes which may be sped up with manual minting which is accessible through settings > Zero-coin minting and after newly minted zero-coin veil receives 200 confirmations (-3.5 hours), it will begin staking and can earn staking rewards. Ensure your wallet states its unlocked for staking at the bottom left.
VEIL is an open source x16rt hybrid PoW/PoS cryptocurrency with a world-first combination of Stealth Addressing, Confidential Transactions (CT), RingCT and Zerocoin protocol with Bulletproofs already implemented to provide excellent transaction privacy & efficiency. VEIL project is backed by an experienced team with a vision to develop the most advanced privacy focused cryptocurrency in the market.