Peony cold staking feature is now live
Since the latest PIVX update it´s possible to enable the cold staking. We already enabled it and you can read about it on this post Simple Pos Pool enabled PIVX cold staking
Peony is a PIVX fork and from all coins we have listed on Simple Pos Pool, it´s the first one that enabled the cold staking feature. Naturally we are only talking about those coins that updated also to the latest PIVX codebase. We want always to be ahead and be the first of its kind and that´s why we also release this feature for all users that want to benefit from it.
As you know, to be able to earn staking rewards you need a wallet that is 24/7 online and enough coins. Another way is to use Simple Pos Pool to stake your coins, but many users simply don´t want it. Now with this new feature you don´t need to send your coins to anywhere nor have a wallet that is 24/7 online. You just need to delegate your coins to Simple Pos Pool and we stake them for you and you keep always the control over your coins.
Peony cold staking wallets on Simple Pos Pool
Our wallets are always 24/7 online and we have several wallets. We take one and use it for the peony cold staking feature. Now let´s dig into the real info that you need in order to enable the Peony cold staking and start earning some rewards…
Create your staking address
Generate an owner address in your peony wallet. Owner addresses are regular Peony addresses. Their private key can be used to redeem delegated coins. Creating an owner address is like creating a receiving address. The address must belong to the owner wallet (the one that is offline and has ownership of the coins).
We suppose you use the GUI wallet on windows or MAC. If you use the command line wallet, please read the comprehensive guide for PIVX and change according to Peony.
Open your wallet, click on the “receive” tab, click on “Generate Address”
Now that it generated a new address, give it a label of your choice. You can name it for example “Simple Pos Pool cold staking”
Please note that you created a new address for peony cold staking delegation. The same address can be used the next time you want to send coins to delegate for second or third time.
Send coins for Peony cold staking
Now it´s time to enable the cold staking feature. Click on the cold staking tab to enable it and show the tab on the left menu.
Click on the #2 and you will see the options for the cold staking feature. The “staker” menu is for us that will stake on your behalf. You will only need the “delegation” menu.
Peony Cold Staking address SbHE3bYibgDhN3VivV5ohpQViri3h9hxmy
Like the regular sending operation, you must select an amount and either let the wallet pick the coins, or select them with coin control. Insert the staker address (the above staking address), a description, and (optionally) a owner address (again, if not provided, it will be generated automatically).
Then click “Delegate”.
Accept it by clicking on “send”.
Now you need to contact us either by discord or mail to enable your peony cold staking balance. The preferred way is discord and you can do it by opening a ticket in our discord server.
That´s it and you can now close your wallet, relax and see your staking rewards coming in.
Feel free to leave any comments or suggestions below in a comment.
SPP Discord: https://discord.gg/ubZFAPr
Peony Discord: https://discord.gg/HypABBU