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Electra Staking – Everything You Need to Know

This community-driven coin offers low transaction fees and uses Proof of Stake consensus mechanism. Electra (ECA) stands out not only with that, but with the prompt transactions and potential earnings from staking your holdings. Staking Electra coins is a state-of-the-art process, done through digital wallets. For this to happen, you need to enable their staking option.

This process of staking requires a number of coins to not be moved or spent from the wallet. This way it supports the network and for that you earn rewards. The whole process depends on the weight of your staked ECA coins and the number of people in the network doing the same thing. But how you get rewarded? Well, depending on various factors like your network weight, you have a chance to be chosen as the next block validator and receive a reward.

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Pros and Cons

  • Occasional wallet downtimes do not affect your income
  • Low fees and swift P2P transactions
  • You can’t find Electra on the major exchanges
  • Antivirus software has issues with the wallet program

How to Stake Electra

When staking Electra, you can count on the community. Through the “Social Staking” process you will manage to gain some coins. Currently, ECA coins are cheap and through staking, you can expect a 50% annual return. An amazing plus is the support of cold staking. This means that if you cannot run your wallet all the time and have downtimes, it will not stop the staking process. This smoothens the operations in the network and will delegate rewards once your wallet is up and running again.

Minimum Requirements

  • You will need Windows OS, iOS or Linux installed on the device
  • QT Wallet installed and configured
  • At least 12GB of hard drive space
  • At least 1 GB RAM
  • No minimum requirements for internet bandwidth
  • No need to keep the wallet connected to the internet for 24h every day. Logging off or shutting your PC down will not affect the expected rewards.

The process of starting to stake is pretty simple, actually. First, you should find ECA coins on an exchange and obtain them. Then, you should install the wallet and encrypt it. Please make sure that you create a backup as that increases the security of your funds that will be connected to that wallet. After the encryption, you will need to send your funds to its address, which can be found using the interface, and then unlock the wallet for staking only. After a 24-hour period, the coins will be validated and mature enough to be eligible for staking.

Electra Wallet Setup (GUI)

Step 1: Download & Install the Official Wallet

The official wallet can be downloaded from the Electra website here. The installation process doesn’t require any additional settings and you can just go ahead and follow the steps that the program has implemented.

Step 2: Encrypt the Electra Wallet

This step gives you the option to set a password. Encrypt your Electra wallet from the Settings menu and clicking on the Encrypt Wallet option. After that, a message for creating a password will pop up. This is a necessary thing to do for the backup process. Very important is to keep this password safe. Usually, it is needed to restart the wallet after the encryption is done, as well as when restoring is required.

Step 3: Backup the Wallet

Just go to File menu and click the Backup Wallet button. You can pick the file for your backup and It is advisable to keep encrypted copies of the wallet.dat file. This step is crucial as it adds an important layer of security to your coin holdings.

Step 4: Transfer Coins to the Wallet

Next, you will need to send your coins to the wallet. In order to get your wallet address, find the Receive Address button in the user interface and click it. It will provide an address that you can copy and paste into the exchange where you bought the Electra coins. Just send as many coins as you want to stake as there is no minimum amount requirement.

Step 5: Unlock the Wallet

This step is the last necessary action so that staking is available. In order to unlock your wallet, go to Settings and then click Unlock Wallet. You will be asked to enter the password and press “OK”. The coins will require a 24-hour maturity period before they eligible for staking. When everything is done properly, you should be staking after a day. In order to double check if the staking process is initiated, you can use the “getstakinginfo” command entered in the Debug console.

Electra Staking Rewards

With Electra, there is no standardized reward per block. Everything is paid proportionally. Additionally, the annual staking reward is 50%. The calculations are based on the number of staked ECA coins in the network and the ones by you. Every new-found block means a piece of the pie for you. Your wallet assists in the process as well. It detects when a new block is found, selects the transactions in it and estimates the full reward for it. Then a reset is done, or in other words, it is marked as spent. This, together with the reward is captured as a new input.

How to Maximize Rewards

For now, maximizing rewards from staking has no working formula. Usually, the larger the better applies in a good way with Electra. To play it safe and be on the winning side, stake larger amounts of coins for a longer period of time. This way you will have a chance to maximize the rewards from every block.

Figure out Your Profit with the Electra Staking Calculator

This is a great tool for roughly estimating your staking profit. The Electra Staking Calculator is fast and easy to use. With a few simple clicks, you can check that staking 1000 coins for a year will result in additional 25, for example.

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FAQ

Can you mine Electra?

The Electra network uses the Proof of Stake consensus currently, so you can only stake it.

Can you use raspberry pi?  

You can, but you will need to use the command line one. Find the detailed guide in the article.

How long does it take to stake Electra?

First, there is a 24-hour maturing period before start staking at all. Then, everything else depends on the quantity of the staked coins by you and by the rest of the participants in the network.

Is it worth to stake Electra?

Yes. It has a 50% annual return and the team is constantly developing new features.

Is there a limit of the Electra coin supply?

Yes, the maximum supply is 30 billion ECA.

Why is it good to stake Electra?

The main purpose of staking is earning without spending money on hardware, which is an expensive exercise. Also staking is pretty much a passive income.

Why is my staking not working out?

The reasons could be either not configuring the wallet correctly or the maturity period for the coins is not over.

About Electra

The team behind Electra are following the vision of Satoshi Nakamoto for advanced evolution of our economic system. The unique character of this cryptocurrency is presented by both being a contract and a development project. Electra is a subject to innovation, updating, and review.

Unique Selling Points

The main selling point that makes Electra stand out is the speed of its transactions. This network moves payments instantly, which makes it attractive for investors, organizations and individuals.

Team

Electra is built on trust and the diverse community members are a proof of that. They are people from all around with various professional backgrounds. This project doesn’t have a CEO and there is no sign of centralized authority at all. This way the community is making collective decisions.

Network

Electra is a decentralized peer to peer blockchain network using the Proof of Stake consensus mechanism. This means that the process of supporting the network and earning new coins is environmentally friendly. Additionally, the implemented masternodes are playing a key part in the ECA development. This brings along faster transactions, increased privacy, improved stability and decentralization of the network. In order to run a masternode in the network, Electra community must apply in order to acquire the needed node requirements and specifications.

Privacy

The community behind Electra are well aware of how important security and privacy are in the crypto sphere. Following that line of thoughts, the NIST5 blockchain ensures protection without compromising the speed of transactions in the network. With one step closer to the next improvement, ECA will rely on more privacy gateways like Kovri, TOR and IP2network. What is more, all these options will be alternatives which the user will be able to choose from. This way you can adjust the network to your personal needs and requirements.

Future

The future of Electra is drawn by their goal to go above and beyond at delivering a cutting-edge crypto technology. Once you become a stakeholder you take part of that amazing journey. Have in mind that the current Electra technology is a great starting point for creating the cryptocurrency of the future. 

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James Miller Entrepreneur

James’s mission is to deliver knowledge about various cryptocurrency investment diversification strategies, namely teaching his tactics on staking; which coins to pick, what the advisable relative quantities are and how to handle them once attained..

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