Neblio Staking – Everything You Need to Know
Neblio staking is unique when compared to other stakeable coins. The way that staking rules are set is that you get an almost guaranteed amount of ROI by adjusting themselves based on your luck. Neblio is a blockchain application heavy platform that aims to bring the crypto and business world together. They believe in the possibilities that companies will have for creating their own dApps and tokenizing their assets or services by creating their own custom tokens.
This platform is aiming to achieve what Ethereum was supposed to. Bringing simplicity and wide range of features to the users which are supposed to be part of the corporate world.
The Neblio network uses the Proof of Stake consensus protocol meaning that there is no mining of blocks. The developers decided that there is no need for masternodes as well. When staking Neblio, anyone with any amount of coins can open a node, start staking and be chosen to create and validate the next block.
Pros & Cons
- Low barrier to entry – starting with Neblio staking can be done with just 1 NEBL coin
- Coin age “weight”- The longer your coins stay in the staking wallet without change, the higher your chances at being chosen for a block are. The age starts after the coins mature enough to be eligible for staking and stops at day 7, maintaining the accumulated bonus chance until you hit a block
- Neblio offer high Return of Investment figures of up to 10% annually
- You can stake with a Raspberry Pi
- No cold staking available, your wallet needs to be online 24/7
- Currently there are no masternodes
- There is no limit to the coin supply
How To Stake Neblio
Staking is a process of validation of transactions on the blockchain. While yes, it sounds like what miners do in Proof of Work protocol-based networks, instead of computing power, you use your coins to validate the blocks. So, essentially the more coins you have, the higher the chance is to be chosen for a block, but please bear in mind that overall it is still quite random. When you validate a block and it is accepted by the majority of the network, it is added to the blockchain and you receive a reward in crypto currency. Let’s take a look at what you will need to prepare for staking NEBL.
Minimum Requirements
- Operating system – Windows or Linux (preferably Ubuntu 14 and up)
- Installed Neblio wallet
- At least 1NEBL in your wallet
- At least 12GB of free space on the hard drive
- 1GB of RAM
- Keeping the device online 24/7 otherwise it will not be staking
Of course, before you can start staking you will need to get yourself some NEBL coins. The only way to do that outside of staking rewards is obtaining it from an exchange. Currently there are no exchanges that offer directly to buy NEBL for fiat currency, but you can still buy other crypto coins and exchange them for Neblio coins. The exchange that holds almost all of the NEBL is Binance.
The final step would be getting a wallet, please do that before you buy the coin as you would need a wallet to receive the NEBL and access it. There are two methods of staking Neblio coins. The 1st is with the official core wallet (GUI) and the 2nd is with the core command line based wallet (CLI).
Graphical Interface Neblio Wallet
Step 1 – Download and Install the Official Wallet
You can download the core wallet from the official Neblio website. After downloading it to your computer, find where the file is and open it with your archiving program. Then, run the neblio-qt.exe file inside. Once you’ve done that, you should be presented with a neblio wallet icon on your desktop. Don’t run it yet – it will need to start syncing and you’ll see a certain number of blocks processing, so now we need to concentrate on getting yourself set up with a firewall and making sure your device doesn’t power down (if it does, then your node will not count at active and staking will not be live).
Step 2 – Encrypt your Wallet
This is a very important part of the process – to stake, your wallet must be unlocked, but encrypted – make sure you take the time necessary here to set a complex password that only you know. To encrypt your wallet – click on ‘settings’ and then ‘encrypt wallet’. Encrypting increases the security of the wallet and who doesn’t want extra layers of security when their investment is at stake?
Step 3 – Backup your Wallet
It is very important not to forget to regularly back up your wallet. This adds another layer of security. Click the File dropdown menu and select Backup Wallet. Then save your *.dat file on an external device, for example, a flash drive. We recommend that the external device not have access to the Internet after uploading the file! Also, it is not recommended to keep your file on your computer or somewhere in the web, for example, in a cloud.
Step 4 – Send NEBL’s to Your Wallet
Now that you have your wallet set up It’s time to get move your NEBL’s from Binance or whatever other exchange you’re using. Click on ‘receive tokens’ and you’ll be presented with your wallet address. I always send 1 token first to test the route works. Yes, you get charged 0.01 NEBL transaction fee, but it’s better to be safe than sorry.
The only thing to note is that it is best to stake in as higher group as possible. If for example you have 1000 NEBL and you transferred them across in 4 batches of 250 – you would have 4 staking groups of 250 NEBL each.
Step 5 – Unlock your wallet
In order to stake, you must have your wallet open all the time – this allows you to become part of the blockchain and act as a node in the wider Neblio network. Through being open you process the transactions through the network and earn fees. In order to do that you need to relaunch the wallet after the encryption and type in your password. After that you can go ahead and click Settings and then select Unlock Wallet.
Wait and earn!
Now that you’ve got all your NEBL’s in your wallet and it is unlocked and encrypted it will take 24 hours at least for your coins to mature, you will see a stack of coins in the bottom right hand corner. When they are white it means they are not currently staking. As soon as these have changed to black, an indication about your weight and how many days until you get your reward for supporting the Neblio Blockchain shows.
Command Line Interface Neblio Wallet
This method is perfect for people with slower machines of users that value low spendage of resources while staking. Since you won’t use the GUI version of the wallet and there is no graphical UI that you can work with, everything will revolve around using command lines. If you are not comfortable with this or don’t need to be that efficient with your PC resources, please refer to Method 1. I am aware that CLI wallets are used with systems based on Linux, I made this guide for Ubuntu.
Step 1: Downloading & Installing the wallet
Let’s download the wallet. Open command prompt and type in the following:
sudo apt-get install curl –y
curl –s https://api.github.com/repos/NeblioTeam/neblio/releases/latest | grep browser_download_url | cut –d ‘”’ -f 4
These commands will show you the latest version of the official wallets. Since we are doing this example in Ubuntu we will download the one which ends with tar.gz. Copy the link and use it in the next command.
wget <Paste the link which ends on tar.gz>
Example:
wget https://github.com/NeblioTeam/neblio/releases/download/v1.5.2/neblio-ubuntu16.04—2018-09-19.tar.gz
After you’re done let’s unpack it and then remove the junk file.
tar -xzvf neblio-ubuntu16.04—2018-09-19.tar.gz
this will unpack the files. Change the numbers if you have a newer version.
rm -rf neblio-ubuntu16.04—2018-09-19.tar.gz
This will remove the file which we unpacked. Be careful which neblio file you remove. The one that ends with .tar.gz needs to be removed.
Time to launch the wallet. Type in:
./nebliod -daemon
Keep in mind that the newest version at the time of writing this article is [The latest version number]. Your version could be different depending on when you read the article. To be sure which version / folder you have you can double tap and the OS will fill in the rest:
neblio[DOUBLE TAB]
./nebliod -daemon
The first time you launch the daemon it will require an additional configuration. You need to go to your .neblio folder and create a file with the name “neblio.conf” and type in rpcuser and rpcpassword. Don’t worry it’s an easy step. Type in the following:
nano neblio.conf
This will create and open a conf file. Type in:
rpcpassword=<Enter a random password. You don’t need to remember it>
After you’ve typed in a username and a password hit ctrl + X and click Enter
After that type in:
./nebliod -daemon
Step 2: Encryp the CLI wallet
This command will encrypt your wallet. Replace <your password> with the password of your choosing. Type in:
./nebliod encryptwallet <your password>
DO NOT FORGET THE PASSPHRASE. NO ONE CAN HELP YOU IF YOU FORGET IT.
After you’ve typed in the command above with your passphrase, the wallet will shut down. Type in:
to launch the client.
Step 3: Backup the CLI wallet
This step is extremely important and should not be skipped. To back up your wallet type in:
./nebliod backupwallet <Your selected folder / external driver / USB]>
Example:
./nebliod backupwallet ~/
Step 4: Transfer coins to the wallet
Let’s create a new address to which we will send the coins for staking. Type in:
./nebliod getnewaddress
You will receive an address. Go to the exchange where you have your coins and send exactly 1 NEBL to the address. After you confirm that the coins are on their way you can send the rest of your coins.
Don’t forget that you need to stake your coins for 24 hours before you’re able to be approved for staking.
Step 5: Unlock the wallet
Before we can start staking we need to unlock the wallet. Type in:
./nebliod walletpassphrase <passphrase> 0 true
<passphrase> – the passphrase you used to encrypt your wallet.
0 – number of seconds which your wallet will stay unlocked. 0 means unlimited.
true – unlocked only for staking. And that’s it. You should be ready for staking.
Now let’s check the status of your staking. Type in: getstakinginfo This command will show you which necessary steps are done, and which are not. If you see “false” that means that that step is not configured or incomplete.
Neblio Staking Reward
Neblio proves itself to be a profitable crypto currency to stake. The profitability is mainly based on the ratio between coins being staked and free-floating coins in the network. With its relatively small circulating supply and increasing interest in the coin, the prices might rise a lot and increase its profitability even more.
The staking rewards depend mainly on two factors: your network weight and time until next reward. Your weight in the network is calculated from the “age” of your coins, meaning how long have they been staking but not receiving reward. The higher weight you have, the bigger the chance to be chosen to validate the next block of information. Regarding the time it takes to receive the next reward, basically the longer you stake without being chosen, the higher the reward will be when you are chosen. A rough estimate on when you can expect a reward is two weeks.
The Neblio network does not offer an option for masternodes currently, so only staking is available as a method to be profitable.
How To Maximize Rewards
The rewarding system for the NEBL network is static. No matter what amount of coins you put up for staking, your annual ROI will be 10%. The only way I can think of maximizing your rewards except just getting more coins to stake would be getting the Raspberry Pi device. It is no bigger than a larger smartphone and it functions as a small computer. It is perfect for staking as it has enough resources to operate a CLI wallet while at the same time use small amounts of electricity. It will require an investment to get it and set it up, but pretty much after that is easy and straight forward just to leave online 24/7 and stake.
Figure out your profit with the Coin Staking Calculator
It is understandable that you might want to calculate your returns before you decide to invest into something. That’s why you can use the NEBL calculator where you can clearly see how much you can earn depending on how much coins you put up for staking. Let’s not forget that the staking wallet is hosted on a device which also requires electricity and some maintenance. In this case, staking is not a resource intensive process, meaning that the maintenance costs would be near negligible. Staking with a Raspberry Pi will further make these costs not worth mentioning.
FAQ
No, you cannot. The consensus protocol used is Proof Of Stake which does not require resource intensive mining operations;
Yes, of course. It is considered the best option for a device for staking;
It takes at least 24 hours for the coins to mature and the wallet to start staking;
Yes, because investment returns are good and somewhat stable;
There is no limit on the max amount of coins currently. It inflates yearly by a set percent that decreases with time;
Yes, if the rules applied work how they should. The way the system is made is that the more time you spend without getting rewards the higher the chance and reward amount gets in order to guarantee those 10% annually;
Some of the reasons might be that the coins have not matured, the wallet has been set up in a different way or you are just using the wrong version of the wallet software. There are cases where a fake Neblio web portfolio would steal NEBL. Please make sure to double and even tripple check everything.
About Neblio
The Neblio network was created out of the need for corporations to get in touch with the crypto world. Thus, the team behind developed and launched the Neblio platform in August 2017. It provides simple and innovational tools for businesses to create their own APIs and develop their own dApps on the blockchain.
Unique Selling Points
The way the staking rules are set on the Neblio network is that no matter what happens your annual ROI will remain the same. That ROI is set by the network each year in order to provide a fair distribution of coins.
Team
The team contains blockchain and business experts from around the world and it is constantly growing. The two co-founders are Eddy Smith, who is a blockchain expert and the lead developer for the project, and Ann Jackson, who is an expert in business management.
Network
The whole Neblio network operates similiarly to other PoS networks. Instead of using powerful mining devices and rigs that spend too much electricity in the PoW protocol, the PoS consensus method is much lighter on resources up to the point that they can be ignored. In the Proof of Stake system, you validate blocks of information with your coin holdings put up for stake. What is unique about NEBL is that your weight on the network and time since last reward help a lot by increasing the chance that you will be chosen for the next block and the block reward amount. The way that those rules work is to somewhat guarantee a 10% ROI.
Future
Updates, updates and more updates are in store for the Neblio platform. From improvements and benchmarks for increasing the transactions per second, to updates in block time and size for scalability to developing a testnet to test future improvements and hard forks. If you would like to know more about it, please visit their roadmap
Useful Weblinks
- Website: https://nebl.io
- Announcement Page: https://bitcointalk.org/index.php?topic=2048414.0
- GitHub: https://github.com/NeblioTeam
- Block Explorer: https://explorer.nebl.io
- Whitepaper: https://nebl.io/wp-content/uploads/2017/07/NeblioWhitepaper.pdf
- Socials:
- Twitter Discord Telegram Reddit/Subreddit