Thanks @wowario for providing these instructions.
Iāve never used the command line wallet before, so my apologies for the newbie questions below.
Iām excited to give this a try, however I have a few questionsā¦
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Can Wallet B be an existing Wowlet wallet that is in use (I.E. Iām using it to receive/send WOW) or must it be a fresh new Wowlet wallet setup for the sole purpose of transferring funds to Wallet A?
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Once I lock the total amount in Wallet A for 1 year, if I were to deposit additional WOW in to Wallet A,will that additional amount be automatically locked up and used to increase staking in 1 year from the deposit date? Or must I re-run the Step 7 onwards to lock the new balance?
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You mention after Step 12 āOnce the rewards program is launched on 1 January 2022, 1:1 token will be sent to your Avalanche addressā. What happens in the unfortunate event that the program is not launched. What will happen to my āLocked Fundsā? How will I be able to unlock the funds in Wallet A?
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Iām not familiar with Avalanche, how it works and rewards are generated. Am I correct in assuming that the 1:1 payout is only sent after the 1 year lockup. Scenario: Letās say I lockup 1000 WOW on 20th Dec 2021 and the rewards program start on 1 Jan 2022, will my first 1:1 reward of 1000 WOW be paid on 1 Jan 2023?
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If for some reason I decide to unlock my WOW so I can use it for something else, what CLI command do I need to execute?
Will there be any issue/fees or losses incurred for early withdrawal of my stake? -
As someone that has never used a CLI wallet before, is there a Quick Reference guide that can help bring me up to speed on the Wownero CLI walletās most useful and important commands?
I feel I need to get educated on the CLI wallet commands before proceeding with the above staking process. Once Iām more confident and familiar with using the CLI wallet I will definitely give this a try.
Thanks Wowario
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Wallet B can be your normal wallet that you use for every day transactions. You can transfer to Wallet A from Wowlet or the mobile wallet.
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You can deposit additional WOW to Wallet A, but it is not locked automatically. You need to run the
locked_sweep_all
command again, which will give you a new TXID. Use this TXID to generate the TXKEY using theget_tx_key
command and then email this information with your AVAX address to get the reward tokens. All the WOW in Wallet A will be released after a year from the date you locked the amount.
To find out how many days are left for the WOW to be unlocked, in wownerod
node, enter:
print_tx TXID +json
In āunlock_timeā field, you will see the block height the transaction is locked to. To estimate the number of days, subtract unlock_time number from the current block height, multiply by 5 (to get time in minutes), divide by 60 (to get hours), and then divide by 24 (to get number of days).
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Once the funds are locked, they are locked at the protocol level. No one can do anything about it. All you can do is wait for the time to pass.
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Unlike Bitcoin, Monero, or Wownero (which has miners), Avalanche is a Poof-of-Stake system like Ethereum, so tokens are generated out of thin air with nothing backing it up or work done (similar to traditional fiat central banks). We will āmintā the supplies for this new token on 1 January 2022 (basically just click on a button that says print). Iāll be manually transferring the rewards on a rolling basis, so if you locked your WOW on 20th Dec 2021, Iāll send you the 1:1 tokens on the 1st or 2nd after the launch.
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Once locked, you can not unlock it. The WOW is frozen until the locked time expires.
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Wownero works the same way as Monero. You can checkout this guide monero-wallet-cli - Reference - Monero Documentation
Hi @wowario , I have some follow-up questions more from a tokenomics standpoint:
- Where will the new 1:1 WOW from this Avalance staking program come from?
- Will I need any AVAX tokens in my Metamask Avalance wallet to pay for any mint/gas fees?
- Will the staking program have any impact on the Proof Of Work miner rewards emission schedule?
- Will this staking system inflate the overall maximum supply of WOW?
Sorry if these sound like newbie questions as Iām just starting to learn more about Proof of Stake, and this is very exciting.
I want to learn more about this and give this a try to further support this project and the yield generation capabilities of WOW.
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From nothing, like all PoS tokens, you just click mint, the supply is instantly generated.
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Yes. If you want to transfer the rewards, you will need AVAX tokens to pay for the gas (transaction fee), which is currently something like 0.000525 AVAX ($0.05). Good thing about the network is that transactions are normally confirmed within a few seconds. If you have some XMR, you can swap for AVAX tokens on ChangeNow with no KYC. However, you will need an X-Chain address, so you would need to set up a web wallet, swap the AVAX from X-chain to C-chain, and then import the Secret Recovery Phrase in MetaMask. Alternatively, you can buy AVAX directly from an exchange and withdraw to your MetaMask wallet.
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No, impact. Everything on the PoW side will stay the same. This rewards thing is a completely different system and has no connection to Wownero itself . You can think of it as an alternate universe.
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See answer above
@wowario If I sent locked amount from wallet A to wallet B (had to send it to the same wallet address though, but I somehow misread it), will I be able to gain my rewards for staking?
edit: It says successfully staked, so I guess Iām okay.
@easiekill It is fine. Just remember after the year, the WOW will be available in that wallet. Also when you check the balance, you will see the amount as ālockedā
I am not on social media, but this was announced on Discord, IRC/Matrix, Bitcointalk, and here for a few days now.
yes (more characters to hit the limit)
When I get to this step, my CLI wallet prints the following āWarningā message (see below)
Warning: Some input keys being spent are from blocks that are temporally very close, which can break the anonymity of ring signatures. Make sure this is intentional! Is this okay? (Y/Yes/N/No):
Sorry, Iām not a very technical person:
- Can someone please explain what the warning is about and how serious of a risk it is?
- How can one avoid this āWarningā in the future?
Thanks in advance.
happens when you have weird outputs. make a new wallet, send all outputs back to yourself before making a new transaction.
Iām an AVAX noob and the metamask connecting process is a bit tedious. I donāt have any AVAX so I canāt complete the cross chain transaction step in the link you posted (or maybe Iām just an idiot).
Can I skip this by just creating a wallet on āwallet.avax.networkā and simply provide my C-chain address from that wallet to receive my staked rewards? I fail to see why connecting to metamask is a necessary step.
Assuming the above is possible- just to be 100% clear⦠I donāt need any AVAX to receive my WOWX reward, right?
Thank you for the work on the project. Excited to be a member of the C.U.N.T.S.
yes, you can use https://wallet.avax.network and share the C-chain address from there. You will receive WOWX as usual. The reason why MetaMask is mentioned, is that if you want to interact with DEX or other dApps, you would need to connect your wallet to the service. It is not strictly need though if you only want to send and receive WOWX from the web wallet.
Correct. You do not need AVAX to receive WOWX. You only need some AVAX to pay for the transaction fee (āgasā) for sending WOWX. You can get no KYC AVAX from FreeBitcoins.com or ChangeNow.io
Iād like to ECHO what @wowguy said in this comment - HUGE shout out to @wowario for bringing WOWX to the community.
Btw, for those that havenāt heard about WOWX (WowneroX) this Wiki is very well written and addresses all the frequent asked questions - FAQ Ā· wownerox/meta Wiki Ā· GitHub and entertaining too
I setup buttons on SuchWowX! for you to easily add the WOWX token and Avalanche network to your MetaMask wallet.