Thanks @wowario for providing these instructions.
I’ve never used the command line wallet before, so my apologies for the newbie questions below.
I’m excited to give this a try, however I have a few questions…
Can Wallet B be an existing Wowlet wallet that is in use (I.E. I’m 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?
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?
You mention after Step 12 “Once the rewards program is launched on 1 January 2022, 1:1 token will be sent to your Avalanche address”. What happens in the unfortunate event that the program is not launched. What will happen to my “Locked Funds”? How will I be able to unlock the funds in Wallet A?
I’m 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: Let’s 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?
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 wallet’s 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 I’m more confident and familiar with using the CLI wallet I will definitely give this a try.
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.
You can deposit additional WOW to Wallet A, but it is not locked automatically. You need to run the
locked_sweep_allcommand again, which will give you a new TXID. Use this TXID to generate the TXKEY using the
get_tx_keycommand 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 “unlock_time” 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).
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.
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 “mint” the supplies for this new token on 1 January 2022 (basically just click on a button that says print). I’ll be manually transferring the rewards on a rolling basis, so if you locked your WOW on 20th Dec 2021, I’ll send you the 1:1 tokens on the 1st or 2nd after the launch.
Once locked, you can not unlock it. The WOW is frozen until the locked time expires.
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 I’m 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.
From nothing, like all PoS tokens, you just click mint, the supply is instantly generated.
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.
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.
See answer above
@wowario do we have any official notification? I think some people won’t know this.
@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 I’m 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 “locked”
I am not on social media, but this was announced on Discord, IRC/Matrix, Bitcointalk, and here for a few days now.
Hey @wowario , can I just use the same PC that I have ‘wownerod’ running as a solo-miner?
yes (more characters to hit the limit)
When I get to this step, my CLI wallet prints the following “Warning” 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, I’m 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 “Warning” 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.
I’m an AVAX noob and the metamask connecting process is a bit tedious. I don’t have any AVAX so I can’t complete the cross chain transaction step in the link you posted (or maybe I’m just an idiot).
Can I skip this by just creating a wallet on “wallet.avax.network” 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 don’t 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.
Btw, for those that haven’t heard about WOWX (WowneroX) this Wiki is very well written and addresses all the frequent asked questions - FAQ · wownerox/meta Wiki · GitHub and entertaining too
I setup buttons on SuchWowX! for you to easily add the WOWX token and Avalanche network to your MetaMask wallet.