Setup Syndicate blockchain on linux and windows24 Dec 2017
What is Syndicate?
Syndicate is a crptocurrency based on Proof of Work concept. It is very famous for minting/staking because of the return they offer. You can literally make money for free by setting up a syndicate block chain on ur system. A user gets 6% return per year on whatever amount they stake. There is also a concept of Masternode which will be discussed later. The best part about Proof of Stake blockchains is that people can run them on their personal computers. No extraordinary computational power is needed. Still confused ? Continue reading to know how to setup a syndicate blockchain and start making passive money.
What is Proof of Stake?
Investopedia: Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more Bitcoin or altcoin owned by a miner, the more mining power he or she has.
Wikipedia: Proof-of-stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In PoS-based cryptocurrencies the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e. the stake). In contrast, the algorithm of proof-of-work (PoW) based cryptocurrencies (such as bitcoin) rewards participants who solve complicated cryptographical puzzles in order to validate transactions and create new blocks (i.e. mining).
Basically PoS is keeping some coins in your wallet and let them age. Then depending on the amount and the age of coins, one user will be selected to validate a block of transactions. Important point to be noticed from the above definitions is that Proof of Stake blockchains don’t require high computation power.
How to setup ?
Download the wallet from Syndicate Github Repository and extract it.
- Start the Wallet and then close it after it has loaded fully.
cd /path-to-syndicate-directory/ ./Syndicate-qt
Just double click on the syndicate wallet executable
exefile in the syndicate directory.
Although you have fully setup your wallet but it can even take you weeks to sync yor blockchain with the network. Therefore, we will download the blockchain data, peers data, database etc. and replace the files in the syndicate data directory. Firstly, download the zipped file from this link. Extract the files and replace the existing files( these 4 files/folders ) in syndicate data directory with the downloaded files. You can find the syndicate app data here:
Just open home using any file explorer (eg: nautilis). Press Ctrl+h to show all the hidden files and folder. There will be a folder by the name
.Syndicate. You need to replace the files in this folder.
In windows you can find the Syndicate app data here:
C Drive -> Users -> (Your User) -> AppData -> Syndicate
- Now start your syndicate wallet again. It will still sync with other peers to get the new blocks. Note: Be patient. Syncing can take some time. You won’t get peers instantly.
How to start minting and earning rewards.
To start minting, first you need to encrypt your wallet. You can find the option to do so in the top menu bar under
settings. Just click on
settings -> Encrypt Walletand it will open a new window. Fill in the pass-phrase and note it down somewhere. Make sure that you keep your pass-phrase safe and don’t lose it otherwise all our coins will be gone. Also, backup the wallet.dat file again after encrypting the wallet if you have any Syndicate Coins (SYNX).
Now, you need to add some Syndicate Coins (SYNX) to your wallet so that you can start staking. All you have to do it go to the
Receive option, generate a new address and use it to receive Syndicate Coins into your wallet. You can buy/exchange/sell Syndicate here:
What is a Masternode?
You can also own a masternode for passive income. You can own a masternode by adding eactly 5000 SYNX and ofcourse doing some additional steps. You can double your money in an year if you own a masternode. As per recent blogs by the community members, setting up a masternode with 5000 SYNX and simply staking with 5000 SYNX in your wallet both yield similar profits.
For detailed information on setting up a masternode, please visit the following this guide by a Syndicate community member