How to Stake/Vote¶
How to Stake/Vote¶
Participating in Proof-of-Stake (PoS) voting requires a Bitum wallet to be running 24/7. The wallet needs to be always online so that it can be called to vote; if the wallet is unavailable then the votes will be missed and no block reward will be received.
Running your own always-online wallet is known as “Solo” Voting.
Voting Service Providers (VSPs) (formerly “Stakepools”) are available for those unable to keep a personal voting wallet online. Using a VSP is completely safe; the Bitum PoS protocol allows you to delegate your vote to a VSP’s always-online wallet without ever giving the VSP access to your funds.
Solo PoS Voting¶
Solo PoS voting is currently only possible using the Bitum command line tools. The Buying Tickets with bitumwallet guide explains how to buy tickets using the CLI wallet
PoS using a Voting Service Provider (VSP)¶
A list of Voting Service Providers (VSPs) and statistics is maintained on the Bitum.org website.
Using a VSP does not give the VSP access to your funds. All you are doing is granting voting rights to the VSP.
In order to support network decentralization, it is recommended that you join a smaller VSP with fewer live tickets. As VSPs control tickets delegated to them, they could in theory vote those tickets in a way which contradicts the expressed wishes of the ticket owners. This could be easily detected, and any VSP which attempted it would likely be abandoned by the stakeholder community. However, it is good practice to limit the power of individual VSPs, to limit the potential for damage from this kind of attack.
Unlike Proof-of-Work (PoW) mining pools, VSPs do not pool work or rewards. The number of tickets a VSP has does not affect how regularly one’s tickets will be called and rewards received.
All VSPs run the same basic code, but they may differ in the amount of redundancy available. More redundancy equals less chance of missed votes, although all VSPs will have some missed votes as many missed votes are caused by PoW miners. This is because sometimes miners will find a solution to the next block so quickly that votes haven’t had time to propagate around the network.
PoS voting using a VSP can be done using Bitum or bitumwallet.