Frequently Asked Questions
What is Satoshi Coin?
Satoshi Coin is one of the latest blockchain cryptocurrencies designed to solve the limitations and performance issues related to 1st generation currencies like Bitcoin and provide the infrastructure for the cutting edge, Satoshi Secure hardware wallet.
What makes Satoshi Coin different?
Satoshi Coin leverages masternode technology, a special layer of server software running on the network, to coordinate blockchain activity and provide extra services like instant and anonymized transfers.We also aim to help make hardware wallets extensible to all crypto vice just a select few coins like you see on many of the hardware wallets produced today targeting more than 400 coins for initial support.
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Where can I get more information about Sathoshi Coin?
Satoshi Coin maintains a growing community on the Discord chat platform. You can join for free to participate in discussions, hear the latest news, and get answers directly from Satoshi Coin staff members and community members about the project, how to setup staking, your own Masternode, or just crypto in general.
Can I mine Satoshi Coin?
Not in the sense of traditional mining, no. Satoshi Coin doesn’t use wasteful mining hardware to generate new coins. Instead, we use Proof of Stake technology, where user wallet software drives the network forward and receives rewards directly. Not only does this do better by our environment, but you can use lower-end computing tech to join the $SATC (Satoshi Coin) team.
How is staking different from mining with Satoshi Coin?
In staking systems, it is the users with the greatest stake in the network who create and write new network blocks for the eco-sytem of the coin. Your stake is measured by the number of coins in your running wallet, so the greater your stake, the greater your chances of creating blocks and receiving rewards for those blocks when you make the conscious decision to leave your wallet open.
How do I Stake Satoshi COin?
Staking is as simple as owning coins and keeping your wallet open on the network. Your coins are used to calculate your network weight compared to all of the coins being staked at any moment, and this determines how long before your stake gets to create block and receive the reward for it. As an example, if your wallet “wins” the current block for staking, you will receive four $SATC coins deposited in your wallet.
What are Masternodes?
Masternodes are simply wallets that have 2,500 SATC as collateral to participate in governing the Satoshi Coin network. These wallets are generally running on cloud-based computers that are available 24 hours a day, and they receive SATC rewards for the valuable services they provide.
How are masternodes rewarded?
When new blocks are created to record transactions, 20 new SATC coins are created to increase the overall money supply, and are paid to users in the form of network rewards. 80% of these new coins are paid to the masternode network as a reward for the services they provide. One masternode is paid per block, but the network is designed to ensure that all masternodes receive equal rewards over time, so while one day you may make more than your fair share, the next you may make less .
How can I get a Masternode?
You start by acquiring 2,500 SATC, either by puchasing them from an exchange, or by staking coins over time. Once you have enough SATC as collateral for a masternode, you can follow one of our helpful guides on how to create and configure a masternode server.
Where do I get a Satoshi Coin wallet?
Are coins in my SATC wallet safe?
Once you launch your wallet and synchronize with the network, we strongly recommend you encrypt your wallet (see settings menu) with a strong password. Once your wallet is locked in this way, you will need to enter your password anytime you want to spend your coins. Please note, that when you launch your first masternode, the wallet will need to be unlocked.
Does my wallet always need to be running?
If you want to receive staking rewards, then your wallet should be open, unlocked and available to the network. To protect your coins, the unlock screen has an option to unlock your wallet for staking only. Your wallet can then earn staking rewards, but will still require your password again before you can spend anything. If you are not interested in staking, the your wallet can be safely closed. The next time you launch your wallet, it automatically synchronize with the network. Depending on how long your wallet has been offline, it may take some time to synch with the current blockchain for $SATC.
Does my wallet have to be open to receive masternode rewards?
If you are using a shared masternode, or you have used our hot-cold masternode guide to set up a masternode on the cloud, then you can keep your wallet closed and you will still receive rewards.
If You are Setting Up a New Wallet
You need to edit Satoshi.conf and add these lines to the file: