A quick summary of Forging
XEL is a fully pre-mined cryptocurrency with a limit of 100,000,000 XEL. But if the currency is fully pre-mined how can users get rewards by mining if they’re not producing new coins?
XEL relies the transaction fees spent on the XEL platform to reward the miners. The minimum fee for any XEL transaction is 0.1 XEL . This process is called “Forging” XEL.
How to Forg xel
Lets Start By Create a XEL Wallet
First thing you’ll need is an XEL wallet! head over to the http://xelastic.wiki/#lite-wallet Download the latest XEL software .
Install the XEL software in your preferred language and folder. this process is quite fast.
Open the XEL Server and create a new account. The XEL software will generate a seed that can be used as a backup to restore your account or to use it somewhere else. Make sure you save this key in a safe place before moving forward. The XEL setup will also prompt you for this seed when clicking next.
You are now the proud owner of an XEL account..
Before we can start staking XEL we need… well we need XEL. Since this cryptocurrency works on a Proof of Stake protocol the more coins you have the more you’ll make. Grab your wallet address from the XEL server and send coins through your preferred exchange . Bittrex or Upbit .
Now, once you fund your account, you will notice that you can’t forge XEL yet. There are three requirements to stake XEL:
- You must have at least 1000 XEL
- You have to wait 1400 blocks from your initial deposit to be able to stake XEL
- You must have public key
Since all we have to do to cover the first 2 requirements to stake XEL are some coins and a bit of patience, all we need now is a public address. We can create a public address by sending an outgoing transaction. You will pay 0.1 XEL for every transaction you make, so you can even send 0.1 XEL to create a public key (By doing this, you will only spend 0.1 XEL, which will be given to the miner who finds that block).
Make an outgoing transaction to create a public key. Click Send XEL and fill in the information. Since we want to keep as much as XEL as we can we will send 0.1 XEL with 0.1 XEL fee to the exchange market account we used to fund our wallet.
Send XEL and wait for the transaction to be confirmed. You need to have 1440 confirmations before you can start mining (both on the first incoming transaction and on the most recent outgoing transaction to create a public key)
Once the outgoing transaction is confirmed click "Not Forging", input your Passphrase, click "Start Forging" and you're done!
Now you are officially mining XEL! That was easy, right? If you have some coins rotting somewhere on an exchange, why not put it to use and forge some more XEL? If you want to stop forging and withdraw your XEL you can do it at any time. You can also mine this crypto on any computer, old or new, including a mining rig, as long as you leave the XEL Server open at all times.