Review Scrypt Based Crypto Cachecoin
⌛According to the website, Cache coin is a
unique scrypt coin based on some of
the best principles cryptocurrency has to offer.
⌛CACHecoin as a global currency with aspirations to reach people on a local scale. To put it simply,the goal is for people around the world to buy and sell with CACHe in their local communities.
Payments are borderless and transparent, which means spending stays fair, balanced, and rewarding for everyone.
⌛FIRST START OF THE WALLET
To configure your client, you should create a cachecoin.conf file and place it in the appropriate directory for your operating system:
The contents of the cachecoin.conf should be:
⌛For Windows, you should place the cachecoin.conf file in the %AppData%\cachecoin folder.
⌛For Linux,you should place the cachecoin.conf file in the ~/.cachecoin folder.
⌛Both of the above folders will be created automatically when you launch your wallet at the first time.
CACHeCoin utilizes Proof-of-Stake (POS) mining that generates more CACHeCoins when you retain your coins for 7 days. When the coins from a particular transaction become 7 days old, they will be used by your wallet to perform Proof-of-Stake mining that will generate new coins if you solve the block. Just like a normal Proof-of-Work block, these POS blocks require 520 confirmations. Once the POS block has reached 520 confirmations, your staked coins and the reward will be made available again in your wallet. These coins will then be required to age another 7 days before they can be used in POS mining. The PoS is not very CPU intense and there’s no need to set anything in order to mine PoS. It’s done automatically.
It is important to note that when your coins are staked (reach 7 days of age and are used for a POS block), these coins will be owned by you but unavailable to transfer until they are fully confirmed.
For those who want to exclude a certain amount of coins from Proof-of-Stake mining, you can run the client with the -reservebalance
argument. This argument allows you to specify a certain amount of coins to withhold from using as a stake.
CACHe PROOF-OF-STAKE GETTING STARTED
By default, out-of-the-box, the wallet will submit coins for staking (refer to above for how this works). If you opt to encrypt your wallet (this is strongly advised) then staking will stop – as encrypting the wallet means no coins can be sent without entering a passphrase. If you opt not to encrypt your wallet (do so at your own risk) then staking will work fine, out of the box, with no extra configuration needed. There however is the ability in the CACHe wallet to “unlock” the wallet – keeping it encrypted and allowing coins to be staked.
“Unlocking” the wallet allows coins to be sent and received for the purpose of staking. Unlocking the wallet is not the same as decrypting the wallet – as the wallet passphrase must still be entered to send coins to another wallet (as per normal if you encrypt any cryptocoin wallet). Unlocking the wallet allows coins to stake whilst keeping your coins safe.
To unlock your wallet, enter this command in the CACHeCoin QT wallet client debug console located under help menu:
walletpassphrase thisismypassphrase 99999999 true
Replace “thisismypassphrase” with your encrypted wallet passphrase. This will unlock your CACHe wallet for staking for 1157 days (99999999 seconds = 1157 days). Upon restarting your client you will need to re-enter this command, as it is not saved.
By entering this command and having your wallet encrypted, you will be able to stake your coins whilst having a properly encrypted CACHe wallet.
To know how mining take place and much more click… CACHECOIN