Fixing BC Cold Stake with EZ Masternodes

We had a technical issue associated to EZ Masternodes operations that did not allow our staking node to recover the stake address and that stopped completely the cold staking.

EZ Masternodes was the 1st hosting company to offer cold staking of Bitcoin Confidential and after this initial period with a fully operational service (including this technical issues) we can guarantee that will continue to offer one node remote stake address for FREE and allow the user to get a replacement in the end of every 90 days cycle, at least until a new version of BC.

We solved the issue, but to restart the colds stake with us of Bitcoin Confidential, all users will be required to activate a new cold stake contract (exactly as performed in the first time), but using a new stake address.

Activate a new cold stake contract using the same coins is very easy:

  1. Retrieve your new remote node stake address from our server, by accessing your account at EZ Masternodes and getting in the very same page as you did before. You may notice, that despite the same location, the remote node stake address was replaced by the new one to prevent confusion (since the old was discarded by from our servers)
  2. In your local Bitcoin Confidential wallet, using this new server stake address, perform just the last step executed to start cold stake. Open the wallet, select the Staking >> Active ColdStaking, in the Stake address from of the remote node (our server), insert the just retrieved Stake address, next select your Cold Stake Address (may be the same of the previous contract) and insert the amount that you want to cold stake (usually users do all the available amount)
  3. Complete the process by clicking Send to activate the new cold stake contract using the new remote stake address.

This requirement to replace the stake address happen because our backup system considered the remote stake address a privated key, as a genkey while it is a regular address that could hold coins (even because the server never hold coins), hence a proper backup must include private keys dumping or the whole wallet backup.

Despite providing a free service, we understand that it must have the same quality and safety level of our other services under the EZ Masternodes brand. Some of that can be done by just preventing service abuse achieved by limiting to one free stake address per user, but other things require development.

Hence we will perform actions that will improve the service quality for Bitcoin Confidential at EZ Masternodes:

  • Ability to check if the cold staking is active in the server side;
  • Email notification to all user that got a discarded remote node stake address;
  • $3 credit as reward for taking part in this beta service stage.

This is our way to show transparency, efficiency in order to promote safety and satisfaction to every EZ Masternodes user! 


2 comments

  • That string that says testing was updated, now it says Available.
    The amount of time between rewards is directly related to how much you have in stake, small amounts will take to long to receive. You can estimate the AVERAGE number of blocks between payments by doing this calculation: Total number of coins at stake in the whole network / Your amount of coins at stake = AVERAGE number of blocks between rewards; eg if the network is staking 3Bi, and you have 3,000, you will have to wait 1Mi of blocks between rewards: a very long time

    Thiago Vincenzi Conrado
  • i read your post and retrieved my new stake adrress it has been over a week now and no reward.
    when i look in my account on you site next to coldstaking i see the word testing? is everything alright with my node? do i need to wait some more time?
    Thank You,

    Eli

Leave a comment