What is a staking address and what is it for?

What is a staking address and what is it for?

In order to correctly calculate the total number of staked coins N and to calculate the interest D for staking, the Blockchain system must somehow understand which coins are considered placed on the staking address and which are not.

For example, in a banking system, if you want to put your money in a deposit account to receive interest, you transfer your money to bank deposit account XXXX, thus the bank understands that XXXX is a deposit account and interest must be accrued on it at the end of each t period.

The Achi blockchain uses a special variant of staking address definition, based on addresses long forgotten since the times of Bitcoin Vanity addresses. A Vanity address is a type of personalized cryptocurrency address that contains a personalized readable “pretty” view. A traditional Achi blockchain address can appear as “ach1txhqp5n9z47xr7l5lyw7wd2epfze5tgk4n2cz3ht4qcwm7m7m7auaqat5455” while Vanity Address looks “special”. For example, “ach1stake5n9z47xruaualwwwwd2epfze5tgk4n2cz3ht4qcwmumuauaqat794a"or “ach1japan66zz32xwwaualxxxxht4qcwmutgkwd2epfze5twd2epfkwd2epfze5”.

Thus, all cryptocurrency addresses that begin with “ach1stake” are considered by the Achi Blockchain to be staking addresses, on which it is potentially necessary to pay interest for staking.

When creating each block, the Achi blockchain finds all the coins with a face value of 1 million or more at the staking addresses. If the coins found have not been touched since the moment before the previous two Achi halvings, then the coin is considered eligible at of the current block and interest must be paid for the staking of it.

As you can see, a vanity address allows you to store some information in the name of the address itself, and that is a very cool feature. Generally, I think that the use of vanity addresses nowadays is very underestimated by cryptocurrency community, because vanity addresses help to store small fragments of information in themselves and do wonders. Sometime I will write a separate article about that, but for now I will mention that guys from Tokyo University of Technology skillfully used the utility for generating vanity addresses, and created game addresses for “Stendice”.

Here, for example, to play the game 1 to 1000 you need to transfer coins to vanity address ach1xl000s5uvf5uvfwt53jhdx62fnc0rw6wtl5jm2ktq8geczpks8kvrpzqjfkkkg, 1 to 100 games on vanity address - ach1xl00st7y2yw2wd33rvwkx92xcasekz6uncrh5a6rwjem8l3dzxmqu34nga, 1 to 4 games on vanity address - ach1x4stenl4jvfmz8ge2ve3wnvmfvwrflc4ezurpl0cans45mt34d7qn544pe, etc. Would you agree that it looks nice and it is convenient for the player? In addition, the probability of making a mistake for the player is significantly reduced, because the player just needs to look at the vanity address and immediately understand what game he is playing.

How to create a staking address?

Some time ago an unique utility was released for generating personal vanity addresses. This utility helps to generate any personal vanity addresses of any complexity including staking addresses. Read about it here.

Happy staking!