The racing industry has witnessed exponential growth over the last century! From entry-level amateur racing to the long-established NASCAR and Formula 1 industries, valuing at an upwards of $10B, they are adored and loved by millions of passionate fanatics all around the world! To this day, over 100,000 competitive racing events are broadcasted and hosted in more than 150 countries yearly!
With the emergence of blockchain technology, Circuit has the capability to bridge the gap between cryptocurrency developers and competitive racing industries. With this advancement, Circuit’s focal point is to deliver endless benefits to fellow racing fanatics and deliver the ultimate experience no matter the variation of competitive racing that you enjoy!
Proof-of-Work was a fantastic innovation that formed the backbone of the original Bitcoin protocol. The idea is that by solving a computationally intensive math problem, one can prove the effort they’ve done to secure the protocol. The effort that is required to perform these computations contributes to a coin’s scarcity and value. However, Proof-of-Work eventually becomes an extraordinarily expensive system. As time passes, the complexity of the problems involved become so great that “mining” the last few possible Bitcoin will require the entire energy output of the sun.
Proof-of-Stake solves this issue in a very elegant way. Rather than using computer power as a scarce resource to generate security, Proof-of-Stake uses the scarcity of the coin itself. A user may choose to “stake” his coins to generate the next block in the chain, and his chance of doing so is basically proportional to the weight of his coins. Proof-of-Stake is Eco-friendly and efficient and avoids the vast waste of energy and hardware overhead of Proof-of-Work based networks.
Masternodes are decentralized servers on the network that run 24/7 to maintain the health and security of the network. They are used by normal wallets for multiple features. These features consists of direct send, instant transactions and private transactions. A collateral, a specific amount of coins, is required to be eligible to create a Masternode.
There’s no predicting exactly how many stakes you will get. However, if you stake with more coins, you get more blocks and you more likely to find a reward. Staking is like a kind of lottery. Some days you’ll get more than usual, some days less. It’s just an estimate. When your probability hits its maximum (Coin Age matures to a maximum), it doesn’t mean that you will be paid, it simply means that the input won’t get more mature. When the input has reached its maximum capacity, there’s nothing else to do than wait for the input to stake.
The blockchain is quite new, which means that it should only take a few seconds/minutes for it to sync from 0 to the current block.
Also, if you send coins before the wallet was synchronized, look on the block explorer to see your coins in your address and don’t panic. You need to sync the network before seeing your coins (you can’t know if you coins have arrived to your wallet if the wallet never processed the transaction, it doesn’t know it exist and that it had ever happened).
Make sure your Firewall or Anti Virus software do not block wallet connections.
Make sure you have peers. If it’s your first time give it some time. However, if it’s not your first time, you can delete the peers.dat file and restart your wallet to fetch another set of peers.
It takes time. However, you can help the wallet with giving it a list of nodes: To apply addnode, you have to find your circuit.conf. It should be here:
Mac OSX: $HOME/Library/Application Support/CIRCUIT/
Then go to #help and look at the pinned messages, copy the whole list of peers listed and paste it to the end of circuit.conf. Sometimes OS hides file extensions, so check if there’s an unknown file simply named “circuit”. If you’re still receiving problems, check your debug.log, look for errors and ask on CIRCUIT SOCIETY Discord #help.
Right before and after encrypting your wallet and also, I would suggest to backup your wallet every time you create a new address in your wallet. Without a new backup you won’t be able to retrieve the coins stored on the newly created address.
You should also backup your wallet before upgrading to a new version.
Sending coins is very straight forward. If you are sending these coins to a friend, exchange or business, then all you will need is their Receive address (known as a deposit address on exchanges). If your wallet is encrypted, which hopefully it is, you will also need to have your passphrase (encryption phrase) ready as this is required every time you want to send coins out of your wallet.
Pay To: Enter the CRCT address of your friend/exchange or business. Label: This makes it easier for you to remember who the address belongs to. Amount: How much you want to send.
Please note that if you are sending coins to an address, make sure that you copy and paste it.
By default, you won’t be able to see your address. Go to the following window:
File > Receiving addresses
What you need to do is to go in your wallet’s top menu and chose “File”. From there, click on “Receiving addresses…” and you will see an address without label (you are free to label it whatever you want). Select the address and click on copy. This prevents from trying to manually type it out and making errors. Now give that address to whoever wishes to pay you (or exchange).
Else, you may also go to the “Receive tab” and fill-out the form and click “Request payment”. It will show you a window with the address to send to and a QR code to scan. If an amount and a message has been entered, the QR code will reflect those. For the label, give it the a to remember from whom or where you’ve gotten the coins from.
To do so, all you can send all your coins to yourself. That way all your coins are in the same pot until next stake. If you have a Masternode, we recommend to enable Coin Control and select all the inputs and exclude your MN collateral (500,000 CRCT input).
(Like taking all your small pots and transferring them to a much bigger pot, until next stake where your bigger pot is splits in half and so on)
The Proof-of-Work period of CRCT has ended and only Proof-Of-Stake and Masternode are available. That means it can be mined by holding coins in your online wallet, or by having a Masternode running on a server to collect Masternode rewards. To be able to stake, you are required to have your wallet unlocked (check the checkbox at on the password window)
Generated but not accepted means that you found a block but someone submitted it before you, thus it was generated but rejected by the network since it can’t have two identical blocks. It does not disturb your staking process.
As the full message explains, your wallet instance is already running. Look in your Windows tray, task manager (CTRL + SHIFT + ESC) or “top” (linux termal command to view PID of every instances (to stop it with the PID: kill -9 PID))
To do so, you will need to open your Desktop wallet console (Tools > Debug console) and type:
then wait for the wallet to import the key and that should be it.
If the funds do not appear, open the “Tools” tab and click on “repair wallet”. From there, click on “Rescan blockchain files”. If this doesn’t work, try “Recover transactions 2”. If nothing works, try “Delete local Blockchain Folders” or use the bootstrap to replace those with the latest bootstrap update.
There is no way for anyone to help if you can’t unlock your wallet for any reason. If you don’t remember your password, try to remember it, we can’t recover it for you as there’s no database (centralized or decentralized) where your password is saved on. If you type in the right password but it tells you that it’s not good, double check your spelling or write it in a txt file and paste it in the password input field, because there’s no way for the password to change by itself between two execution of the wallet.