The network hash rate will be too high if a new CryptoNote coin is introduced during the public launch of the Genesis block. When there is no technology behind the currency, it is just FOMO and early hype, which then gradually fades away. However, this does not apply to coins that use advanced features and technologies. Loki is a CryptoNote-based currency that we recently discovered. Although it was recently announced, this coin will not be released until May of this year. Due to the fact that Loki is currently the most profitable cryptocurrency to mine, we decided to provide a guide for beginners on how to mine it.
The de facto essence of the CryptoNote protocol is that any currency created based on this technology is decentralized, private and untraceable, since CryptoNote is open source. Since most of them are essentially clones, not all cryptocurrencies based on it will be successful. However, a project that does more than these claims will draw attention. Loki is one such currency that has recently gained support from Cryptonight users. What’s new in Loki? Who is he? Let’s talk about its attributes and details. After that, we will walk you through creating a Loki wallet and starting mining.
What is Loki? Decentralized communication and confidential transactions.
Loki is an open source messaging, application and decentralized cryptocurrency platform powered by CryptoNight. It uses Monero’s core privacy tools, including secret addresses, ring signatures, and private ring transactions. They also want to offer a platform where anyone can build service node applications (SNApss). SNAps is a tool for developing an application that is primarily focused on privacy and reliability. They are anonymous, decentralized and unfiltered.
In this network, the messaging service will be the first Service Node application developed. Encrypted end-to-end private messaging is available with Loki Messenger. According to their roadmap, the release of this feature is expected later this year.
Through the Loki network.
Here’s what the creators of the Loki Project have to say. It is true that both public and commercial organizations accumulate more and more information about us every day. Basically, Loki is a mixture of Dash and Monero and is designed for both secret transactions and private communication. Basically, it is based on two technologies: the development of nodes on the network that can send private messages based on Monero (CryptoNote technology) and a private transaction environment. The Dash masternode system serves as the foundation for a protocol layer that facilitates connections. Well! Let’s take a look at the specs first before diving into the Loki mining guide.
Technical characteristics of Loki.
Total Supply: 150,000,000 LOKI
Block Time (Hard Target): 120 seconds
Hash Algorithm: CryptoNight Heavy
Block size: dynamic
Block rewards: 50% miners, 45% service nodes and 5% management
Emissions rate factor: 21 (10⁻²¹) plus 0.5% annual compound growth.
Elliptic Curve: Curve25519
15% is pre-mine (22.5 million LOKI with 6 to 7 million blocked). The first 100 blocks were mined prior to release, with the first block accounting for 15% of the total.
By following this link, you can quickly make a paper wallet if you need one. Make sure you have created a mainnet wallet with an address starting with “L”. For example, copy the public key, seed value, expense key, and view key fields from the display. The seed value, which you can later use to import cash into a GUI or command line wallet, is the most important of all.
In addition, Loki provides a GUI and command line wallet compatible with Windows, Linux and Mac.
We will not delve into the specifics of the GUI wallet because it is built on Monero and speaks for itself. Below is a guide to working with the Loki CLI wallet.
Download the latest and most current version from the Loki CLI (command line interface) wallet link.
After unzipping the file, place it in any directory or desktop.
Next, run the lokid.exe program located in the folder. The daemon starts and network synchronization begins. Wait for it to complete and the message “You are now synced with the network” appears. This process may take some time. Now you can start the Loki wallet.
If you encounter this message, leave the active command window open, run the loki-wallet-cli.exe program, and follow the instructions on the screen.
Enter a new wallet name, confirm your entry, choose a secure password, and press Enter.
25 words will now be generated as a seed. It is extremely important to make duplicates of them and store them safely in case the wallet is restored. Enter the address to display the public address and the balance to view the wallet balance in the same window. Get a list of commands you can use with your wallet by typing help.
You must copy your public Loki address to start mining.
Mining Loki with GPU and CPU.
I hope you have a wallet address ready. Now choose a pool, set up your miner and start mining Loki. Loki can choose from a variety of PPS and PPLNS pools.
The CryptoNight Heavy algorithm used by Loki can mine both CPU and GPU and is ASIC resistant. Download the adaptable Cryptonight xmr-stak miner if you intend to mine both CPU and GPU. It works with both AMD and NVIDIA graphics cards.
Use XMRig, which offers a higher hash rate than the competition, if you want to mine Loki with just your CPU. We will just provide one configuration example for both miners as we have already covered how to install, configure, use and configure XMR STAK and XMRig (see miner setup guides).
Choose the advanced Cryptonight algorithm which is supported by the latest miner. The pool and user URL that matches your wallet address are the only parts of the settings above that need to be changed.
A 15% premine seems dubious, although the concept itself seems intriguing. In this post, we forgot to add the developer fee of 5% for each block reward. This amount is huge, and the developer claims that the 5 percent building fee is being used to expand and improve the area. While the remaining 15% prenatal are sold privately and distributed by air. However, who knows where they actually travel, especially since these currencies are anonymous and untraceable.
Before we say goodbye, we want to emphasize that this is only a tutorial and that you should do your own research before mining Loki or investing directly in Loki.
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