Mining with AmazeWallet

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Mining with AmazeWallet

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Running a blockchain node and mining cryptocurrency used to be exclusively for developers and coders. Now, with AmazeWallet and our breakthrough technology, everyone can do it, directly from their mobile phones.

By staking our native token AMT, you can help us secure our Layer 1 AmazeChain, the blockchain on which AmazeWallet is built. Simply lock your tokens into smart contracts, make sure the app is running and earn rewards. It’s that easy. No coding and no energy-intensive mining rigs required; just your phone and some staked tokens.

At the moment, users will need to stake the following amount of AMT to become a light node:

  • 50 AMT
  • 100 AMT
  • 500 AMT

The more AMT you stake initially, the more rewards you’ll earn in the long run.

What’s the catch? It’s a very small one. Mining uses up 1-2% of your phone’s battery per day and 36MB of mobile data per month. These are both averages so consumption depends on how often you keep the app open and how much AMT you want to mine.

To maintain full decentralization and ensure everyone can participate in keeping our system secure, there’s a cap on the number of blocks a node can validate each day.

How to run your own node today

The AmazeWallet developers created our light node system to be as easy to use as tapping a few buttons and leaving the app open as your rewards stack up. At the moment, we’re in Beta testing so stakers can run testnet nodes for now.

To run a testnet node for free, you’ll first need test AMT, which you can acquire from the faucet:

  1. Navigate to the Wallet section, which you’ll find at the bottom of the screen.
  2. Click onto your AMT wallet and copy the token wallet address.
  3. Return to the homescreen and click on the PFP icon in the top-left corner.
  4. Tap on Faucet from the list, paste the token wallet address into the space provided and select ‘Give me AMT’.

Now navigate to the Earn section and stake your AMT. Once you’ve decided how much you want to stake, lock your tokens in and watch your rewards build up.

Following the full launch of AmazeWallet, you’ll need real AMT tokens to stake in order to run your node.

What are blockchain nodes? And what does it mean to run one?

Blockchain nodes help make the Web3 internet ‘decentralized’. Each node contains a record of the same information, meaning no one is able to change and falsify it by themselves. To run a node, you need to stake the blockchain’s native cryptocurrency; this works as an incentive to keep the blockchain secure. In return, you receive tokens as a reward.

Traditionally, single, centralized entities – think Facebook, AliExpress, Amazon, Instagram, Rakuten – own and maintain the servers that hold the information powering their platforms. This means they have ultimate control over users’ data and creations.

Using decentralized nodes to control networks ensures users keep ownership of their assets. If you hold an NFT in your wallet, it’s yours forever. Similarly with cryptocurrencies, no one can take them away from you if you store them securely.

Many Web3 platforms offer their users the opportunity to run nodes to secure the network. Gala Games users can operate Gala Nodes for GALA tokens. The Cardano community can validate block transactions in return for ADA. And since the Ethereum Merge, ETH holders can stake the cryptocurrency to confirm blocks.