The script is intended to be executed on staking nodes as a companion to the Partyman cold staking application, but can also be executed without Partyman being installed on a node. In such a case, Partyman will automatically be installed to the latest version by the private cold staking script.
Paricl Proof-of-Stake (PoS) Protocol
Particl’s secure Proof-of-Stake algorithm is one of the most secure PoS algorithms in the blockchain space due to its cold staking capabilities.
Cold staking allows users to delegate the staking weight of funds to a node which contains no coins, meaning that the wallet that actually holds the coins can be taken offline and still contribute to securing the Particl network (and receive staking rewards for it). Further, the cold staking capabilities of Particl’s PPoS can be used in combination with a hardware wallet bringing an even higher level of security.
However, one item the Particl Proof-of-Stake does not do is private/stealth staking. Users can only stake funds held in public balances, but not in blind or anon balances. Yet, with the privacy protocols available on the Particl network (Confidential Transactions (CT) and RingCT), staking privately is available.
The private cold staking script allows users to:
- Automatically anonymize staking rewards and send them to a public address of choice
- Automatically anonymize staking rewards and send them to a blind (CT) address of choice
- Automatically anonymize staking rewards and send them to an anon (RingCT) address of choice
“The Private Cold Staking script takes Particl Proof-of-Stake to the next level by enabling solid privacy options without sacrificing any of its security. It is directly in line with Particl’s commitment to both security and privacy. Since it will create more anon outputs that can then be used by the network to better anonymize other RingCT transactions, it directly contributes to improving the overall privacy of the network.”
– The Particl Team