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Leasing to a new account singapore
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Latest Stable Nxt Client: Nxt 1.12.2

Author Topic: Leasing to a new account  (Read 2220 times)

semibaron

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Leasing to a new account
« on: July 21, 2014, 04:15:53 pm »

An account can only forge after at least 1 NXT has 1440 confirmations.
When I lease my balance to a brand new account, will it start forging or does it need at least 1 NXT with 1440 confirmations?
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NxtSwe

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Re: Leasing to a new account
« Reply #1 on: July 25, 2014, 09:52:37 pm »

An account can only forge after at least 1 NXT has 1440 confirmations.
When I lease my balance to a brand new account, will it start forging or does it need at least 1 NXT with 1440 confirmations?
Hi,

I assume that "brand new account" means it has 0 NXT and 0 outgoing transactions?
If so, it will not be able to do any forging.
An account needs to have at least 1 NXT and at least 1 outgoing transaction (with 1440 confirmations) in order to be able to forge.
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semibaron

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Re: Leasing to a new account
« Reply #2 on: July 25, 2014, 10:07:02 pm »

I plan to setup my first public VPS node next week.
Coz of security I don't want to transfer any NXT to an account opened by this VPS, but instead lease
some NXT from my main account to the VPS account.

Isn't that possible?
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NxtSwe

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Re: Leasing to a new account
« Reply #3 on: July 26, 2014, 07:59:30 pm »

I plan to setup my first public VPS node next week.
Coz of security I don't want to transfer any NXT to an account opened by this VPS, but instead lease
some NXT from my main account to the VPS account.

Isn't that possible?

I'm no expert at this (hence my newbie status), but I'd do something like this:
1) Create your forge account and load it with a small amount of NXT (like 10 NXT).
2) Make one transaction from your forge account, it could be anything, for example: register an alias or send a dummy message to your other account.
3) 1440 confirmations later, your forge account is ready to start forging.

You'll still have a few NXT in your forge account, although the majority of your forging power will come from the lease.
And if the shit hits the fan, and someone steals the private key of your forging account, the worst thing that happens is that you loose a few NXT.
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Brangdon

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Re: Leasing to a new account
« Reply #4 on: July 27, 2014, 01:16:15 pm »

I plan to setup my first public VPS node next week.
Coz of security I don't want to transfer any NXT to an account opened by this VPS, but instead lease
some NXT from my main account to the VPS account.

Isn't that possible?
Yes. I have done it.

2) Make one transaction from your forge account, it could be anything, for example: register an alias or send a dummy message to your other account.
I'd suggest giving your account a name and description. You do that by clicking above the account number in the wesleyh client. These account details are stored in the block-chain, and will show up when you open the wallet and in block-chain explorers. It's a useful thing if you have several accounts; dummy messages and the like aren't useful.
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