If you put your hard-earned money on a savings account, you can rub your hands when you reach 0.5% interest. After a year that’s a whopping 50 cents if you have 100 euros. The same money can also be converted to the so-called Proof of Stake (PoS) cryptocurrency, where you will receive more interest. Around five percent!
As explained earlier: in blockchain projects where the Proof of Stake algorithm is handled, it is not the mining devices that validate transactions. Instead, it’s the owner of the coins who randomly get the task assigned to validate a block. The more coins you have, the higher you’re appreciated.
Each time you mint a block, you will receive a fee. In basically all cases, you will receive more coins of the cryptocurrency that you mint. A few weeks ago my eye fell on NAVcoin; a blockchain project of a few years old, but with an active community and a stake reward of 5% per annum. If you own 1,000 NAVcoin, you will receive 50 NAVcoin per annum interest.
Disclaimer: Although this article did not promote NAVcoin, the message: I have NAVCOin in my portfolio.
As you may know, I’m a fan of the Raspberry Pi computers, because they are cheap and cost-effective. Since many Proof of Stake coins need a wallet open 24 hours a day, the Raspberry is very suitable as a hardware stake wallet.
The developers of NAVcoin have developed a ready-made hardware stake wallet: The NavPi. In the base, the device is nothing more than a normal Raspberry that is configured to stake NAVcoin. As a real Dutchman, I always think: “That can be done cheaper.” That’s right: if you’re a little handy, you can build your own NavPi!
Getting started with your DIY NavPi (Installation: 90 minutes)
I assume you have no Raspberry yet. Via SOS Solutions you can purchase a Raspberry Pi Model 3b. I recommend that you purchase (at least) a 16gb SD card.
Certainly, via AliExpress, you can buy a cheaper house brand as well as an SD card, but keep in mind that not every SD card works with Raspberry.
Download the image
The official image of the NavPi operating system is available for download via Mega, however, it is overloaded and does not work at time of writing. An official version is available as Torrent. Do not be afraid: downloading a torrent is not bad as long as it is not illegally distributed content. This is not the case, so you can download the torrent with a torrent program.
- Install uTorrent
- Download this torrent
- If everything works fine navpi_1.0.1.img.torrent will download
Update: The NavPi image is also available via GitHub.
Burn image on sd-kaart
It is now time to transfer the image to an SD card. This can not be copied + paste on the SD card; Out should be “unpacked” as it were. Hence:
- Download en install Etcher
- Step 1: Select the image you just downloaded
- Step 2: Select your SD card
- Hit Flash! and wait…
Connect with NavPi
Tadaa! You are ready. The sd card only needs to be inserted into your Raspberry. Put on the Raspberry and follow steps 1 and 2 from this previously written explanation.
The finishing touch
In principle, you can now follow the video below. It’s annoying just to overwrite all the commands from the video. I’d rather be lazy than tired, so that’s why I copied them for you.
Once you have a connection with the Raspberry, we need to the the final configuration
sudo leafpad /etc/apache2/sites-available/navpi.conf
The password is ‘navpi101’
Notepad opens a window, which indicates which IP addresses can access the NavPi. Here’s how to find your ip address range.
Please remove the incorrect IP addresses under the heading <VirtualHost *:80> & <VirtualHost *:443>. Save your changes through File, Save…
sudo service apache2 reload
Now everything is restarted, we change the default password ‘navpi101’ to a personal password.
your new password
Na deze stappen is het tijd om een SSL-certificaat te creëren. Simpel gezegd wordt de communicatie tussen de NavPi en jouw computer versleuteld.
sudo openssl req -x509 -nodes -days 3650 -newkey rsa:2048 -out /etc/apache2/ssl/navpi-ssl.crt -keyout /etc/apache2/ssl/navpi-ssl.key
After these steps, it’s time to create an SSL certificate. Simply put, the communication between the NavPi and your computer is encrypted.
In the NavPi terminal you see the SSL key will be generated.
sudo systemctl daemon-reload
sudo service apache2 reload
You can now log in to your NavPi from your own computer. Go to the IP address of your NavPi. The password to enter is ‘nav’.
The only thing that is left to do: sending NAVcoins to your Navpi. I can recommend this video: