YTNObserver #2 Yenten (YTN) Wallet for digital coins
Yenten coin (YTN) is the most promising of the so called CPU friendly coins (altcoins). Contrary to more popular altcoins a regular person can easily mine YTN coins on his home computer. In today’s article I’ll explain what the Yenten wallet is and show you how to install and setup personal wallet on your desktop computer. Having a wallet is a first step to receiving and sending Yenten coins (i.e. via mining or exchange).
Currently there are three wallets available for the Yenten’s users community. These are wallets dedicated for MacOSX, Windows and Ubuntu users. If the reader has technical aptitude and skills may try to also compile the wallet for other platforms as well.
What does wallet do?
So before dwelling into installation let’s have a quick review of what functionalities does wallet provide.
First of all, desktop wallet is a so called full Yenten node. Beside operating as a wallet it participates in Yenten communication network. Having Yenten wallet up and running on your computer you help Yenten transactions to move faster between all Yenten users. So if possible please do keep your wallet up and running and do remember to check your desktop firewall settings (main port used for Yenten network communication is tcp/ip 9981).
Desktop wallet is also a full blockchain of the transactions (aka ledger). When you install wallet the whole chain of transactions will be downloaded to your computer (as of this writing it’s size is about a couple of GBs but it grows with each new transaction on the network). Having whole history locally allows your wallet to fully validate each transaction and check balance.
Last but not least your desktop wallet contains your private keys that control your Yenten coins. As Yenten is a cryptocurrency powered by cryptology private keys are essential to both receiving and sending Yenten coins securely between people. As private key is stored only on your desktop this is one of the most secure way to handle Yenten coins (i.e. so called web or mobile wallets usually do not provide such control and security).
Making it all work
Installation is quite easy — it’s a matter of simple download of the application (see below for links) and starting it up. The default settings are fine provided you have necessary free data storage to hold blockchain data.
When started the wallet will try to connect to other peers/nodes in the Yenten network so make sure that your internet connection is working fine.
Unfortunatelly the wallet is not ready to process transactions – it must update the whole blockchain and transactions data. As nodes to which your wallet connects do other things also (like signing and verifying transactions) it usually takes couple of days to retrieve the full blockchain having a decent 100MB broadband connection.
Thus to start using wallet instantly the reader should consider downloading so called bootstrap yenten data
The bootstrap is a monthly updated snapshot of transactions in the wallet format so when you start your wallet it will sync quickly (matter of seconds) as it will require only recent transactions to be updated.
The bootstrap package usually downloads quickly and the reader should unpack its contents in the installation directory of the Yenten’s wallet.
SECURITY NOTICE — please make sure that you downloaded the bootstrap from a trusted source as it may harm your Yenten wallet installation
Now when the wallet starts it will load bootstraped blockchain and download only recent data. In a matter of seconds your wallet will be ready.
Receiving Yentens – accepting money
When wallet is started you will see that your balance is zero.
Happily there is a nice service, called Yenten Faucet (see below for links) where newbies can claim their first Yentens for free. But first things first let’s start with generating your first address.
Address is an unique crypto graphical entity bound to your private key by laws of mathematics. When somebody wants to send you Yenten coins you shall give him your address. Don’t worry, it is safe to make your address public as it allows only receiving not sending money. Yenten wallet can manage hundreds and thousands of addresses but for the sake of simplicity let’s use single address for a starter.
Address is a long string starting with the ‘Y’ letter such as YgKbeZrDbGy75nHYwtBeW8ngSLbPJdLUmn
Write down the address in the system’s clipboard or in any text program and let’s visit the Yenten Faucet website.
When requested provide the newly generated address and wait about two minutes to receive your first YTN coins.
You are will notice in your wallet UI that the balance is updated and a new incoming transaction is listed on transaction history.
Congratulations!!! From now on you are a proud member of the Yenten Community.
How to get more Yenten coins — mining and exchanging
Yenten Faucet is the quickest way to get started with little amount of Yenten. However, when the reader will want to be more serious about Yenten then there are two more ways to earn noticeable amounts of Yenten (YTN) coins:
- mining — please refer to the previous #1 issue of the YTNObserver where there was an article about how to mine Yenten using MacBook. Don’t worry, this is a quite general tutorial so it can be done in a similar way both on Windows and on Ubuntu. Please also stay tuned for incoming article about effortless, affordable and silent Yenten miner for casual members of the Yenten Community.
- buying YTN coins on the free market. There are exchanges where you can buy Yenten coins. We will write more about it in the incoming issues of the YTNObserver.
Sending Yentens — paying with cryptocurrency
Again if you wish to pay with Yenten you need to know the receiving party address. When the address is known making a payment in the wallet is simple.
Default values are fine and should be modified only by experienced YTN users.
After a couple of second a new transaction should be broadcasted by your wallet in the Yenten network. You can always monitor transactions using Yenten Block Explorer service (see below for reference)
Stay tuned — get ready for #3 issue of the YTN Observer magazine
If you liked this article help building Yenten community by liking this article, subscribing to this magazine and sharing this article with your friends.
You can also stay up to date with Yenten by following our ObserverYenten Twitter account
References and further reading
- ObserverYenten Twitter account — Yenten news from the community
- Mining Yenten on MacBook — #1 YTN Observer issue
- On full nodes (based on Bitcoin) — https://en.bitcoin.it/wiki/Full_node
- Download wallet application — https://yentencoin.info/index.html
- Download bootstrap blockchain -https://github.com/yentencoin/yenten/releases/download/4.0.1/bootstrap_yenten4_2021.zip
- Daily Yenten Faucet service – free Yentens for newbies — http://yenten-pool.info/faucet/
- Yenten Community Discord active chat channel
- Browsing and monitoring Yenten transactions live — Yenten Block Explorer