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Topic: [ANN] Blacknet | IBO for BlackCoin | New code | PoS | No ICO - page 1674. (Read 2510308 times)

full member
Activity: 238
Merit: 100
Hey guys, I know this question was asked a million times, but how do I unlock my wallet for minting? It is not encrypted, so I don't have a passcode. Am I missing something? This is my first time holding a coin long enough to actually want to start minting.  Thanks in advance for the help  Cheesy

If it's not locked you don't have to unlock it.  It will mint automatically.

And when will minting start/how will I know how many coins I have Minted?

Not sure when minting will start. I think it is supposed to start after block 5000, or maybe not until after all POW is done.  

You will see staked coins in the line in the wallet that says stake.  They will be held there (not available for transactions) until the stake is confirmed 520 blocks.  Then they will go back to your available balance.  You should see minted coins as a transaction the the ledger.

  

Max height: 10000 (after this network will not accept PoW)

True, but the POS should start after block 5000.  


static const int MODIFIER_INTERVAL_SWITCH = 5000;

if (IsProofOfStake() && nHeight < MODIFIER_INTERVAL_SWITCH)
       return DoS(100, error("AcceptBlock() : reject proof-of-stake at height %d", nHeight));

this is preventing any stake before block 5000.  After that you just have to get lucky.
full member
Activity: 238
Merit: 100
Hey guys, I know this question was asked a million times, but how do I unlock my wallet for minting? It is not encrypted, so I don't have a passcode. Am I missing something? This is my first time holding a coin long enough to actually want to start minting.  Thanks in advance for the help  Cheesy

If it's not locked you don't have to unlock it.  It will mint automatically.

And when will minting start/how will I know how many coins I have Minted?

Not sure when minting will start. I think it is supposed to start after block 5000, or maybe not until after all POW is done.  

You will see staked coins in the line in the wallet that says stake.  They will be held there (not available for transactions) until the stake is confirmed 520 blocks.  Then they will go back to your available balance.  You should see minted coins as a transaction the the ledger.


So they won't be spendable until 520 blocks after they are minted?

Just like mining rewards have to be confirmed before spending, so does stake.  Also stake will hold a portion of your balance, the coins that generated the stake also.   If you want keep coins spendable (and not let them stake)

from the console type

reservebalance  

will keep this amount in reserve so you can always have it available to spend.  those coins will not generate stake.
full member
Activity: 182
Merit: 100
how does pos work, is it one wallet that gets it every 8 hours?

A POS block should be generated by the network every minute.   Your coins will try to stake after their age is over 8 hours.  If they do generate stake their age is reset to 0.

dont know what staking is but mhhmk xD
sr. member
Activity: 462
Merit: 250
how does pos work, is it one wallet that gets it every 8 hours?

I think every block
full member
Activity: 238
Merit: 100
how does pos work, is it one wallet that gets it every 8 hours?

A POS block should be generated by the network every minute.   Your coins will try to stake after their age is over 8 hours.  If they do generate stake their age is reset to 0.
member
Activity: 68
Merit: 10
Hey guys, I know this question was asked a million times, but how do I unlock my wallet for minting? It is not encrypted, so I don't have a passcode. Am I missing something? This is my first time holding a coin long enough to actually want to start minting.  Thanks in advance for the help  Cheesy

If it's not locked you don't have to unlock it.  It will mint automatically.

And when will minting start/how will I know how many coins I have Minted?

Not sure when minting will start. I think it is supposed to start after block 5000, or maybe not until after all POW is done.  

You will see staked coins in the line in the wallet that says stake.  They will be held there (not available for transactions) until the stake is confirmed 520 blocks.  Then they will go back to your available balance.  You should see minted coins as a transaction the the ledger.

  

Max height: 10000 (after this network will not accept PoW)
sr. member
Activity: 616
Merit: 251
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Hey guys, I know this question was asked a million times, but how do I unlock my wallet for minting? It is not encrypted, so I don't have a passcode. Am I missing something? This is my first time holding a coin long enough to actually want to start minting.  Thanks in advance for the help  Cheesy

If it's not locked you don't have to unlock it.  It will mint automatically.

And when will minting start/how will I know how many coins I have Minted?

Not sure when minting will start. I think it is supposed to start after block 5000, or maybe not until after all POW is done.  

You will see staked coins in the line in the wallet that says stake.  They will be held there (not available for transactions) until the stake is confirmed 520 blocks.  Then they will go back to your available balance.  You should see minted coins as a transaction the the ledger.


So they won't be spendable until 520 blocks after they are minted?
full member
Activity: 182
Merit: 100
how does pos work, is it one wallet that gets it every 8 hours?
full member
Activity: 238
Merit: 100
Hey guys, I know this question was asked a million times, but how do I unlock my wallet for minting? It is not encrypted, so I don't have a passcode. Am I missing something? This is my first time holding a coin long enough to actually want to start minting.  Thanks in advance for the help  Cheesy

If it's not locked you don't have to unlock it.  It will mint automatically.

And when will minting start/how will I know how many coins I have Minted?

Not sure when minting will start. I think it is supposed to start after block 5000, or maybe not until after all POW is done.  

You will see staked coins in the line in the wallet that says stake.  They will be held there (not available for transactions) until the stake is confirmed 520 blocks.  Then they will go back to your available balance.  You should see minted coins as a transaction the the ledger.

  
hero member
Activity: 1778
Merit: 520
do i need to do anything for my coins to gain intrest? oh nvm it hasnt even started yet LOL
sr. member
Activity: 616
Merit: 251
CryptoTalk.Org - Get Paid for every Post!
Hey guys, I know this question was asked a million times, but how do I unlock my wallet for minting? It is not encrypted, so I don't have a passcode. Am I missing something? This is my first time holding a coin long enough to actually want to start minting.  Thanks in advance for the help  Cheesy

If it's not locked you don't have to unlock it.  It will mint automatically.

And when will minting start/how will I know how many coins I have Minted?
full member
Activity: 238
Merit: 100
Hey guys, I know this question was asked a million times, but how do I unlock my wallet for minting? It is not encrypted, so I don't have a passcode. Am I missing something? This is my first time holding a coin long enough to actually want to start minting.  Thanks in advance for the help  Cheesy

If it's not locked you don't have to unlock it.  It will mint automatically.
sr. member
Activity: 294
Merit: 250
This coin is gonna blow up once people realize they can mine it just by holding it in their wallet  Grin

How does that work exactly though ? I think that needs to be in the OP.

Basically it's a lottery, each coin you hold can be considered a ticket. Every 60 seconds a "ticket" will be drawn to be the miner and the miner gets his reward. The probability of having one of your coins picked depends on amount of coins you hold and amount of total coins minted, for the start of POS it would be n/1bil * 100 where n = coins held

If you're not connected to the network then you can't have the chance for your coins to be picked and it will roll over to another coin on the network

When you say connected to network, you mean just having the coins in your storage? If so, does this require the wallet to be open and unlocked at all times?

Yes your wallet must be open and unlocked.  You can unlock it for staking only.  

in the console type:
walletpassphrase 9999999 true


9999999 or however many seconds you want to unlock to generate stake
true to unlock for staking only

If you unlock for staking only you still need to enter the passphrase for transactions

Ill probably just leave it unlocked forever, I prefer armed guards anyway  Tongue
full member
Activity: 238
Merit: 100
Stake interest: 1% annually

Is that all?

Are you a banker?

Well, nominal interest is 1% annually. And minimal stake age is 8 hours. Now imagine compound interest  Grin

Edited: to be more srs, PoS mining is cheap
sr. member
Activity: 616
Merit: 251
CryptoTalk.Org - Get Paid for every Post!
Hey guys, I know this question was asked a million times, but how do I unlock my wallet for minting? It is not encrypted, so I don't have a passcode. Am I missing something? This is my first time holding a coin long enough to actually want to start minting.  Thanks in advance for the help  Cheesy
member
Activity: 68
Merit: 10


How's this for getting in an hour after launch?
sr. member
Activity: 462
Merit: 250
This coin is gonna blow up once people realize they can mine it just by holding it in their wallet  Grin

How does that work exactly though ? I think that needs to be in the OP.

Basically it's a lottery, each coin you hold can be considered a ticket. Every 60 seconds a "ticket" will be drawn to be the miner and the miner gets his reward. The probability of having one of your coins picked depends on amount of coins you hold and amount of total coins minted, for the start of POS it would be n/1bil * 100 where n = coins held

If you're not connected to the network then you can't have the chance for your coins to be picked and it will roll over to another coin on the network

When you say connected to network, you mean just having the coins in your storage? If so, does this require the wallet to be open and unlocked at all times?

Yes your wallet must be open and unlocked.  You can unlock it for staking only.  

in the console type:
walletpassphrase 9999999 true


9999999 or however many seconds you want to unlock to generate stake
true to unlock for staking only

If you unlock for staking only you still need to enter the passphrase for transactions

Just set this up. Thanks a bunch!
full member
Activity: 210
Merit: 100
can you explain the concept of 1% interest compounded ?

i don't undetstand what it means.

how it is different from 1% yearly interest ?

thanks.

1% yearly interest is still compounded interest

All compounded means is once you receive your interest that amount becomes a part of your total assets to accumulate interest
full member
Activity: 238
Merit: 100
can you explain the concept of 1% interest compounded ?

i don't undetstand what it means.

how it is different from 1% yearly interest ?

thanks.

If you generate 1% in a year on 10,000 coins you would have 10,100 coins.

If you generate 1% every 8 hours for example, you would have
10100
10201
10303.01
10406.0401
10510.1005
10615.20151
10721.35352
10828.56706
10936.85273
11046.22125
11156.68347
etc..


you see how compound interest grows quickly.  of course all your coins are not going to stake every 8 hours.  

full member
Activity: 140
Merit: 100
Seriously, I'm missed this boat. NET HASH @ 11GH/s now Sad.
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