Hey Devvie!
Let me help a little.
PoS Questions for Scott
- I read on the bitcointalk announcement that in order to stake, one needs to have coins in the wallet and have the wallet online for 30 full days before staking occurs. Is this correct?
- If the above is correct, lets say someone has their computer on with wallet open for 8 hours per day 7 days per week, would that mean staking wouldn't occur for three months?
- Let's say I recieve 1000 CIF, during the next 30 days I make numerous small transactions in and out, how does this affect staking once we hit day 30?
- Once a person successfully stakes once, does this reset their coin age back to zero? Does it affect all coins in their wallet, or just particular ones that were successfully staked?
- I'm a big fan of CureCoin which also uses qt wallet and has staking. Their latest version of the wallet shows what my 'network weight' is and how long it will be until I can likely stake again. Will we see something like this in future wallet versions?
- I want to make sure I get the percentages right. I've seen 1% written as the PoS amount, I also saw this on bitcoin talk as being "12% per year". Let's say I have 1000 CIF and keep them in an online wallet for 365 days. Assuming I can stake exactly every 30 days, how much CIF (roughly) will I have at the end of the year?
- A lot of proof of stake systems tend to heavily favor those with massive balances. For example if I hold just 1 CIF, would I still be able to successfully stake every month, even if CIF becomes incredibly popular and my wallet is competing against businesses with wallet holding millions of CIF?
- There's been some talk about master nodes and how they might appear in the future. Platforms like Dash requires a master node operator to own 1000 Dash, or about $300,000 USD worth of currency. If CIF makes use of master nodes in the future, what do you envision as a fair, secure minimum amount of CIF to hold in order to run a master node?
Also I just noticed the mining difficulty went up to 2.2, is someone already mining?
Hi All - concerning the PoS questions - I have some of the answers but I need clarification on some as well so I just sent this over to our devs who will answer each question and then I'll make sure to post the answers back up here shortly.
The one thing I wanted to address is the last line.
Also I just noticed the mining difficulty went up to 2.2, is someone already mining?
When you create a coin with a custom blockchain and wallets it is impossible to stop people from mining it. If we wanted people to stop mining it we couldn't release the wallets (or do airdrop or bounty etc.). Obviously we want to encourage participation in the ICO and mining won't give you incredible rewards but it will yield some CIF. So yes - some people are mining (you can check the explorer). It does take a little bit of technical know-how to mine without a pool (although we have created a pool) although for the same reasons as above we are not supporting it until post ICO. Everything is available on
https://www.cryptoimprovementfund.io/software/ if you want to go in, explorer, pool etc.