Dear Dev (Communitycoin),
Could you please address the issue of minting? It seems like everyone has their own explanation.
1a. Everyone calls it 'interest'.
2a. Some believe that you don't need to keep your wallet open, as long as it is unlocked.
3a. Others think that you will receive about the same amount every single day.
4a. And others again think that if you have a larger stake that you will automatically gain every time more 'interest'.
1b. I think that the use of the term interest injustified is, because you're actually keeping your wallet open (using your pc and some power) to verify transactions and keep the network secure. I prefer to call it a 'REWARD'.
2b. I don't believe this because why would you get rewarded by keeping your wallet closed?
3b. This also is untrue, because it depends on the amount of people who keeps their wallet open and how big their stake is.
4b. Again I think that you will only have MORE CHANCE to mint and NOT that you will automatically get GREATER rewards every time, because it totally depends on the fees accumulated in a certain block. This means that someone with a smaller stake may find a block with larger fees that somone with a bigger stake.
Can the dev of someone from the dev team please provide us with more info and is the way I understand it right or wrong? This is how I used to know how it works with Nxt. It is important to know how the coin works otherwise it is harder to promote is everyone comes with different explanations.
Thanks,
Samy
i will attempt to answer your questions as you seem too used to NXT.
This is a 1st gen POS coin, not like NXT where staking is used for transaction fees.
1a. it is like interest but is not because it is not calculated at a fixed rate.
2a. you do NOT need to keep your wallet open, but opening it is the only way to get your stake after you have waited for it.
3a. the amount you receive will vary depending on many factors, the most important ones being coin age and amount of coins.
4a. you will definitely gain more coins per stake with more coins.
1b. ok, call it whatever you want. other people wont.
2b. that is not how POS coins work.
3b. again, you do not need to keep your wallet open all the time.
4b. this isnt NXT and you are not staking for transaction fees, you are generating NEW coins.