Without searching through 100+ pages, can someone tell me the following - as it's NOT in the FAQ in the front.
Year one, your coins earn you 20% interest.
Year two, they only earn you 15% interest.
So, why not, at the end of year 1, simply transfer all your coins to a new wallet, and so the coins start earning 20% interest again (and not 15%)?
Thanks in advance
Year one, your coins earn you 20% interest.
Year two, they only earn you 15% interest.
So, why not, at the end of year 1, simply transfer all your coins to a new wallet, and so the coins start earning 20% interest again (and not 15%)?
Thanks in advance
Coinyear is chained to entire blockchain, not to your personal address, balance or wallet. In other words, its calculated globally, not locally.
The only way to change interest is through hard fork.
OK, that makes sense.
On that basis, I take it the POS minted coins start to earn interest at the same rate as every other coin that exists? ie if you earn 1m POS coins in year 2, they only gain 15% interest?
I ask because I was under the impression that newly minted coins would start to earn 20% interest after 5 weeks of ownership..... which then led me to the question - if I trade some Mint, how does the buyer know that the coins they're buying are going to earn 20% / 15% / 10% etc - they have no idea how old the coins being sold actually are.
Coins are tied to the their address and block. Each coin is treated separately. Coin starts aging from the moment it lands to wallet. After aging for 20 days, it will start looking for PoS (interest) block.
If you send coins to another address, those coins age will reset. They start aging again and search PoS block again after 20 days.
Interest percentage is simply defined by blockchain block number. 2880 * 365 = 1051200 blocks are generated every year. If current block is < than 1051200, then interest is 20%. If its > than 1051200, then interest is 15%. If its > than 2*1051200, then interest is 10% and so on.
