Hello everyone. I'm a small-time NAUT investor. I just moved all of my coins off of Mintpal and onto my desktop wallet. Please forgive my noobness, but can someone eli5 what Proof of Stake actually means for the little guys like me? I only hold about 1500 coins, but I'm a huge NAUT fan (among other coins). Will I need to update my wallet when we change over to PoS? Also, will there ever be an electrum or android wallet for NAUT?
Keep up the great work you guys! I love to see altcoin communities flourishing!
Hi buddy,Keep up the great work you guys! I love to see altcoin communities flourishing!
Yep you'll have to update your wallet, but info regarding that will be posted everywhere so don't worry about that
The exchanges will update their own wallets, usually together with a previously announced scheduled hour or so of downtime. Proof of Stake, PoS, means that the people holding the coins are securing the network and keeping the network moving forward, rather than miners. This also means that anyone using their wallets to "stake" gets a certain % in return. I recall BK posting that it will be 2% a year, or something like that. You'll only get that if you keep your wallet online though, as it needs to be online to keep validating transactions and thus secure the blockchain.This will also allow for something called a PoS multipool, where miners can mine other coins than Naut. The pool operator will then sell them for BTC and buy Naut from exchanges to be payed out to the miners. This will provide a constant positive upward momentum for the price, and help stabilize it further.
As far as electrum- and androidwallets go I don't know, but I'm sure this is something that's being looked at.
Thank you for the info! I just bought 500 more NAUT. Go NAUT!
And this is only in the next few days! There's so much more coming in the next couple of months. Next after this seems to be the multipool, and that's probably the least exciting thing. 