Topic: (ANN) Netcoin has gone POS! With PIR & OWI - page 54. (Read 142162 times)

BTW tokyoghetto...

Really sorry about this continued problem with Cryptsy.  The Netcoin foundation has actually been looking at what to do with that exchange, as netcoin members continue to be hurt, ignored, and or left with a lack of care and respect from the exchange (http://forum.netcoinfoundation.org/thread/728/cryptsy-removal-poll?page=1&scrollTo=10629.

It's really a shame.  on one hand, it's good to have an exchange...as it allows the coin grow and be utilized.  On the other though, and most importantly, if an exchange is repeatedly leaving netcoin users high and dry, this is unacceptable.

I would try to do withdraws at like 80-100k at a time and see what happens.

Hey man, yeah, I was able to withdraw up to 100k.  Anything above that, and it split my withdraw in half!

We actually have a member on our forums point out this:

"Hi,
I believe that any coins that are able to stake, cryptsy stakes.  I was having a major problem with netcoin withdrawl from there and found out that they were staking users coins.  Thats why peoples coins would get stuck on pending during withdrawls.  Especially if there were large withdrawls, it was taking weeks or longer if even you could get them out.  This is what it says in the terms section of cryptsy. 

28. Staking Interest

Some Cryptsy wallets may provide staking interest rewards. Any staking rewards, conversions, snapshots, or likewise will become the property of Cryptsy.

I know after many people in the Btcd community wrote cryptsy yesterday and threatened them with a mass exodus, amazingly within half a day my coins were sent.  I dunno if the same thing is going on with net but if so, I surely am going to withdraw the rest of my netcoins out of there now asap.

Just a heads up!

Read more: http://forum.netcoinfoundation.org/thread/730/major-problems-cryptsy-fan?page=1#ixzz3DUiJ03bY

it keeps showing as pending. its for over 1 million NET. I did a test withdrawal before for 10 netcoin, that went through. Even today I did another test withdrawal for 15 NET and it went through.

i keep sending them tickets. They tell me that it will bumped up to their tech support. Then they send me a email saying that the problem has been resolved.

But the coins are still pending and not in my wallet. Stuck in limbo. 1 million + NET. Coins that I can be staking RIGHT NOW.

Cryptsy is going down the shitter fast that explosive diarrhea.

Hey Chris,

To answer: If you have a good amount of netcoin, absolutely, 80% or 100% interest/earning is there! 

As for "daily" interest/profit, kinda: When a Proof of Stake block is awarded, the annual interest rate is converted to a daily rate, and applied based on the age of the staked coins in days

To explain in more detail though about how Personal Interest Rate + Open Wallet Incentive work (and thus, to answer your "daily interest rate/profit question")

a) Now POW + POS Hybrid
A big decision on the POS implementation was to help continue the success of NETCOIN, allow for fair usage, accessibility, and the ability to reward coin adopters and users.  That being said, we did not want to implement the traditional POS (as recent security breaches and problems with malicious users not contributing to the network highlighted this fact).  Thus, we made some exciting and revolutionary changes to the POS protocol that are now implemented in Netcoin, making it by far one of the safest POS coin available as it is less susceptible to very large volumes controlling the network.

Why the changes to POS?
We liked the idea of substituting the 'sacrifice of electrical power and energy' with 'the sacrifice of accumulated coin age' to sign blocks and earn rewards.  For one thing, it's more eco-friendly.  For another, it provided a way to give back to NETCOIN users.

But the one argument against POS as a concept that really bothered us was this: 
POS will help secure the network providing lots of wallets compete to secure the network.
The usual POS reward is reward_Per_Coin_Per_Day * number_of_coins_Staked * number_of_days_held
Nothing in that reward talks about securing the network while you hold the coins.

So, in theory, one could:
-obtain a large number of coins
-Put them in a paper wallet
-Forget about Netcoin for 5 years
-Import the private key into my wallet
-Start staking
-Receive 5 years worth of POS reward


For what? For helping to securing the network for a few hours in all that time.  This, to us, seemed to be an oversight in the overall POS concept.  Why should anyone bother trying to compete and leave their wallet running if you get the 5 years reward anyway?

Thus, the need to make some fundamental changes to the POS system.

b) Personal Interest Rate (PIR) + Open Wallet Incentive (OWI) Overview
One of the big decision on the POS implementation is what interest rate to choose for staking rewards.  As we discussed what to use, we realized that the notion of only providing a flat, fixed interest rate that stopped year after year was archaic.  Not only did we want to provide an interest rate that was fair to all users and would benefit those who actively utilized NETCOIN, but we wanted to provide a long lasting and sliding scale interest rate that TRULY rewarded individuals based on the number of coins in their possession.  With a sliding scale then, it is always better to obtain more NET.

We also wanted to encourage NETCOIN users to be active, participating in the coin and community.  To do this, and to continue the stability and security of NETCOIN, we wanted to give users a reason to stake (or to either keep their wallets open, or open them regularly). 
 
b1) Reasons for PIR + OWI
Interest rate is a measure of risk and reward. In finance an Interest Rate is often called a 'Risk Rate'.  The large holders are exposed to greater risk with the rises and falls of the price of crypto currency.  Presently, this is much more than normal fiat currency.

Therefore, an individual with more NETCOIN will get a higher reward to reflect (and honor) the higher risk they are taking.  Furthermore, every time the interest rate rises a little bit with every extra NETCOIN obtained creates a desire to obtain NET. This is a good thing for keeping the market active and encouraging users to 'stick' with NETCOIN for the long haul, and to discourage the use of the coin as a “pump-and-dump” coin.  To prevent an uncontrollable increase in interest to further, we designed into the protocol from the start interest rates that change after 1 year and 2 years to close the gap between high and low holders.  This reflects that fact that by that time the risks will be lower and more balanced.

What we developed is this:

b2) Open Wallet Incentive (OWI)

Open Wallet Incentive (OWI) is a new algorithm designed by NETCOIN core team to both replace Proof-of-Work (PoW) and Proof-of-Stake-Velocity (PoSV) as the mechanism to verify transactions and create blocks and provide incentive to NETCOIN users to participate in staking.  OWI continues to reward users for their ownership and activity of NETCOIN.  Simply put, the more NETCOIN you have, and the more you keep in your wallet (and keep your wallet open and running), not only are you more likely to find a stake block and receive block rewards, but the more interest you earn based on the amount of coins in your wallet.  However, what sets OWI apart is the ongoing reward (or interest rate) that’s applied.  Rather than having a static reward that stops, ours continues to reward (that declines with time). 

How it works:
- Users should stake once each month to earn highest possible rewards
This incentivises running full nodes to increase POS security

 - The Coin Age gradually slows after 1 month with an aging half life of 90 days.


b3) Personal Interest Rate (PIR)

Personal Interest Rate (PIR) is a new algorithm designed by NETCOIN to replace the static Annual Percentage Rates (APR).  APR is the 'Annual' or yearly target interest rate.  Other coins set a static, fixed APR (much like a savings account).  However, a rate that increased for larger holders of the currency would encourage people to:

1) Want to obtain more NETCOIN (as they would be getting a higher “interest rate”) and
2) Promote smart consumerism (spending the currency could reduce one’s interest rate, thus providing a means for individuals to spend wisely).

Simply put: The more NET you get, the better the rewards.

How it works:
The number of NET you stake (or have in your open wallet) determines the Annual interest rate that is applied to the transaction for that reward.  When a Proof of Stake block is awarded, the annual interest rate is converted to a daily rate, and applied based on the age of the staked coins in days.  Stake reward increases in line with the value of the coins staked on a sliding scale using the following threshold:

Netcoin Annual Interest Rates 
It is a sliding scale between the values displayed below

NET           Y1   Y2   Y3
0           10   20   20
1000           15   25   22
10000   20   30   24
100000   30   35   26
1000000   80   40   28
10000000   100   45   30


Year 1: Started August 2014
Year 2: Will start at approximately August 2015
Year 3: Will Start at approximately August 2016

These estimates depend on the speed of the blocks, which should average ~1 per minute.

Users who keep their wallets open more often (or stake regularly) to secure the network earn the quoted APR, while users who keep their wallet closed for months at a time and do not help to secure the network with POS staking will earn less than the quoted APR.


Hope that helps!  A lot of this information was from one of our foundation devs (WHO) who did some great write ups on the netcoin forums!

Depositing of netcoin in your wallet you get a percentage of profit between 80 and 100%. The profit is daily?

Great news and Great work everyone.

NET is continuing to rise and gain tractions!!!

Biggest Gain in the last 24hrs (40%!)

81 on Coinmarketcap (and that's without BTC/NET on Bter being included).

haha thanks, glad you like it XD

I'm very excited working with the tools too, so much you can do with it, I was making a little something last night which was super cool, not uploaded it just yet... Again it's just a small little thing, I'm just playing around with it at the moment and doing a few proof of concepts etc... But there is so much you can do, so much potential...

I'll obviously post here and on the forum when I have more to show.

Funny thing!!! http://drums.netcoinfoundation.org/

LOL

excited about the upcoming stuff for netcoin

LOL... oh just a bit of fun I was having playing with some html5 and javascript lol... But there will be some much better stuff coming down the pipeline haha...

not yet! what is it? going to have a look now .....

Lol nah I never sleep well, wake up every 2-4 hours, have done for years... Luckily though I can get back to sleep east enough lol.

Btw did you have a go on drums.netcoinfoundation.org? XD

hey I didn't want to wake you up !!! *LOL*

Well I dunno yogi... I mean its nice to see our hard work pay off in a price rise but really price is not the be all and end all... XD But I mean it's been steadily rising since releasesing pos etc, I think that says a lot.

Now position 81 on coinmarketcap. Looking really good.

Back to sleep for me lmao XD

Nice to see a positive price reaction here.
 Let's hope it's not just a P&D rise ....

Hey snappy, can you do me a favour and contact coinmarketcap to let them know about bters BTC market? They don't have it listed... cryptsy is at 98 and bter is at 110, on the BTC market so we would actually be higher if they had that one on there... I'd doit but gotta go to sleep! 6am here lmao... But wait till I show you something tomorrow! You are going to explode! lol

EDIT: Oh even with listing cryptsys low price we're still climbing... 89 on coinmarketcap now! Go on NET, be so glad to see it back up where it belongs

Right really going to sleep now haha.

EDIT: Okay god damn it... cryptsy now at 160! Must stop watching! Moving too fast, need to sleep! lmao

NICE!

Netcoin is now on the first page of coinmarketcap.com!

#93 and rising!!

GO NETCOIN!!

Netcoin, BUY IT, NOW, baby, yeah, ugh!    I keep finding my way over there to play.



    
                                                                        NET/BTC


                                                                        NET/LTC


Put them buys in, need volume.  Go NET!!

Netcoin, BUY IT, NOW, baby, yeah, ugh!

What ISN'T there to like?

Cats.
Netcoins.
Drums.

Sweet sounds?

All day. 

Thanks for a great addition to the NETCOIN community!