Topic: (ANN) Netcoin has gone POS! With PIR & OWI - page 56. (Read 142185 times)

wow. it seems nobody here. where are you guys? do you have some new features and innovations? are you coding day and night?

All of the withdrawals have arrived. Tyvm for clearing that up guys.

why there are few people work on improving the sicurity of Crypto Currency and the wallet?
can the dev team develop some features to improve the sicurity of NETCOIN? for example Multi Signature, 2FA, and so on.

Fyi, I am not some noob gambler who is sore about losing a few bit pennies. Please check my betting logs and you'll see what I mean. If you didn't rig these games, someone might have.

I did not recieve any of the confirmation emails and my tickets and PMs have thus far been ignored.

I PM'd Admin about it the following day.

EDIT

The password reset emails are also not being sent.

if we can add 2FA or telephone message to improve the sicurity of NETCOIN.

the new wallet looks very cool. but it looks a little messy.
I have some wonderful pictures hope to let the new wallet looks more beatiful.





do you guys know about superNET? it's very hot right now.  maybe it has something we can learn. good ideas? new technology, innovations?

1. can i get POS coins if i encrypted my wallet?
2. can i have to open my wallet all days if i want to get POS coins?
3. can the exchange will get many POS coins?
4. what's the safest way get POS coins?

by the way, i like NETCOIN's official website very much. http://netcoinfoundation.org/ it's wonderful, so i have changed my signature to support NETCOIN.

I see now, CAPS has PoS 200% yearly and HBN has PoS 2% every 10 days.

Netcoin has more moderate and more appropriate PoS of 10%-100% at next 1st year. It depends on netcoin amounts in wallets.

So was it ever clarified if to get the variable PoS rates, all the coins need to merely be on the same address (but possibly in different blocks) or do they all have to be in one big block? Thank you

Hippy Tech, You have to confirm your withdraw in your email. It says its still pending and waiting confirmation.


Thanks.


Edit: It also helps to say something first at the forum if you have any issues, questions, or concerns. You were just there 3 hrs ago and could of said something  as styson did.  

But to answer your question is it a scam? You have to know when to stop playing. Hold back a day or two then come back. If you stop winning, stop playing.  Thanks for playing

Is eCasino a scam ?

One of their slot machines can't win, the other can't lose and they are not processing withdrawal requests. WTF !

@vsmamm a coin's "life" is always one where you are trying to attract new people while making sure you don't sacrifice the security, stability, and foundation of the coin itself.  We don't think POS is not "out" persay...but rather this: what POS was attempting to do in theory was great (secure the network through wallet's competing to secure the network AND providing a reward), but it left open some major flaws and issues, namely: nothing in the reward dealt with securing the networking while holding the coins.

That's why we didn't "just" implement POS.  In fact, what was implemented was something never done before: A way to secure POS, ensure the network is safe, AND provide a fair incentive reward that is the most rewarding to date.

Why change to POS in the first place?
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: 
- Nothing in that reward talks about securing the network while you hold the coins.  What does that mean?

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, and that's what we did with PIR + OWI:

NETCOIN being a POW + POS hybrid:
- Regardless of what happens with POS block staking, there is a parallel POW mining mechanism with NETCOIN that is also constantly competing with the POS mechanism to sign the current transactions.  Cool.  Added Security and safety.  That's always good.

NETCOIN adding PIR + OWI (Personal interest rate + Open Wallet Incentive)
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.

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.
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.

REASON 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.

As for the number of NETCOIN increasing, what do you mean by this?

And For An exchange getting POS and trying to "control" the coin, What we've done above is one step to prevent this from happening.  We have another feature in the works that when released, will completely level the playing field for Staking, to prevent big whales and malicious individuals from trying to manipulate/steal coins.

i am worry about the number of NETCOIN will increace too much and i am rather worry about the exchange, why they can't get POS? i can tell you they can get POS. they can do anything to make money, even open the wallet for POS coins.
i don''t like this change to POS. the number will be increaced too much, sorry for your hard work, dev team.

maybe we need something new to attract people. POS is out, we need some innovations to improve NETCOIN. does anybody have good ideas?

XD I'm really not sure how you come to this conclusion to be honest, it went UP overnight, sure it has come down to where it was again, but volume has definitely increased which is the possitive point here. I think the key now is to get the word out... We have more going for us than simply POS...

If you are talking about the crash from say 2000 to where we are now, I believe I covered this in the OP... We know why it crashed and rightfully so, I admittedly dropped the ball and at the time lacked the skills to fix the problem... Much has changed since then though... I mean to me price is not all that important... of course it is nice to have a good price but it's not the be all and end all.

I think as more people know about what we've done and when we present it better (currently in the works) things will improve in this regard.

EDIT: Also as for no development, I mean do you think POS conversion and the wallet design was done by itself, it was 5 months in the making to be honest... In part it took so long because I had to learn how to use Qt creator. A lot of hard work went into it and we are by no means done yet.

It shot down almost "overnight" from longer term perspective. If coin has no developing economy or user base at pace of at least of PoS, average coin value will fall. Only big buyer can save us

Hey every contribution is greatly appreciated! So thanks so much for doing your part

@yogibear... That weight is not very much... May I ask how much you are staking? But give it some time, people that have 50k tell me it takes a few days, which sounds reasonable. The more you have the faster your weight grows... Weight is coins X age.

@coinerer

XD Not everyone is going to get 100%, in fact very few I would say... You would need to get 10 million NET to earn that... How much would that cost exactly?

And the altcoins are here to give their own perspective, if all coins were the same then it would be pretty boring and pretty pointless no?

But as I say you'll never please everyone with anything you do.

And coinerer you don't wait a year XD... You stake throughout the year, with my coins I stake multiple times a day... But the % you get is split up depending on the time it took you to stake you see.. This is how pretty much ALL POS works

@vlad2vlad

Maybe they do and is more reason for people to take their coins off the exchange. But ultimately it is up to people what they do with their coins. If they want to give the stake to the exchange so be it.

@coinerer, actually we have seen a large increase in volume since implementing the changes, before there might not have been a buy for days... But hey there is much work to be done to get the word out there.

The coin was getting time warped for a long time, we need to let people know this has been fixed and there are no longer these network issues. There is still much work going on behind the scenes and there will continue to be... Did you really expect it to shoot up overnight? Things take time... But I see an nice steady increase in volume everyday and this is great

Thanks bud, much appreciated

Sorry I haven't been around much, I have had my kids over... They are 2 and 5 and so I can only come online after they're in bed... Just to let you guys know why I have been so quite.

But yeah thanks a lot.

In this scenario you might be better off to manually combine them when the 1 mill block stakes... But I mean you don't get 80% each time, that is the yearly %, so in reality if you left them combine by themselves you wouldn't really miss out on much.

Almost nobody interested in buying NET despite so good interest rate?

Sooner devs cancel all changes, sooner It will be better for this coin.

Price tells now.

Exchanges stake but they keep the coins.  I know this is a fact for at least Cryptsy.