Hi anyone,
To give a picture of mining, on a small scale, I'll tell what I did. POS is 'proof of stake.' So, an amount of my OWC is 'staked,' or placed in a limbo status, while a portion of the mining process does it's thing. This is the stake the backs up the proof of the coin. Proof of Work uses that puzzle solving, with the winner getting the reward, and concluding the consensus, which finishes off that one block; or the proof. Since time and energy {computer, time, electricity, effort} is the "work" behind POW, it is not energy efficient on a large scale. In fact, POW mining has become so world wide extensive, it has become less profitable for miners. POS is one alternative, which allows for a greater increase in number of miners - in a more efficient way. Anyone can mine POS with a laptop.
After downloading from oduwacoin.io ; I just transferred one OWC coin, to test the address {that long receiving hash Alpha-Numeric code}, and waited. You will have a receiving address per wallet. Coins from the Oduwa MainNet, oduwa.io, took longer because that is the original, private platform. An Oduwa Administrator will oversee, approve, and send your coin out by hand transaction; sometimes after they had their coffee. Once you coins are out of the MainNet, they do not return there. Out there, the mining wallets, or web wallets, or mobile wallets {with the option of offline, paper wallet} are the holding places for your coin.
As per instructions on oduwacoin.io, there is a minimum number of coins, to stake, for mining. One can have a free mining wallet and store OWC coin, and transfer to, and from it; with any amount of OWC. However, one needs [ 2,000 OWC ], two thousand Oduwa coin, in the wallet; in order for the wallet to mine.
Next, encrypt your wallet and Write Down your Password! It protects security of your wallet, and is needed for mining.
2,000, or more, coin in wallet? Encrypted with password? Just go to 'file' and UNLOCK the wallet [password]. Wait. First time, half a day, so do whatever.
As a big tip, I think my 'sleep mode' on my laptop, might turn off wallet. So, I just went to my laptop setting and turned all the sleep settings to "never," and then I picked a nifty screen saver.
Leave laptop running and you'll see "incoming transaction" once and awhile. Maybe the notification chime along with it.
Your wallet, as mine does, mines various amounts of stake. Example: It will take 700 of my 2,000 and "stake" it. When done, it returns that to the "spendable" amount, the 2,000.
If you choose to place more coin in you mining wallet, it will "weigh" it greater on the grand scale and be used more often with greater amounts.
Since Oduwa is still beginning, 2-3$ levels, it seems like [with all those little micro transactions ] someone is paying me a dollar to leave my computer on all day.
Yet, it is helping the Oduwa progression, and that is something I want to do. Also, later, when OWC is bigger, that 0.012 coin, gets bigger also. Think HODL and long term of a year.
So, I'm not worried about fluctuations now in OWC, it is so early, and tons of little sell offs are happening. Natural, but so much on the small scale. Pretty soon it will be only 3$, next it will
only go up.
So, a small laptop, off to the side, doing its own thing. I do my other computer work on my other machine.
PS -- sorry for length, but DO back up on your wallet. I use a thumbdrive, and just keep on re-writing over the same file. back up, once and a while
thanks, mongoozemax
That is really lovely to read!! We don't know what price it will be in future but we are certainly ensuring that it's amongst the top opportunities for users to benefit from!
Thank you!