so What are the exact rules for POS.. like how many days minimum to let wallet stay open.... when do i need to re-open my wallet if i dont actually use it in 1 month... (cant imagine that... but still...)
What are the exact terms?
(in human language pls
)
I'm not SURE on much of this myself and it's often asked.
Due to it's complexity, I started trying to write an explaination of how it works so it can be passed to the Dev for him to decide whether to put on the OP and website or not.
However, I quickly realised that I have a huge amount to figure out and have therefore created a google doc for us to all try and get it nailed.
If you KNOW something is wrong, please correct it or make a note to say it's wrong but you don't KNOW what's right and add what you do KNOW.
The more we can do as a community the better.
Please PM me for the link. I would post, but we're bound to end up with trolls in there if I do that. No sign in's required, just the link (I've pre-shared with the regular posters in this thread, can only send to 3 people at a time, it went to 6 people total).
EDIT (0035 UTC 2014.02.14):
I have put some more time into it this evening and this is where it's currently at, it's VERY MUCH A W.I.P and should NOT be taken as accurate in anyway as yet. It's merely a way of getting some feedback from those here who care about the coin and have a better understanding of how POS works than I do. It could do with shortening, I usually end up with extraneous text with things like this.
Proof-of-Stake [POS]:
What is Staking:Every 30 days coins held in an open & unlocked wallet are eligible for additional coins (think of it as interest on deposits). The quantity of coins minted from POS depends on the number of coins held (for 30 days) and POS difficulty.
What will you can expect to get from Staking:Initial POS will produce an estimated 10% additional coins per year with payouts every 30 days that coins remain in a wallet without being transmitted anywhere. This will be reduced to 1% when POS fully takes over from POW. Coins of mixed maturity will earn their interest when they reach 30 days, so a miner for example receiving coins daily could expect daily payouts from staking if the coins remaining in their wallet.
How to maximise earning potential:Make sure when sending coins that you choose the right coins to send. There's a feature in the wallet (from v1.1) that allows the selection of coins by age or receiving address (Settings -> Options -> Display -> Display coin control features (experts only!)).
Coins will only generate POS 3 times when held in the same wallet. This is to discourage hoarding and try to ensure a continued circulation of CASH (high liquidity). To continue receiving payouts, transfer the coins to a second wallet once 90 days have past, then transfer them back.
The priority column could do with some refinement, needs a ‘low’ priority and should take longer to reach ‘medium-high, high and highest’Inflation and Deflation:The transaction fees from sending coins are destroyed with CASH rather than being added to the block for miners to aquire, this is intended to offset the interest from staking and is the reason why the total coin cap is unknown. If everyone hoards all the coins then none will be destroyed in transactions fees but the supply will continue to grow through interest, likewise, if the coins are frequently used in transactions then they won’t be earning interest and will cause the supply the be reduced due to transaction fees.
If CASH is frequently transmitted, it will take many years to reach ~40million coins.
If CASH is heavily hoarded, it will take significantly less time to reach ~40million coins.
The side-effect of this decision is that instead of transaction fees only going to miners (who use huge amounts of electricity), EVERYONE who possesses CASH has the chance to gain.
Network security effects of Proof-of-Stake:As is widely (and often inaccurately) reported there’s a potential security flaw from pure POW coins where a single entity could, in theory manipulate the blockchain for a coin and cause a wide range of problems. This is addressed in CASH by having holders of the coins secure the network as a percentage of their ‘stake’ in the currency. To compromise CASH, an attacker would have to own >51% of all coins AND >51% of the hashing power making an attack a very expensive proposition as they’d likely have to try to purchase coins from owners who don’t intend to exchange their stake.
THIS SECTION HAS BEEN DISPUTED AND IS CURRENTLY SET TO BE REMOVED.POS from exchanges:The decision as to who receives POS coins when held in an exchange’s wallet is entirely up to the individual exchange. There have been reports of exchanges stating that POS coins will go to the owner of the coins, which exchange this was and validity of this information is currently unknown.
Exchanges that give the owner of the coins the stake:List of confirmed exchanges……..
