Is PoS supposed to replace PoW as the method of mining? Yes that has always been the intention of PoW/PoS hybrids. The network is to be secured by the conventional PoW system and slowly let PoS take over control as to be more energy efficient. This is also why there is much more PoS currently since PoS was just fixed by the dev
Only actual answer I've gotten.
I realize you guys think I'm asking questions that are answered in the OP, but I'm really not.
Either I am just not being clear enough, or there is a language barrier.
As for the rest of you guys, thanks for replying but none of you actually read what I wrote, and it's getting really really frustrating
I didn't say ONE THING about PREMINE. In fact, I've clarified like 3 times now that I'm not talking about a premine.
My question is how much of the
CURRENT MARKET does the dev control. Stop saying 1%, there aren't 50 billion coins yet so the percentage is much higher.
He has at least 192 million. We know this because he said so on page 55, let's move past "how are you coming up with 192 million?"
I don't even care about premine. I like coins with bounties.
The issue comes when the coin cannot be mined fast enough to over take or catch up to what the developer controls. This is one of the things I'm trying to discuss.
How many coins are there currently? I estimated 305 million. I was apparently wrong. I estimated the average GRA per block * number of blocks.
At what rate can GRA be mined? 1024-2048 every 30 seconds
There's no way anyone is mining PoW at this rate right now.
Yesterday, at its peak, it took 50x longer to mine a PoW than the day before. This is why I asked all the questions about PoS.
You're telling me that the number of coins being generated by PoS is making up for the extreme difficulty in PoW.
If this is working as intended, then this means that newcomers cannot get a fair start. They can only buy in. This also means that the vast majority of the PoS coins are going to the dev again.
I see this as a big problem.
Can miners ever catch up? Only ~740mil have been mined including the premine, this is only 1 month old. In due time miners will catch up. If he were to keep the premine for 1 year it would only get 25mil which takes miners less than 6 days. But he has already been giving away some of the premine as giveaway/bounties.
So you're saying that PoS generation will decrease? This seems like the opposite of what would happen.
If more people have GRA, and those that are mining keep generating new GRA, then surely there will be more PoS which means less or almost no PoW.
I understand that you say PoS is supposed to replace PoW, but doesn't it seem like it's happening a little too soon or too fast?
Thanks for taking the time to actually reply.