Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released - page 606. (Read 1356166 times)

I just pointed all my asics and gpus at veripool. i think the devs need to carve out a little time to promote the pool better (sha is down from 22TH to 8TH). it really is a win-win to use the pool.

 1. Miner's get VRC without paying exchange fees.
 2. VeriFund gets funding.
 3. VRC will be mined at a great exchange rate and be VERI valuable in the near future.

This kind of information would be great in a FAQ. Is there a subject matter expert that could whip one up and put it on the website?

Excellent explanation, thanks.

When your coins are staking you get interest for staking, but even for the coins that are not staking you will catch up on the interest when it is their  turn to be staking. That will give you roughly 2.2% interest for the whole amount that you have in your wallet for the time being (this rate depends on the total number of coins being kept in the wallet by everyone).
So do not bother if you see one fith or even less of your coins only staking. If you were going to open your wallet once a week or leave it open constantly it wouldn't make any difference for this part of the interest).
The advantage of having the wallet open more often rather than once a year is that you would get compound interest (that means that the interest being added to your capital would also bring you some interest) so instead of for instance gaining 2.2% interest a year, you would get about 2.4%).
Hope this makes it a bit clearer for you.

Staking is the counterpart to mining in proof-of-work based cryptos currencies like Bitcoin. You only stake when you generate a block (and therefore confirm transactions within this block). The staked coins serve as proof that replaces the work and of course you can not stake infinite many coins at once. In order to generate a valid block its header has to fulfill a certain property, i.e. its hash must be smaller than a specific target value (specified by the protocol, similar to the difficulty in PoW mining) times the coin age of the coins that you are willing to stake. This is also called weight.

The age of the coins increases linearly over time and reaches back to the PeerCoin protocol (its worth reading the whitepaper!). Staking coins or using them in another transaction resets their age to 0. If you sum up the weight of all staking nodes in the network, you will get the so called network weight. The reward you will get depends on the weight being consumed when putting them on stake and is furthermore scaled in Vericoin by the logarithmic curve of the network weight you see on the first page of this thread, which starts at 0% and converges at ~3%.

The coin age principle ensures that also nodes with a small amount of coins quickly find a block if they come online after waiting for some longer time. This also has some disadvantages which is why BlackCoin now switches to a mechanism that doesn't use coin age anymore (its also worth reading this whitepaper!).

So having all coins on stake at once is quite an unlikely event and furthermore you certainly want to avoid that one node finds several blocks in a row because finding 10 blocks in a row would enable the node to perform a double spend.

I have the same question... In fact, it would be nice to see some more details on staking on the vericoin website...  http://www.vericoin.info/interest.html. From what I'm reading (i think) an open wallet is going to earn a dynamic interest rate from 0 to 3%. I had a wallet open for two days and noting happened, so it would be interesting to see some more information on the staking mechanism.

That being said the thread here seems overly focused on buy/sell with attention to btc conversion, which seems to me just another alt coin method. Staking appears to be the way to prevent this pump and dump alt coin explosion though which I think is positive.

Also no idea what verifund is, The chart on the website doesn't explain much. So I'm confused about that as well. I'm interested in this coin, but it's suffering from a lack of information.

Maybe I'll contact the vericoin team and see if they are planning on doing any more information on staking or verifund.

awwwww does the little FUD spreading weakhand want his coins he sold back?

Didn't I tell you this would happen? Take your FUD elsewhere bro, I'm done with you.

lol looking at 1 min chart

BTW, Thanks for the coins you bipolar weirdo.

Over 39% of Mintpal volume in past 24 hours. I'd say VRC has some peoples attention.

lol enough said with your reply

Oh I thought it was more than that, thanks

just one spam

Is it just me or did this thread lose a few posts?

Oh dear.  looks like a couple of whales just took some big hits.  Nom, nom....  Whale sushi for dinner tonight.

Man, I fell off my seat laughing lol!

Epic

there we go #1 volume on mint again

I will be giving away 100+ VRC to ten random users on the official VeriCoin IRC channel (#vericoin on FreeNode) some time within the next ~7 hours.

If anybody wants to donate to the giveaway, send some VRC to VLBbUjTQ51gEYVgj9R6F29RAKXPN5rmpy2 . The balance @ that address + 1000 VRC will be divided between the 10 winners.

If anyone has any doubts about my intentions with that donation address, just ask on the channel. I've already given away 1000 VRC earlier today. I've also donated near 30,000 VRC to the various VRC funds. I'm mostly trustworthy!

15:44:02 0.000399 33.2155  


Some fucker bought 33 BTC worth of VRC.