Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released - page 885. (Read 1356163 times)

Nice explanation Kevondo!  Thanks!

perfect

Still in its infancy, the crypto world we R traveresing is a cyber-conundrum. The vast majority of people can't get their head around How BTC works. Those immersed in it R pressing on into the unknown creating code that's nebulous to all but those with IT and coding chops.

Here's how I THINK! Vericoin is proceeding.

PoW is over. There is no publicly, active, mining going. Nor will there be. 26 Million Vericoin have been created.

HOWEVER. PoS or Staking creates/mines coins to pay the interest on coins being staked. So the Block chain is being added too by this action

Coins must be in Wallets to Stake. If U keep your wallet open it's good for the stability of the network and the coins "age/mature" and are awarded interest every 8 hours they remain in the wallet continuously. While staking, these coins cannot be spent/transferred. You can set a reserve in your wallet so you can ALWAYS have the number of coins that U may want to trade or spend available.

The accounting of Spendable, Available, and unconfirmed is tracked by the wallet.


If u open your wallet once a year U will receive the staking interest for all coins that have been in there for more than 8 hours. Then they will begin aging/maturing again. In the once a year scenario I believe (not sure) all the staked coins would then mature in 8 hours and pay interest

For always Open Wallets: As Coins start aging when they arrive in your wallet, every 8 hours they remain there "Staking"  they generate interest. All interest is compounded. It's virtually impossible to get all your vericoin to stake simultaneously.

The VeriCoin Multipool

All hash (scrypt or X11 only) pointed @ the MultiPool is managed by an algorithm which selects the most profitable coins to mine @ that time. The coins being mined are anonymous to everyone but the pool master. The spoils from mining will then be sold on the open market for BTC on the exchange offering the best price. The total resulting BTC will then be used to BUY Vericoin (again @ the best price) on the open market and then distributed to the share holders in the MultiPool.

Payouts will be made @ an interval to be decided but more than once a day.

All this will happen automatically once the algo for the Multipool is complete.

Can U C the intricacies of coding that this algo requires? This is why it takes time  and why we R lucky to have

The Best Development Team in Crypto

working tirelessly in the best interest of the Crypto Community to make this daunting piece of software known as Vericoin a true Masterpiece

 
Dev's or anyone in the know please make me aware of any inaccuracies

 

A multipool, uses people hash to mine other coins, in turn these coins are sold on the market and the BTC gathered is used to purchase VRC, the VRC is then distributed between the miners on the multipool

helps maintain the price on exchanges somewhat, and also keeps trade ticking over

It's pretty cool

correct me if my statement is wrong guys

I know that it's in testing but why does it even exsist? I thought the point of PoS was to STOP mining therefore wouldn't that make this a PoW/PoS hybrid?

Multipool is in testing currently.

ok i missed something obviously I thought we were in PoS therefore how are we mining VRC?

I would say also that our system uses PPLNS so if you mine something and we don't hit a block for days for some reason, it's possible you won't get a representative share. With the current hashrate on the pool I don't think this will be a problem though.

As long as we get it at some point, it's cool.

We found a new payout bug so payouts will be disabled until we fix it. As a reminder, the pool is still in alpha. What this means is that you will be paid eventually, but we can't guarantee timely payouts. Sorry. Thanks for helping us test the server.

Will vote 1/2 the time.  Other half is P$

I'll just leave this right here.

https://www.mintpal.com/voting#VRC

Of course Get some coins in your wallet and let the staking epicness commence

is this coin worth mining at all?

scrypt
12 Miners
159.31 MH
Nice !

received payout in my wallet, which I assume is from the multipool, Thanks very much, HAPPY DAYS

It's down from time to time as it's being worked on.

Auto-Payouts not working yet.

A manual payout was made  around 3:33 (IRC time) This thread is 4 hours ahead of IRC presently

My X11 restarts fine after "waiting for work"

multipool script down

Your coins are the same value we are all equal... One love with vericoin.... glad to see a woman aboard

 
now VRC is climbing a high mountain,