Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 146. (Read 542140 times)

The block reward will be "corrected" on the next major update. I'm hoping that's no later than 1-2 months away. It will require a hard fork.
So the POS version will remain 3.0, just with correct block reward per block.

There is actually a way you can track your staking potential
If you goto: https://chainz.cryptoid.info/bay/#!extraction

You can follow the amount of coins the network is staking. It typically ranges from 20% to 35% of the entire coin supply.
In POS 3.0, the APR of the coin is enforced, therefore the 20% to 35% of the coin supply staking earns the 1% APR of the total coin supply.

So the reality is that stakers are not really earning 1% APR but based off a 1 billion+  total coin supply, they are earning more like 3% to 5% APR

And don't forget... as the marketplace populates over time, there will be an increased number of coins at any given time that are locked in escrow during contract. This will further diminish the amount of coins available to potentially stake, and therefore increase APR even more, therefore creating more incentive to own!

So the system actually turns into a domino effect! 

i know i have said it several times before but i would love to see stake incrementally increased to match amounts held and duration of non spending to encourage investment and holding and kill off churning.

I guess the pegging will eventually deal with that but shame that could not be implemented as a short term incentive until then. Sadly pos3 i think removed something that would have made that possible...

Is pegging still on for the end of 2017? I seriously would not even be that shocked to see the peg at 50c if all goes well with the api and such before then. I wonder if we can think ahead and interest any teams to start building apps/websites for bay before api is even released which they would then just plug in? is it possible to do that?

Hi! Some time ago I have read about a planning of increasing of the stake reward. Are we just increase reward for the POS block or we going back to POS v1 mode with increasing of APR?

Staking - Proof of Stake
Q.) How does staking work and why does it generate value?
A.) Proof of Stake (POS) was originated by Peercoin. It’s an eco-friendly alternative to Proof of Work (POW) coins like Bitcoin. It is similar to POW except that you don’t need mining hardware to mine new coins. You simply have to hold coins in your wallet and keep the wallet connected to the network. To keep staking fair it requires that the coins held in a wallet reach a maturity level before they can begin staking for newly minted coins.In order for coins to mature they must not leave the wallet or else they risk reseting their maturity level. BitBay’s maturity level is roughly 2 hours or (120 block confirmations at 64 second block time)  - after that they begin the process of staking for the next newly found block on the blockchain. If they fail to stake the next block they gain miniscule advantage to potentially stake the next block, this repeats over and over until they finally stake a block, after which the coins must wait another 2 hours before they can become mature again.
All of this is automated as long as you hold coins in your wallet and keep you computer online and unlocked (yet still password protected) to the network. The more mature coins you own the better the odds that you will stake the next block receiving the newly minted coins that are associated with that block.
Proof of Stake holds many advantages over Proof of Work - mainly being:
Miners in POW always have the fear that their mining hardware will become obsolete premature of their breakeven point. New hardware can turn existing hardware worthless in just a matter of weeks. With Proof of Stake your coins are the mining hardware, they only risk is that someone wants to buy more coins to stake more than you, yet this creates a scarcity factor and drives the price of the coin up in value which does nothing but benefit your pocket!
In cryptocurrencies, any computer that supports a fully synchronized blockchain online is considered a “node” for the network. Currently with most POW coins like Bitcoin, there is no incentive for people to be a node for the network as all incentive goes to the miners. As their blockchain grows in size the number of nodes are diminishing as there is no reward for supporting it. POS coins provides incentive for people to syncronize to the blockchain which secures the network and helps provide a healthy decentralized atmosphere for the coin.


BitBay staking schematics:
New block added to blockchain every 64 seconds.
Coin maturity 120 confirmations at 64 second blocks = 128 minutes
1% annual increase in coins supply enforced by POS 3.0 protocol (see below)
Staking Protocol: POS 3.0 which is cloned from the Blackcoin developer known as “rat4”. POS 3.0’s whitepaper can be found here: https://bravenewcoin.com/assets/Whitepapers/Blackcoin-POS-3.pdf
It’s main upgrades are that it enforces a true APR of the coin supply.
Mature coins can only stay mature if you keep your wallet running. There is no ‘coin age’ factor anymore.


This is achieved by providing a block reward proportional to the APR. BitBay currently has a total supply of 1,007,545,000. With BitBay’s 64 second block time that equals 492,750 new blocks per year (60x60x24x365/64), which equals a current block value of 20.44 newly minted coins per block. This amount will keep adjust over time as the total coin supply increases. With this enforcement factor in mind, we can actually create a much higher APR for staking wallets. It’s impossible for the community to stake every coin in the total supply for various reasons - some are locked in contracts, timelock bonds, held on exchanges for trading, etc. That being said, the APR is only rewarded to those that participate. The coin supply will increase 1% no matter what, yet if only 30% of the entire coin supply is staking then that 30% will receive the 1% APR of 1 billion+ coins! We believe the actual APR’s will vary from 2% to 5% a year - not the advertised 1%!
 
 
Q.) How much RAM do I need for staking?
A.)   4 GB of RAM should be sufficient for staking BAY. Anything less and you begin to lose potential rewards due to processing power. I tried staking once on a raspberry pi (1 RAM) and couldn’t find a block on a healthy amount of coins even after 6 days of staking.
 
 
Q.) Can you mine BitBay?
A.) Staking is just another form of mining. See above for staking information

Q.) How do I stake.
A.) First, the Client needs to be synchronized 100%. Second, you need coin in your wallet to be able to stake. Then you unlock your wallet by going to the File tab of the Client and click on “Unlock Wallet”. For security reasons it’s best to unlock your wallet for staking only.


You can review the network staking statistics here: https://chainz.cryptoid.info/bay/#!extraction
You can look up your address on the staking list.

Bitbay referenced as a fundamentally strong project in the "Crypto Investing 101 - How to Win" episode of the Crypto Times:

https://youtu.be/OqnIzhD4Aas

Love the concept of this coin, I'm invested i just think the client UI needs to be updated its looking abit dated and not so clean and fresh (which in my opinion will put people off who dont understand the value of the underlying technology) but if development keeps going in the direction it has been I think this one will be one to watch in the future.

Keep up the good work!

Can any one explain more about the Staking rewards? can't find info anywhere.

How much coins minimum do I need in order to apply for the staking?

I only need to keep it on my wallet (like other coins such as XEM/BLK)?

Any calculator?

Ether is not stable.

However, almost half of Bitcoins in existence have been stolen by exchanges. Mt Gox alone was almost a billion dollar theft. Granted a lot of funds are lost by screw ups to date I personally know many people who lost their Bitbay from forgetting to backup or losing a backup.

With that said we have video tutorials on best practices. Print keys on paper, use M-Disc and so forth. When in doubt, back up and never leave funds on exchanges. Even Coinbase is known to freeze accounts Chinese exchanges deny withdraws and at any hint of regulations it will happen again.

only a matter of time

Volume off the charts.

I keep some in my client and some on Bittrex.

I have 2 backup copies in a fireproof safe at home and two in a safety deposit box at my bank. It's a good idea to have copies in multiple locations.

I've kept all my Ether on an exchange for about 3 years because I feel it's safer there than on the Ether blockchain. I'm sure about 100 times more crypto has been lost from cold wallets due to screw ups than has been lost from exchange hacks.

Coin toss.

My BAY is still in a Mac QT Wallet. (No longer supported).

You should never keep much money on an exchange. A long history of exchanges being hacked speaks against it.
You can use the client or the Qt wallet. I recommend the client. Make several backups of your keys and remember a backup kept in your home does not help you if your house burns down.
For Qt wallet you need to backup a file called "wallet.dat"
For the client you need to backup "key1.private" and "key2.private" (the client is multisig. Much safer, but requires you to have both keys in order to transact)

You might also want to join our slack. A lot of noob questions are answered there every day.

http://bitbay.market/wp-login.php?action=slack-invitation

Hi guys. This is my first message. And BitBay is my first investment in cryptocurrencies also. I have fully synchronized the Halo wallet. But I'm still keeping my BAYs on Bittrex. I'm afraid of a collapse on my PC, a system failure on Halo.exe etc. Bad things happen to me very often and I don't want to lose my precious BAYs, nobody does. Anyway, how can i backup my wallet? And I would be glad if you give me some other advices about securing my BAYs. Thank you. Keep up the good work!

I like your words hehe yeahh Bay to the moon sooner or later , so I am Holding no matter what.
Regards

BAY about to penetrate the 2000 SAT level.

Immense.

Over 300 BTC volume.

think this coin hit 10 cent target in next days...this project has big potential ...in 2-3 months 50 cent good luck

Hello folks, first time chatting on here, I'm definitely one of those churners you are talking about and it got me today when it shot up to 1700 so fast haha, but that's alright I'm still heavily invested just wanted to get that perfect number of coin I was so close! I have great expectations for this coin and will be looking forward to its growth. I think we will be seeing 2000 before this weekend is over, anyways cheers everybody!

Nice increase in volume recently and trading past 1,700 today! 

Thanks for the help! Watching now.