Topic: [BITZ] The Only 10% PoS Crypto to have - page 26. (Read 81870 times)

More than 10 miners are still working at Suprnova (69.81 MH/s), and wasting their hashpower!

Could OCminer please put some announcement, so people are aware PoW is ended?

EDIT: just dropped a PM to OCminer to inform him..

With regards to further merchant adoption of BITZ and the possibility to use BITZ and for everyone holding to increase the value I would urge everyone to vote for BITZ at GoUrl.io in any way you can. If you read the announcement the first winning coin will be announced on 15/04/2015 and I know that for BITZ to be in the lead by BTC vote only would be around 1.388 BTC as it stands now which maybe more than is realistic to get before 15/04/2015. However, if anyone is running a site that could use Go.Url.io as a payment provider please consider this to get some free votes. I will put in some more votes when I can.

I believe that this would be a good stepping stone for BITZ and would undoubtedly increase the value as the total coin supply is quite low.

https://gourl.io/coin-voting.html

These are the details of the PoS for BITZ:

The 10% is compounded annually, and the interest earned comes from your coin age times the APR.  BITZ minimum stake age is 24 hours. The coin age is reset after 30 days.

From main.cpp
 
    unsigned int nStakeMinAge = 24 * 60 * 60; // 24 hours
    unsigned int nStakeMaxAge = 30 * 24 * 60 * 60;           // 30 days
 
Reward interest is calculated as:
 
    nRewardCoinYear = MAX_MINT_PROOF_OF_STAKE;
    int64_t nSubsidy = nCoinAge * nRewardCoinYear / 365 / COIN;
 
Where MAX_MINT_PROOF_OF_STAKE is set to 0.10, or 10%.

Now that BITZ is in PoS only we will keep an eye on it and make sure it acts as it should. There will be a further update soon. What I would suggest is that you keep promoting BITZ to Bittrex and others and vote if you can for GoUrl.io.

Everything seems to be ok and running fine at the moment so hang in there. I am off for a few days for Greek easter (until 14/04) and probably will not be able to update much. There will not be any major updates or new wallets until the end of April or mid May depending on the feedback, interest and what, if any, new features will be implemented. Thats why I asked if there are any particular features that you feel will improve on the wallets or BITZ infrastructure. We are working on bug fixes.

I am also working in the background with the future strategy and white paper and merchant adoption. Just hang in there, this is a long term project so don't expect wow factor updates every other day or a bunch of fancy features that will not help the long term viability of this project. I don't have a specific time line but I expect a brand new website to be up by the end of April or by mid May.

Have a great Easter and see you soon.

https://en.bitcoin.it/wiki/Proof_of_Stake

Thanks for clearing things up. I'm not too knowledgeable about crytos so get confused at times. Can someone explain, in layman's, how POS works? 

dev when more news?

Sorry, there was a typo / oversight on the website, I have changed this

The OP should read that the PoW stops at 100,000 which has just passed. This has been announced. It was initially meant to stop at 500,000 but this was changed after the "bug" in the code for 1.0.0
So the total number of coins after PoW is just shy of 2 mill it seems and then the PoS is ongoing.

Sorry about any confusion, there were some problems in the beginning.

From the OP

As there will only be a finite amount of BITZ in existence the value will be determined by the demand for the currency. It has now been decided with consent in the community that the PoW phase will end at block 100,000 which is 3,500,000 BITZ. It will then be a pure PoS currency with an annual interest rate of 10%. This will keep BITZ in the realm of relatively rare when widely adopted but not deflationary like Bitcoin.

Yes, where dev? On the site, it also says pow stops at block 500000. Obviously, it has already ended. So what ends at block 500000?

where dev?

POW has ended.

When does pos stop? in fact, how does it work?

Voted

The fact that there is less coins (which is due to POS blocks adding to the 100,000 total) means that each one will be worth even more

Nice

Yes, but if POW stops in a few hours, how are we going to reach this amount?

dev need bittrex!

from the OP

Algo: X11 Pow/PoS hybrid
PoW will end at block 100,000: ~ 3,500,000 coins
Coins rewarded per block (PoW): 35 (constant to be fair to miners coming into the game late)
Time per block: ~ 1 minute (both PoW and PoS)
Difficulty Re-target: 10-20 minutes
PoS 10% per year from block 0

Whats the total/max supply for this?

Less then 2 million

{
"version" : "v1.0.1.0",
"protocolversion" : 60014,
"walletversion" : 60000,
"newmint" : 0.00000000,
"stake" : 0.00000000,
"blocks" : 99509,
"timeoffset" : 7,
"moneysupply" : 1913563.75990303,
"connections" : 15,
"proxy" : "",
"difficulty" : {
"proof-of-work" : 10.81152700,
"proof-of-stake" : 0.00316678
},
"testnet" : false,
"keypoololdest" : 1425486126,
"keypoolsize" : 101,
"paytxfee" : 0.00000000,
"mininput" : 0.00000000,
"unlocked_until" : 0,
"errors" : ""
}