I do own some BTCD, Am I then one of the stakeholders? I am still fuzzy on the details.
Jim
As long as you keep the wallet open and unlock to stake then you are one of the stakeholders. The point is to keep the network as secure as possible and only people staking can make that happen. Along with gaining more BTCD, the dividend is pretty much an incentive since so much of SuperNET will be riding on BTCD. There is also mention of checking how long each user stakes to determine fairness of dividend so that opening the wallet once a month for a few hours doesn't gain the same benefit as someone that always keeps theirs' open. Basically, you are rewarded twice over for keeping the wallet open and staking.
NICE... However it says the dividends will be paid to an associated nxt addy? how does that work.
you pick a public BTCD address to use. It doesnt have to have much BTCD in it. The software will automatically map this address to a NXT address (using its privkey), then it will make a NXT alias so that you can use the same public BTCD address even inside NXT
James
James, Thank you much for answering.
My only question left is:
How do I 'pick a public BTCD address to use'? And I assume I want to use the addy that holds all my btcd.
unless you want to impress girls, the public address should probably have a minimal amount of btcd.
now you can still impress the girls by showing your big acct in private
edit: just make a new address and it is your public address, or you can just use the address you have already been using. I am just nervous to publish accts with any big amounts in them
Ok, now I am confused, How does it know I am staking X amount of coins if the addy I publish is empty?
edit:
Example:
1. John has 1200 BTCD in a personal wallet and the wallet is currently staking at approx 5% year.
2. John wants to publish his addy so he can receive the extra income from superNet to btcd stakeholders.
Question1. HOW does he publish his address?
Question2. How does the program know he is staking 1200 coins if the address he publishes is a new one?
Jim
sorry for all the questions, trying to understand what is going on. I cannot find documentation other then the white paper and infomationsl PDF on superNet site.
all staking is visible on the blockchain. doesnt matter who controls the address for the staking based rewards as the dividend will be sent to the staking address (assuming it is bigger than some minimum level)
I understand how simple staking works, my wallet is getting paid normally.
Lets start over:
according to this document:
http://www.weebly.com/uploads/3/8/5/6/38564127/supernet.pdfRevenues received from the services detailed above and any others added by participating
cryptocurrencies will be distributed in the following proportions:
5 percent for BTCD stakers, via an associated NXT address
Please explain how the BTCD stakers will get paid?
James said I just publish a BTCD addy that does not have coins in it.. How then does the payment system know how much to pay me.. do I also associate the empty btcd addy with the one staking? How is this done..
Do you understand that when you are staking, the address that stakes is recorded on the blockchain?
so if you stake, your address that staked is recorded
this has nothing to do with your public address
ALL BTCD addresses that stake will get recorded
Each time an address stakes, it will get a share
all shares added up to calculate each addresses proportion
total dividend is divided by number of shares to calculate BTCD per share
each address is allocated its BTCD based on this
BTCD is sent to each address according to the shares
Let us say there are 30000 blocks that staked in a month and 300 BTCD is the total dividend amount. Each staking is thus worth 300/30000 = .01 BTCD. If your addresses staked a total of 55 times, that would be 0.55 BTCD total, but since we dont know who controls what BTCD address, the .55 BTCD would be sent proportionally to each address you have based on the number of times they staked.
I hope this is clear enough
James
