Hey, I'd like to ask, could you Guys guide us how exacly POS works? I talked to few people and most of them are confused. I, for instance, locked up my wallet and I can now see the message "minting suspended due to locked wallet". Does the option "unlock wallet" releases that and a client with encrypted (but unlocked) wallet is still avaliable to generate interests?
Let me try to answer this and I hope someone will correct me for anything that I state incorrectly. I am using information from the OP.
1. You are eligible to earn PoS rewards once 7000 WATER blocks are generated.
2. Only coins that have spent 20 days (i.e. have matured) in your wallet are eligible to generate PoS coins. If you have coins at an exchange, remember that those are in the exchanges's wallet, so the exchange will be eligible to accrue PoS coins, not you.
3. If you have coins that have been 20 days in your wallet i.e. are mature from PoS perspective and total blocks generated by the WATER network are at least 7000, you should unlock the wallet for minting via the button. This would cause the wallet to stake your claim for any coins that have been 20 or more days in your wallet at the time of unlocking. If you don't know which coins are eligible, check the transaction dates and add 20 days to figure that out.
4. You will not see the PoS rewards immediately after you unlock. You "compete" with other stake claimants based on "coin age value" i.e. total coins eligible for PoS * number of days the coins are in your wallet. Those with highest "coin age value" will get the PoS reward i.e. will generate PoS block on the blockchain first. Eventually you will get yours as long as you keep you wallet unlocked for minting. BTW, my understanding of "unlocking for minting" is that the wallet is unlocked for generating PoS coins only, and is otherwise secure.
5. The amount of coins you claim would be the number of coins * number of stake days * 0.08 / 365 (this formula is valid up from block 7001 to block 200000). For example, if 1000 coins qualify for PoS and your rewards are paid to you after 25 days they are in your wallet (remember, 20 days is the minimum) then you earn 1000 * 25 * 0.08 / 365 = 5.48 WATER. For calculation after block 200000, substitute adequate percentage found in the OP.
6. What also needs to be noted is that there is usually a max age for PoS which is normally twice the the maturity date. Using this formula, the max days for coins to earn rewards is 40 days. I don't know what WATER's max day value is or if it has any, but assuming it is indeed 40 days that would mean that it benefits you to unlock you wallet for minting every 20-40 days in order to earn PoS coins. If you unlock after 40 days, you would earn for only 40 days.
7. Once you earn the PoS rewards, the coin age for the original and stake coins resets to 0, so if you use the example above that would mean 1005.48 WATER coins would have coin age of 0 and you would have to wait at least 20 days to be able to stake PoS claim again on those coins.
Hope this helps and is not too confusing
Once again, I would appreciate if anyone can correct me for anything that I have misstated.
