Topic: How does PoS start? (Read 1508 times)
All of pos coin premined by dev, and sold to staker
Hey guys, I have been looking into altcoin. All of the PoS coins here are premined, so I can't really find out the answer to my question.
PoS requires no mining AFAIK, so how is the first block generated, since no one owns any coins (since none have been created), how do you stake the first block?
Basically, how is the genesis block of a PoS coin created?
just my knowledge, im not master in blockchain, POW, POS, POK etc.PoS requires no mining AFAIK, so how is the first block generated, since no one owns any coins (since none have been created), how do you stake the first block?
Basically, how is the genesis block of a PoS coin created?
in POS coin the owner will be mining first block, then his premined coin will be sell in ICO (or hardfork from other coin) then all owner of that coin can mining use POS system.
in other case, the coin can be mining and have interest rate (POS) too.
I think PoS coins are not meant for mining in terms traditional mining. They get staking in the wallet once the wallet is online and you get daily staking rewards. In this way PoS or staking coins work and they dont require big hardware for staking unlike mining coins which need high specs machines to mine the blocks.
There's no hardware limit so how is the number of stacking wallets limited? Can someone run 100 wallets at once?
Well that is what people do believe it or not, they setup many VM's with the same client but all wallets will be different and not be linked to each other regarding them as individual wallets.
If you have 3 different addresses on the same wallet and deposit each one with 1 Million "NAMEYOURCOINS" the main wallet will have 3 Million coins but in 3 different addresses connected to that wallet, if those coins were to be spent fully then a spend link will happen confirming that those coins addresses that held those 1 million "NAMEYOURCOINS" each are actually the same user with the same wallet.
Now if you add VM's into the equation then they will just setup 1 address for each VM bypassing that, until of course they decide to cash out, anything is traceable on the Blockchain remember
Hey guys, I have been looking into altcoin. All of the PoS coins here are premined, so I can't really find out the answer to my question.
PoS requires no mining AFAIK, so how is the first block generated, since no one owns any coins (since none have been created), how do you stake the first block?
Basically, how is the genesis block of a PoS coin created?
just my knowledge, im not master in blockchain, POW, POS, POK etc.PoS requires no mining AFAIK, so how is the first block generated, since no one owns any coins (since none have been created), how do you stake the first block?
Basically, how is the genesis block of a PoS coin created?
in POS coin the owner will be mining first block, then his premined coin will be sell in ICO (or hardfork from other coin) then all owner of that coin can mining use POS system.
in other case, the coin can be mining and have interest rate (POS) too.
I think PoS coins are not meant for mining in terms traditional mining. They get staking in the wallet once the wallet is online and you get daily staking rewards. In this way PoS or staking coins work and they dont require big hardware for staking unlike mining coins which need high specs machines to mine the blocks.
There's no hardware limit so how is the number of stacking wallets limited? Can someone run 100 wallets at once?
There is no standard answer because there are many variations and executions of PoS coins. Could be mineable at first or ICO etc just depends.
The first block to extract only POW.Then switch to POS.
Pure PoS coins work by premining initially and then waiting for the weight of the input to build up on the network then it will stake (Mine a PoS Block)
Same thing applies for coins that turn off PoW at a certain block, Hybrid PoW/PoS coins co-exist and fight for blocks.
The more inputs for PoS the better for the network instead of 1 big transaction to keep things rolling.
Also note that you just mine how like you would normally when starting a Blockchain to get those coins into the wallet address, you can also switch that part of mining off otherwise you can still move the Blockchain PoW mining but for 0 reward.
Same thing applies for coins that turn off PoW at a certain block, Hybrid PoW/PoS coins co-exist and fight for blocks.
The more inputs for PoS the better for the network instead of 1 big transaction to keep things rolling.
Also note that you just mine how like you would normally when starting a Blockchain to get those coins into the wallet address, you can also switch that part of mining off otherwise you can still move the Blockchain PoW mining but for 0 reward.
That's really interesting, maybe can you have a link, or provide a page or resource where is technically explained how things works?
Your explanation si clear but we need more technical details.
Thanks
It's not that hard, you have the genesis block, which can be set as a big as you want, then you distribute this amount to a bunch of people, those people will provide the node to maintain the network by mining with that amount, and with their amount they keep miinting and accumulating additional coins, the bad part is the initial distribution, which for me it's really unfair
Then for example i mine an initial block of 20 million coins and i split it to 20 persons that store on their wallet 1 million, starting the staking process....correct?
Probably you are right affirming that is a little bit unfair, but there's always a way to better distribute coins on initial stage.
Thanks
Pure PoS coins work by premining initially and then waiting for the weight of the input to build up on the network then it will stake (Mine a PoS Block)
Same thing applies for coins that turn off PoW at a certain block, Hybrid PoW/PoS coins co-exist and fight for blocks.
The more inputs for PoS the better for the network instead of 1 big transaction to keep things rolling.
Also note that you just mine how like you would normally when starting a Blockchain to get those coins into the wallet address, you can also switch that part of mining off otherwise you can still move the Blockchain PoW mining but for 0 reward.
Same thing applies for coins that turn off PoW at a certain block, Hybrid PoW/PoS coins co-exist and fight for blocks.
The more inputs for PoS the better for the network instead of 1 big transaction to keep things rolling.
Also note that you just mine how like you would normally when starting a Blockchain to get those coins into the wallet address, you can also switch that part of mining off otherwise you can still move the Blockchain PoW mining but for 0 reward.
That's really interesting, maybe can you have a link, or provide a page or resource where is technically explained how things works?
Your explanation si clear but we need more technical details.
Thanks
It's not that hard, you have the genesis block, which can be set as a big as you want, then you distribute this amount to a bunch of people, those people will provide the node to maintain the network by mining with that amount, and with their amount they keep miinting and accumulating additional coins, the bad part is the initial distribution, which for me it's really unfair
Hey guys, I have been looking into altcoin. All of the PoS coins here are premined, so I can't really find out the answer to my question.
PoS requires no mining AFAIK, so how is the first block generated, since no one owns any coins (since none have been created), how do you stake the first block?
Basically, how is the genesis block of a PoS coin created?
PoS requires no mining AFAIK, so how is the first block generated, since no one owns any coins (since none have been created), how do you stake the first block?
Basically, how is the genesis block of a PoS coin created?
The genesis block is mined the same way as with the PoW coins and the block reward of the genesis (or few blocks after that) contains needed coins for the PoS to start. Normally you then have a short period during which PoW is still active without rewards, just to get the chain moving. After that the chain should not acccept PoW blocks for security.
At least this is the way with PeerCoin clones. I am not that familiar with the NXT.
Pure PoS coins work by premining initially and then waiting for the weight of the input to build up on the network then it will stake (Mine a PoS Block)
Same thing applies for coins that turn off PoW at a certain block, Hybrid PoW/PoS coins co-exist and fight for blocks.
The more inputs for PoS the better for the network instead of 1 big transaction to keep things rolling.
Also note that you just mine how like you would normally when starting a Blockchain to get those coins into the wallet address, you can also switch that part of mining off otherwise you can still move the Blockchain PoW mining but for 0 reward.
Same thing applies for coins that turn off PoW at a certain block, Hybrid PoW/PoS coins co-exist and fight for blocks.
The more inputs for PoS the better for the network instead of 1 big transaction to keep things rolling.
Also note that you just mine how like you would normally when starting a Blockchain to get those coins into the wallet address, you can also switch that part of mining off otherwise you can still move the Blockchain PoW mining but for 0 reward.
That's really interesting, maybe can you have a link, or provide a page or resource where is technically explained how things works?
Your explanation si clear but we need more technical details.
Thanks
Hey guys, I have been looking into altcoin. All of the PoS coins here are premined, so I can't really find out the answer to my question.
PoS requires no mining AFAIK, so how is the first block generated, since no one owns any coins (since none have been created), how do you stake the first block?
Basically, how is the genesis block of a PoS coin created?
just my knowledge, im not master in blockchain, POW, POS, POK etc.PoS requires no mining AFAIK, so how is the first block generated, since no one owns any coins (since none have been created), how do you stake the first block?
Basically, how is the genesis block of a PoS coin created?
in POS coin the owner will be mining first block, then his premined coin will be sell in ICO (or hardfork from other coin) then all owner of that coin can mining use POS system.
in other case, the coin can be mining and have interest rate (POS) too.
I think PoS coins are not meant for mining in terms traditional mining. They get staking in the wallet once the wallet is online and you get daily staking rewards. In this way PoS or staking coins work and they dont require big hardware for staking unlike mining coins which need high specs machines to mine the blocks.
I was told the first POS coin is NXT tokens, it was designed because of the popular believe the POW coins waste energy and is costly to maintain. Plese correct me if I wrong on the NXT information
Peercoin. The first PoS coin in history. And some were appearing after the PoS coin become a trend. Including NXT.
Check this out i seen like 2 yrs ago..
http://wiki.hobonickels.info/index.php?title=Proof_of_Stake
Not too skilled on the topic but i think you mine the first block then send them to your own address then POS those coins to get it started.
It is a bit confusing and i never bothered to really dig into learning it much.
I might be wrong on above
http://wiki.hobonickels.info/index.php?title=Proof_of_Stake
Not too skilled on the topic but i think you mine the first block then send them to your own address then POS those coins to get it started.
It is a bit confusing and i never bothered to really dig into learning it much.
I might be wrong on above
Thank you for your show. I really need to know how the POS works? it seems many altcoins use POS then it can cause inflation in the future.
I feel that POW is still good for any coins .
I was told the first POS coin is NXT tokens, it was designed because of the popular believe the POW coins waste energy and is costly to maintain. Plese correct me if I wrong on the NXT information
blocks are mined. sold to suckers. then they have stake claims, if they open their wallet and provide a seed node.
POS in a nut shell.
POS in a nut shell.
Pure PoS coins work by premining initially and then waiting for the weight of the input to build up on the network then it will stake (Mine a PoS Block)
Same thing applies for coins that turn off PoW at a certain block, Hybrid PoW/PoS coins co-exist and fight for blocks.
The more inputs for PoS the better for the network instead of 1 big transaction to keep things rolling.
Also note that you just mine how like you would normally when starting a Blockchain to get those coins into the wallet address, you can also switch that part of mining off otherwise you can still move the Blockchain PoW mining but for 0 reward.
Same thing applies for coins that turn off PoW at a certain block, Hybrid PoW/PoS coins co-exist and fight for blocks.
The more inputs for PoS the better for the network instead of 1 big transaction to keep things rolling.
Also note that you just mine how like you would normally when starting a Blockchain to get those coins into the wallet address, you can also switch that part of mining off otherwise you can still move the Blockchain PoW mining but for 0 reward.
Hey guys, I have been looking into altcoin. All of the PoS coins here are premined, so I can't really find out the answer to my question.
PoS requires no mining AFAIK, so how is the first block generated, since no one owns any coins (since none have been created), how do you stake the first block?
Basically, how is the genesis block of a PoS coin created?
just my knowledge, im not master in blockchain, POW, POS, POK etc.PoS requires no mining AFAIK, so how is the first block generated, since no one owns any coins (since none have been created), how do you stake the first block?
Basically, how is the genesis block of a PoS coin created?
in POS coin the owner will be mining first block, then his premined coin will be sell in ICO (or hardfork from other coin) then all owner of that coin can mining use POS system.
in other case, the coin can be mining and have interest rate (POS) too.
Check this out i seen like 2 yrs ago..
http://wiki.hobonickels.info/index.php?title=Proof_of_Stake
Not too skilled on the topic but i think you mine the first block then send them to your own address then POS those coins to get it started.
It is a bit confusing and i never bothered to really dig into learning it much.
I might be wrong on above
http://wiki.hobonickels.info/index.php?title=Proof_of_Stake
Not too skilled on the topic but i think you mine the first block then send them to your own address then POS those coins to get it started.
It is a bit confusing and i never bothered to really dig into learning it much.
I might be wrong on above
Hey guys, I have been looking into altcoin. All of the PoS coins here are premined, so I can't really find out the answer to my question.
PoS requires no mining AFAIK, so how is the first block generated, since no one owns any coins (since none have been created), how do you stake the first block?
Basically, how is the genesis block of a PoS coin created?
PoS requires no mining AFAIK, so how is the first block generated, since no one owns any coins (since none have been created), how do you stake the first block?
Basically, how is the genesis block of a PoS coin created?
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