How to switch from PoW to PoS? Do I need this?

Nakaba

member

Activity: 167

Merit: 11

Quote from: gorus5 on March 27, 2018, 03:28:00 AM

I'm cloning new altcoin. Everything goes nice.
I already have a working wallet and even premine some coins.
But I stumbled in one problem.

Let's say I want to have 125 million coins at all. 100 million is premine and 25 million for staking.
So on start, I premine 100 million using regular PoW. And then I have to turn off PoW and left only PoS?
Because if I left PoW, than everybody will be able to mine new coins easily like me on start. I can't change mining difficulty later because difficulty is built in genesis block.
And if I set big difficulty from the start that my premining will take a years.

So how should it work?

No one will help you because your purpose is so clear. Creating crytocurrency is not only about making money but also added value in the community. Helping you is like helping you get rich and rekt many investors. If you can't figure it alone it means you don't deserve it.

I.Grozni

sr. member

Activity: 594

Merit: 286

Coinomi multi-coin HD wallet

Quote from: gorus5 on March 27, 2018, 03:28:00 AM

I'm cloning new altcoin. Everything goes nice.
I already have a working wallet and even premine some coins.
But I stumbled in one problem.

Let's say I want to have 125 million coins at all. 100 million is premine and 25 million for staking.
So on start, I premine 100 million using regular PoW. And then I have to turn off PoW and left only PoS?
Because if I left PoW, than everybody will be able to mine new coins easily like me on start. I can't change mining difficulty later because difficulty is built in genesis block.
And if I set big difficulty from the start that my premining will take a years.

So how should it work?

What you mention is pure manipulation to which you personally want to get rich. Experienced investors will not invest in premined coins precisely because of manipulation. Would you invest in a coin that is 80 - 90% owned by one person? POS phase can be applied after 70 - 80% POW stages to extend his life, especially if the coin throughout its existence has not found a specific use. When the coin reaches its maximum of 100%, and there is no specific use leads to a large dump and a huge loss of value.

gorus5

newbie

Activity: 24

Merit: 0

I'm cloning new altcoin. Everything goes nice.
I already have a working wallet and even premine some coins.
But I stumbled in one problem.

Let's say I want to have 125 million coins at all. 100 million is premine and 25 million for staking.
So on start, I premine 100 million using regular PoW. And then I have to turn off PoW and left only PoS?
Because if I left PoW, than everybody will be able to mine new coins easily like me on start. I can't change mining difficulty later because difficulty is built in genesis block.
And if I set big difficulty from the start that my premining will take a years.

So how should it work?

Topic: How to switch from PoW to PoS? Do I need this? (Read 161 times)