(Exact time will depend on how fast Noblecoin's blocks are generated on that day)
First three weeks we will have both PoS + PoW mining. PoW mining will be disabled after block 25 200 which will happen approx. on the 21st day after the switch.
PoW parameters:
- algo: M7M which is believed to be CPU only for a time being
- reward per block: 1000
- how fast blocks are generated: average time between blocks will be about 6 minutes
- how to mine: you can mine with your wallet. just go to console and type 'setgenerate true 1'. this will enable CPU mining using 1 core of your CPU.
you can use more cores if you want to mine more aggressively
PoS parameters:
- algo: we use PoS II from Magi Coin with little bit of tweaking
- 8% interest rate
- average maximum number of coins generated by PoS per day: around 446 000, which is 6,1% of current supply rate
- min coin age: 2 hours
- how to stake: just keep your wallet online. the longer it is online the more secure is whole network. if you cannot keep your wallet online 24/7
this is still fine but you will earn bit more interests if it is online all the time
- recommended size of transactions in a wallet: if your wallet is big (e.g. bigger than 5-10 mil) it makes sense to split it into smaller pieces.
in theory the best transaction size is 2 mil.
Git repository:
https://github.com/eagleflies/noblecoin
Documentation:
https://github.com/eagleflies/noblecoin/wiki
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What to do to migrate funds from PoW blockchain to future PoS blockchain
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1. Explanation of how transition happens.
Currently PoW blockchain contains information about all noblecoin's balances. At the time of switch to PoS snapshot (snapshot means: I will record all addresses and what amount of funds they held) of PoW blockchain will be taken and exactly same amounts of noblecoins will be distributed over new blockchain. After the switch it will no longer be important if someone sends or receives money on PoW blockchain since switch already happened. Everyone will be using PoS wallets and PoS blockchain.
2. How to get access to your funds on new PoS blockchain.
2.1. Transfer all your funds to an exchange before the switch happens.
This is the 'lazy method' since you do not need to learn anything new.
If you do this then exchange will take care of moving your money onto new blockchain. After the switch you should transfer the money into your PoS wallet to be able to stake.
You have to move the funds before the switch happens. If you keep them longer then you will have to use other method.
2.2. Move your private keys into new PoS wallet using -salvagewallet method.
This is the recommended method if you are not scared of running few commands. Documentation is there https://github.com/eagleflies/noblecoin/wiki/Importing-private-keys-from-old-wallet.dat-using---salvagewallet-option
Good news is you can try this method now on test network. If everything works and you are confident you can repeat same steps after the switch.
If your wallet is encrypted things become more complex as there is no way to remove encryption AFAIK. You have two options:
- create new un-encrypted PoW wallet and transfer your funds there. then you will be able to follow -salvagewallet method to move the keys into PoS wallet
- send money to an exchange - 2.1. method
2.3. Move private keys into new PoS wallet using provided script
If you can't follow methods above or just feeling adventurous feel free to follow the steps documented at https://github.com/eagleflies/noblecoin
/wiki/Importing-private-keys-using-a-script
2.4. Move private keys into new PoS wallet manually
If you want to fully understand how private keys are moved from one wallet into another or if you are control freak please follow manual method which is documented there: https://github.com/eagleflies/noblecoin/wiki/Manual-way-of-importing-private-keys
3. Staking
Staking earns you interest and secures the network. It does not consume much CPU power (unless you start PoW mining which will be possible during first couple of weeks after transition).
My request is: please seriously consider keeping your Noblecoin's wallet online after the switch in order to protect the network and to earn some interest.
4. Make sure time in your computer is correct
This is important if you want to stake. Computers with clock which is off most likely will not be able to earn any interest.
Easiest way to do this is to make your computer synchronize time automatically:
, let the community handle this. I was planing on few promotional actions, twitter, facebook, trollbox giveaways, contests, etc... which I will still do regardless, but a coordinate effort by the community will have much more effect. I will also donate to the campaign, If someone wants to take the lead on this and maybe even be become the official Lead Marketing/Promotion manager for Noble. We will also need a Graphic Design person, Project Manager, Lead Developer (got one), Tester, etc. In short, Noble needs individuals who are willing to be part of Official Noble team and help make this project a success. This will built community, which should be the goal.