Topic: Proof of stake (Read 767 times)
https://bitcointalksearch.org/topic/ppcoin-proof-of-stake-minting-setup-guide-187714
Edited my post to be more direct.
Quote
PPCoin Proof of Stake Minting Setup Guide
One of the unique features of PPCoin is the concept of "Proof of Stake" which allows stakeholders (essentially anyone with PPC in their wallet) to generate "interest" on their reserves. Since I could not find an easy to read guide I have written one myself so that you can start collecting "Proof of Stake" on your PPCoin balance as well!
Proof of Stake Important Concepts
Coin-Age: I receive 10 coins from Person X and hold them for 30 days, those particular coins have a combined coin age of 300 coin-days.
Generating A Coinstake: Once minting is unlocked you can generate a coinstake which consumes your coin age in exchange for generating a block with profit. The greater the coin age the higher probability that the proof of stake will be generated, if you are offline for a couple years for example when you reconnect you will probably generate a proof of stake almost immediately however you may have missed opportunities for compounding earlier.
Transferring coins to another person: Destroys all coin-age attached... only static coins gain age.
One of the unique features of PPCoin is the concept of "Proof of Stake" which allows stakeholders (essentially anyone with PPC in their wallet) to generate "interest" on their reserves. Since I could not find an easy to read guide I have written one myself so that you can start collecting "Proof of Stake" on your PPCoin balance as well!
Proof of Stake Important Concepts
Coin-Age: I receive 10 coins from Person X and hold them for 30 days, those particular coins have a combined coin age of 300 coin-days.
Generating A Coinstake: Once minting is unlocked you can generate a coinstake which consumes your coin age in exchange for generating a block with profit. The greater the coin age the higher probability that the proof of stake will be generated, if you are offline for a couple years for example when you reconnect you will probably generate a proof of stake almost immediately however you may have missed opportunities for compounding earlier.
Transferring coins to another person: Destroys all coin-age attached... only static coins gain age.
Edited my post to be more direct.
Is there a good explanation of how Proof of stake works? I read the wiki entry and am still confused.
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