Hi,
Thanks for the aidrop!
Would like to know you could explain how staking works exactly?
I have been trying to understand, reading about it, but I am having a hard time.
Thanks,
AJ
PoS Questions for Scott
- I read on the bitcointalk announcement that in order to stake, one needs to have coins in the wallet and have the wallet online for 30 full days before staking occurs. Is this correct?
- If the above is correct, lets say someone has their computer on with wallet open for 8 hours per day 7 days per week, would that mean staking wouldn't occur for three months?
- Let's say I recieve 1000 CIF, during the next 30 days I make numerous small transactions in and out, how does this affect staking once we hit day 30?
- Once a person successfully stakes once, does this reset their coin age back to zero? Does it affect all coins in their wallet, or just particular ones that were successfully staked?
- I'm a big fan of CureCoin which also uses qt wallet and has staking. Their latest version of the wallet shows what my 'network weight' is and how long it will be until I can likely stake again. Will we see something like this in future wallet versions?
- I want to make sure I get the percentages right. I've seen 1% written as the PoS amount, I also saw this on bitcoin talk as being "12% per year". Let's say I have 1000 CIF and keep them in an online wallet for 365 days. Assuming I can stake exactly every 30 days, how much CIF (roughly) will I have at the end of the year?
- A lot of proof of stake systems tend to heavily favor those with massive balances. For example if I hold just 1 CIF, would I still be able to successfully stake every month, even if CIF becomes incredibly popular and my wallet is competing against businesses with wallet holding millions of CIF?
- There's been some talk about master nodes and how they might appear in the future. Platforms like Dash requires a master node operator to own 1000 Dash, or about $300,000 USD worth of currency. If CIF makes use of master nodes in the future, what do you envision as a fair, secure minimum amount of CIF to hold in order to run a master node?
Hi All - concerning the PoS questions - I have some of the answers but I need clarification on some as well so I just sent this over to our devs who will answer each question and then I'll make sure to post the answers back up here shortly.
I'll post answers to everything here but basically - you keep the coins in your wallet - don't touch them and after 30 days they return 1% of your total amount. That's staking in layman's terms however there's not much to it (in terms of what you have to do).
Bad, bad AI! Anyways, those tweets are around the corner while I AB Test what is at the root of my fight with twitter's AI :/