Still not sure the first POS UTC take 20 days or whole year to be mined.
I will know the answer after few days.
someone wrote me a big detailed answer on POS you want em to paste it here?
Yes, specially UTC-POS would be interesting.
This is what Prot sent me
"hey,
there are a couple more items I can explain with POS. These haven't been discussed yet, as it could cause a lot of unnecessary posting. Since you've gotten all setup, you may as well know them.
1. in order to "mint" stake coins, your wallet must be unlocked and have coins (not moved) over a certain age. We don't know the exact ratio used for UTC yet, but I'm sure we will find out as it becomes long enough to matter. With the comment of coins in your wallet for 1 year, we can assume it's probably similar to other POS coins. This would mean your coins would be eligible to be "staked" for POS minting when they are "1 coin years old". In several POS coins; these coins must not be moved for at least 30 days to start counting toward, coin years for staking.
So, any coins over 30 days (not moved) will begin to accrue. 1 coin held for 1 year then would equal "1 coin year". 12 coins held for 1 year would equal 12 coin years. As well, 12 coins held for 30 days would equal 1 coin year. 120 coins held for 1 month would equal 12 coin years; etc. Again, remember there is a minimum time to count, probably 30 days.
The above should help to understand the value of "staking" or holding coins.
2. When you are in the console (command window), like you did to unlock the wallet; Type: getinfo
You will see several lines, current block, hashrate etc. There are 2 lines that are concerned with POS and interest. "Stake" and "minted"
The "stake" line, shows how many coins you have in your wallet that are old enough to count towards stake minting (30 day min guess).
The "minted" line, shows how many coins you have minted with your stake coins.
Right now, since the coin is young; you should see 0.00000 for both stake and minted. Once the coins are old enough in the wallet; you will start to show a "stake" number of coins. These will determine the amount of interest / chance you get to mint stake coins.
So, when coins are too young to be staked; you don't need to have the wallet unlocked for minting. you only need to unlock when you have a "stake" balance. The stake balance "should" show up even without the wallet unlocked. This will let you know that you can mint coins. If, after a month or so, you don't see stake coins; then you can unlock temporarily to see if your coins then show as staked.
Note: if you Stake coins for interest, you cannot spend them for a minimum amount of blocks after. Usually this is 520 blocks ( appx 4.3 hrs with UTC).
For now then, you don't need your wallet unlocked and you should know how to check if your ready. This hasn't been discussed yet and I can understand why. If you mention these extra aspects now (a few days from launch), everyone will flood the thread with; "why do I not have stake coins yet?" or "I'm not getting interest, why?" etc.
I'm positive that when UTC is old enough for people to stake coins; then we will see this further description of process. I'm sure the devs will also give more details on the specifics for age and coin year requirement too.
For now this should help you though.
Thanks, Prot"
Show Posts
