We're up to block 10,100. Am I reading things right and PoW stops at block 12,500 and moves over completely to PoS?
I have a newbie question, I already did a little research.
But can you, or someone else tell me as simple as possible, how does PoS work?
Since you're a newbie I'll keep it relatively simple. You "stake" by keeping coins in your wallet and your wallet open, otherwise it can't stake. By proving you have a stake in the coin, you get more coins, kind of like interest at a bank because you have given them money for a float, to maintain the bank's integrity. In this case you are helping to maintain the coin's network integrity.
Each coin network has its own parameters for when a coin "matures", or when it is counted as part of a stake and what the corresponding reward is and how often you get said reward.
Hopefully someone else can either extend or correct my layman explanation.
Very good explenation, thank you very much.
So I have to keep my wallet open, do I need extra security or something?
Also what is the reward, I couldnt find it in the OP.