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Author Topic: Is Cold Staking a 'must have feature' moving forward for all PoS?  (Read 1772 times)
funsponge
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March 10, 2017, 01:32:55 PM
 #1

With Bitbay's announcement that they have will be implementing Cold Staking in the coming days I was wondering which coins use it, and if you think its a 'must' have feature moving forward for all PoS?

Im aware of one other which is Decred.

Just to familiarise yourselves with the term 'Cold Staking' - It gives you the ability to put two keys on separate computers.  To break into your wallet the hacker would need to access both computers and break both keys.




 
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March 10, 2017, 01:50:28 PM
 #2

It's a nice feature but its name is confusing. Cold storage is offline storage so I thought cold staking would mean offline staking. But that would be dumb and you obviously need (one of) the wallets to be online.

It's closer to multisig but for staking, not for transactions. Not sure what it should be called though.

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March 10, 2017, 02:27:23 PM
 #3

It's a nice feature but its name is confusing. Cold storage is offline storage so I thought cold staking would mean offline staking. But that would be dumb and you obviously need (one of) the wallets to be online.

It's closer to multisig but for staking, not for transactions. Not sure what it should be called though.

It is a clever idea.. More POS coins will try to adopt it soon I am sure. It perhaps should give the network more security because more will risk staking their coins now rather than holding them in cold storage only.
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March 10, 2017, 08:32:32 PM
 #4

would make it cryptolocker virus proof I think! Which is a plus

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March 11, 2017, 03:15:04 PM
 #5


I absolutely think cold staking is the way to go for POS coins, but then I'm biased of course.
Bathrobehero raises a good point as to what it should be called though. Maybe we can get some suggestions in this thread?

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March 11, 2017, 10:13:36 PM
 #6

NXT has "Leased Forging", which is more or less the same thing. It has advantages and drawbacks: the advantage is that staking becomes more secure, but the drawback of NXT's design is that it encourages "staking pools" and thus can lead to centralization.

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March 11, 2017, 10:36:51 PM
 #7

Mybe they shoul copy NEM delagated harveting.
Something like cold POS same metod of doing it.
You create public delegated/cold stacking keys private/public and those keys are bounded on blockchain to your original account.
Shared keys have no power to touch your balance but others can "stacking for you" using those remote data.
You can mine remotely on others online accounts.

Such solution works in NEM for year so far and none can hack/exploit it.

I am pissed off why all POS coins didn't make such feature like NEM have.
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March 11, 2017, 10:38:02 PM
 #8

Duel locker or Multi locker would be more appropriate I think

This is a great feature! All coins should be adopting this as a priority!
Surprised others are not adopting it. Or are Bitbay & Decred devs just more proactive
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March 12, 2017, 12:13:38 AM
 #9

dafuq is this nonsense, it sounds like you're trying to kill vampire...
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March 13, 2017, 12:07:10 AM
 #10

Huh?

 
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March 13, 2017, 12:34:22 PM
 #11

Stake trough your heart. Lets see how cold you are.. btw i love posw..
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March 13, 2017, 12:48:08 PM
 #12

It's a nice feature but its name is confusing. Cold storage is offline storage so I thought cold staking would mean offline staking. But that would be dumb and you obviously need (one of) the wallets to be online.

It's closer to multisig but for staking, not for transactions. Not sure what it should be called though.

I totally agree with you that the name is somehow misleading, I will like to see this idea work out right, I think this can be implemented soon
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March 13, 2017, 01:46:19 PM
 #13

It's a nice feature but its name is confusing. Cold storage is offline storage so I thought cold staking would mean offline staking. But that would be dumb and you obviously need (one of) the wallets to be online.

It's closer to multisig but for staking, not for transactions. Not sure what it should be called though.

I totally agree with you that the name is somehow misleading, I will like to see this idea work out right, I think this can be implemented soon

It is already implemented in the new release for BitBay. Testing has been going on for a while, and it will have official release march 22nd

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March 13, 2017, 11:10:27 PM
 #14

So exchanges can stake the coins safely then? No reason for them not to give them to us now when coins are stored there:)

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March 14, 2017, 10:58:27 AM
Last edit: March 14, 2017, 11:32:13 AM by cr197
 #15

So exchanges can stake the coins safely then? No reason for them not to give them to us now when coins are stored there:)

They ought to be able to. However, I don't think they'd want to part with all of it back to the owners  Cheesy
Maybe they could provide different levels of incentives (like commission free trading) if you support them with 'xyz' coin and with 'x' amount of coins you reach tier level '#' and receive '>insert benefit<'.

But as someone pointed out we'd have to worry about the potential for exchange mining pools to essentially centralize the mining.

But I think the solution there is in the product. If a coin can provide stability and a legitimate marketplace for goods and services, then the demand for it to actually be used by people transacting peer to peer, then it would greatly diminish the speculators stronghold on 98% of all the coins in existence. Crypto is still in it's infancy. It will stay that way until we can provide the necessary tools to take out the middlemen once and for all and complete Satoshi's dream. I think once that happens the fear of centralized mining pools controlling a coin supply will no longer be an issue as traders will also be competing against 'actual users' on the exchanges.

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March 14, 2017, 11:08:43 AM
 #16

i am no expert in this matter but isn't "staking" and the reward you get from it because of running the wallet and actually contributing to the network!

in any case i think this is a "must not" have because that means the rich get richer and the poor get negligible amounts.
also on top of that when you give away "free coins" which in this case are free coins for just hodling, you are increasing the supply and consequently the sell pressure on the market and crashing the price. and in the end it is as if you didn't give any reward at all.

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March 14, 2017, 12:33:59 PM
Last edit: March 14, 2017, 12:45:30 PM by whale_shark
 #17

i am no expert in this matter but isn't "staking" and the reward you get from it because of running the wallet and actually contributing to the network!

in any case i think this is a "must not" have because that means the rich get richer and the poor get negligible amounts.
also on top of that when you give away "free coins" which in this case are free coins for just hodling, you are increasing the supply and consequently the sell pressure on the market and crashing the price. and in the end it is as if you didn't give any reward at all.

thats how the world works! if u have more in your bank account you get more more interest. If i had more i would expect more!  If i held #1 wallet i'd be pissed off if i was earning the same as #3000 wallet!

Also you are wrong - you still need to be connected to the blockchain but can use 2 machines to do it. At least thats how i understand it from reading up on it

mind blowing they have implemented this really! Congrats to the team.
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April 09, 2017, 08:35:47 PM
 #18

Thanks your all your replies

 
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April 09, 2017, 09:58:50 PM
Last edit: April 09, 2017, 10:50:16 PM by CoinHoarder
 #19

I think it is a necessary feature.

There are a lot if people that don't want to fool with running a node 24/7, and the insecurity that comes with that.

Sure, it leads to centralization of staking, but I think security is more important. The chain is better off with having the extra coins staked in a more centralized manner than having them not staked at all.

It will also help towards creating truely deflationary cryptocurrencies, which I have been a big proponent of lately. https://bitcointalk.org/index.php?topic=1858954

Inflation creates massive downward pressure on the free market, negatively effecting the value of cryptocurrencies. Most people buy cryptocurrencies as an investment, so I think eliminating this inflation is ideal.
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April 10, 2017, 05:21:54 AM
 #20

would make it cryptolocker virus proof I think! Which is a plus
No it doesn't it makes it twice as vulnerable.
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