Marketing idea.
I think it might be a good idea to write a blog post about POS minting and promote it on the forum, twitter and facebook. It seems that many people dont know what POS is and even more dont know how to mint. Promoting POS will probably remove a few sell orders on the exchanges and drive the price up.
Funny you should mention that, great minds, right? lol
I actually wrote a guide last week that is incorporated with the new website to be released. Here is the information for use in the interim:
Guide to Earning Proof of Stake Interest:
The question has come up a few times recently so I wanted to write a guide to direct CGB owners how to earn Proof of Stake (PoS) interest on their CGB holdings. First of all, in case the reader is not aware, CGB is a PoW/PoS (Proof of Work/Proof of Stake) hybrid. What does this mean? This means that CGB can be minted (created) in 2 different ways and each method acts to secure the blockchain and make CGB far more resistant to 51% attack than any crypto that employs either PoW or PoS solely.
First lets look at the PoW (
https://en.bitcoin.it/wiki/Proof_of_work) algorithm. The mining rewards from PoW are what most of the community will be familiar with as evidenced in many of the well known cryptos such as Bitcoin and Litecoin. CGB too can be mined via PoW in the same way as Bitcoin and Litecoin. A couple of negatives about this algorithm are wasted energy (computer hashing power) and attack vulnerability (51%).
Secondly lets take a look at the PoS (
https://en.bitcoin.it/wiki/Proof_of_Stake) algorithm. Proof of Stake allows the holder of funds to earn interest at a variable rate per a specified time period. This interest is in essence a reward to the owner for allowing their holdings to be used to protect the network. If an attacker wanted to target a PoS algorithm crypto, the attacker would have to own greater than 50% of the staked cryptos making the attack pointless, as the attacker would also be the attacked. Additionally far less energy is required for PoS minting.
Again, CGB takes advantage of both afore mentioned algorithms - meaning that CGB can be earned through mining (PoW) as well as through simply holding (PoS). Also, the combination of these two algorithms means an attacker would have to control greater than 50% of the hashing power of the network as well as greater than 50% of the staked cryptos.
Now on to the main point of this write-up, how does the CGB owner earn PoS interest on their holdings?
• Holdings must be held stationary by their owner for at least 30 days at which point the owner will accumulate 1.2% annual interest.
• For max interest of 1.5% annually, the owner must hold their funds stationary for 90 days.
• A locked wallet (highly recommended for security) must be unlocked for PoS minting.
• Note: The wallet does not have to stay unlocked; it just has to be unlocked periodically. (Again, for max interest of 1.5% annually, one would unlock their wallet every 90 days).
How do I unlock my wallet?
1. Open your CGB client and let it sync
2. Go to “Help” tab > Debug window > Console
3. Type in the below command without the <> symbols and press enter:
a. For PC
walletpassphrase <'your pass phrase'> 999999
b. For MAC
walletpassphrase <“your pass phrase”> 999999
4. Your client will do the rest from here, just allow it to run its course and add the staked CGB to your balance
5. Lock you client again by simply closing the client
If you have any questions on this write up or suggested edits, please submit to
cryptogenicbullion@gmail.com.
