It is a PoW/PoS coin of decendent of PPCoin/Novacoin with latest available algorithms that fixed various problems in the recent PoW/PoS coins. As compared to the PoW only coins, the proof of stake coins are more resilient to 51% attack. Also it is an energy-efficient cryptocurrency.
SavingCoin provides a way to accumulate the coins not only by mining, but also by collecting the interests with holding of the coins. For coins held in an account for more than 5-10 days, interests start to pay out. The monthly interest is about 6%, with an annual interest of 100%. This subject to the maximum release of total 500 million coins.
There are 3 phases for the SavingCoins.
First phase is the mining phase. During this period, the main source of the coin is the mining. Mining starts with 512 coins per block, halves each month, so after 9 months the mining payout will be dropped to 1 coin per block. The 1st phase will last 6-9 months. The total minable coins will be 23,224,320.
In the second phase, the coins mainly comes from the interests. The PoS blocks will be generated after 5-10 days of the holding of the coins. At 100% annual interest, this will be significant. The interest release is subject to maximum 500 million coin limit. Assuming half of the coins are held for interests, it will take about 5.5 years to reach the 500 million coin limit.
The last phase is where 500 million coin limit is reached. The subsequent actions will be provided by the transaction fees which will sustain the mining of the coins. Transaction fee (when applicable) is set to 2%.
- 2 minute block target
- 512 coins per block
- Difficulty retargets every block
- mining payout will be halved every month (21600 blocks)
- Expected total mined coins will be 23,224,320 SavingCoins
- 3 confirmations for transaction
- 50 confirmations for minted blocks
- Total coins (hard limit): 500 millions
- Ports: connection 17110, RPC 17111.
To encourage accumulating initial stake, for the first 3 days all the payout will be doubled.
- to be added -
Sample Config File (savingcoin.conf)
How to Solo Mining
1. Start up savingcoin-qt, wait for it to load, then exit.
2. Put savingcoin.conf (see sample file above) in your c:/users/**yourcomputername**/AppData/Roaming/SavingCoin
3. restart savingcoin-qt, and you should connect and sync.
4. For solo mining, launch cgminer or the mining program you use and begin mining.
cgminer ex: cgminer.exe --scrypt -o localhost:17111 -u **yourusername** -p **password** (without **)