[ANN][GRA] Graincoin - New PoW/PoS coin | Fast, secure | Version 1.5 Released!

[Nullu]

do you need to do something special to start recieving PoS blocks?

Don't think so. Just have grain in your wallet.

[OneEyedJack]

Can someone explain to me exactly how PoS works. Thanks

[bee7]

do you need to do something special to start recieving PoS blocks?

Don't think so. Just have grain in your wallet.

Presently - yes, you have to wait until block 92000 is solved by the PoW minting. Look here for details: https://bitcointalk.org/index.php?topic=361503.msg4401356#msg4401356

[tekkx2k13]

Can someone explain to me exactly how PoS works. Thanks

Sure I can,

PoS - Proof of Stake, works based on the coinage of the coins in your wallet.
How to generate PoS blocks,
1. Leave your wallet open and unencrypted
2. don't spend your coins, keep them in your wallet.
3. when the coins are old enough (round 15days) they will go to the stake section of your wallet.
4. the coins from the stake section will be counted for PoS, blocks are generated
5. all coins go back to your balance, plus you get the interest on top.

thats it

more technical to be found here:http://en.wikipedia.org/wiki/Proof-of-stake

[Nullu]

Can someone explain to me exactly how PoS works. Thanks

Sure I can,

PoS - Proof of Stake, works based on the coinage of the coins in your wallet.
How to generate PoS blocks,
1. Leave your wallet open and unencrypted
2. don't spend your coins, keep them in your wallet.
3. when the coins are old enough (round 15days) they will go to the stake section of your wallet.
4. the coins from the stake section will be counted for PoS, blocks are generated
5. all coins go back to your balance, plus you get the interest on top.

thats it

more technical to be found here:http://en.wikipedia.org/wiki/Proof-of-stake

Does your wallet have to be open the entire time, or just when the PoS block is generated?

[OneEyedJack]

Can someone explain to me exactly how PoS works. Thanks

Sure I can,

PoS - Proof of Stake, works based on the coinage of the coins in your wallet.
How to generate PoS blocks,
1. Leave your wallet open and unencrypted
2. don't spend your coins, keep them in your wallet.
3. when the coins are old enough (round 15days) they will go to the stake section of your wallet.
4. the coins from the stake section will be counted for PoS, blocks are generated
5. all coins go back to your balance, plus you get the interest on top.

thats it

more technical to be found here:http://en.wikipedia.org/wiki/Proof-of-stake

So the more Graincoins I have the more interest I earn?

[bee7]

Does your wallet have to be open the entire time, or just when the PoS block is generated?

The wallet should be running in order to generate PoS blocks.

Technically the PoS minting in a sense is not different form the PoW mining. Just the other, much less intensive algorithm but it also tries different nonces against the same set of data until that set of data is changed (block header and/or the set of eligible inputs)

[Nullu]

Does your wallet have to be open the entire time, or just when the PoS block is generated?

The wallet should be running in order to generate PoS blocks.

Technically the PoS minting in a sense is not different form the PoW mining. Just the other, much less intensive algorithm but it also tries different nonces against the same set of data until that set of data is changed (block header and/or the set of eligible inputs)

The problem I have is that this computer isn't on 24/7. I do have a server machine that is, though. I guess I could just store all my coins there. I can't mine on it though. Guess I'll get that set up tomorrow.

[tekkx2k13]

Does your wallet have to be open the entire time, or just when the PoS block is generated?

The wallet should be running in order to generate PoS blocks.

Technically the PoS minting in a sense is not different form the PoW mining. Just the other, much less intensive algorithm but it also tries different nonces against the same set of data until that set of data is changed (block header and/or the set of eligible inputs)

The problem I have is that this computer isn't on 24/7. I do have a server machine that is, though. I guess I could just store all my coins there. I can't mine on it though. Guess I'll get that set up tomorrow.

you don't need hash power for PoS generating.
Wallet open is required, thats it. so put all the coins on a 24/7 machine is the best way for generating PoS.

[Amph]

Does your wallet have to be open the entire time, or just when the PoS block is generated?

The wallet should be running in order to generate PoS blocks.

Technically the PoS minting in a sense is not different form the PoW mining. Just the other, much less intensive algorithm but it also tries different nonces against the same set of data until that set of data is changed (block header and/or the set of eligible inputs)

The problem I have is that this computer isn't on 24/7. I do have a server machine that is, though. I guess I could just store all my coins there. I can't mine on it though. Guess I'll get that set up tomorrow.

you don't need hash power for PoS generating.
Wallet open is required, thats it. so put all the coins on a 24/7 machine is the best way for generating PoS.

how much coin is generated in this way, per day?

[tekkx2k13]

Can someone explain to me exactly how PoS works. Thanks

Sure I can,

PoS - Proof of Stake, works based on the coinage of the coins in your wallet.
How to generate PoS blocks,
1. Leave your wallet open and unencrypted
2. don't spend your coins, keep them in your wallet.
3. when the coins are old enough (round 15days) they will go to the stake section of your wallet.
4. the coins from the stake section will be counted for PoS, blocks are generated
5. all coins go back to your balance, plus you get the interest on top.

thats it

more technical to be found here:http://en.wikipedia.org/wiki/Proof-of-stake

So the more Graincoins I have the more interest I earn?

jepp, is a 5% interest per year.

he more coins you hold the more interest u get.

[tekkx2k13]

Does your wallet have to be open the entire time, or just when the PoS block is generated?

The wallet should be running in order to generate PoS blocks.

Technically the PoS minting in a sense is not different form the PoW mining. Just the other, much less intensive algorithm but it also tries different nonces against the same set of data until that set of data is changed (block header and/or the set of eligible inputs)

The problem I have is that this computer isn't on 24/7. I do have a server machine that is, though. I guess I could just store all my coins there. I can't mine on it though. Guess I'll get that set up tomorrow.

you don't need hash power for PoS generating.
Wallet open is required, thats it. so put all the coins on a 24/7 machine is the best way for generating PoS.

how much coin is generated in this way, per day?

depends on the amount you have, in total its 5% per year.

so far my highest was 4.xx GRA, but i'm mining at only 210kh/s so i don't have a real big amount.

[Amph]

would be great if it was per month 

[bee7]

Does your wallet have to be open the entire time, or just when the PoS block is generated?

The wallet should be running in order to generate PoS blocks.

Technically the PoS minting in a sense is not different form the PoW mining. Just the other, much less intensive algorithm but it also tries different nonces against the same set of data until that set of data is changed (block header and/or the set of eligible inputs)

The problem I have is that this computer isn't on 24/7. I do have a server machine that is, though. I guess I could just store all my coins there. I can't mine on it though. Guess I'll get that set up tomorrow.

you don't need hash power for PoS generating.
Wallet open is required, thats it. so put all the coins on a 24/7 machine is the best way for generating PoS.

how much coin is generated in this way, per day?

It depends on luck, how much eligible inputs you have, their age, their amount e.t.c. The algorithm is not straight simple and I did not have enough time to look into it to get a complete picture yet. Though, there is a link to the original  whitepaper at ppcoin site that completely describes the idea.

you don't need hash power for PoS generating.

This is true to some extent, but there is a computing thread running at low priority that repeatedly tries to solve PoS block. While it nearly does not affect the computer's response time (i.e. you hardly feel that it does any work) the core is working at its full speed. Just open the task manager if you are on windows and see the CPU load (yes, you must have eligible inputs to see this actually)

[tekkx2k13]

Does your wallet have to be open the entire time, or just when the PoS block is generated?

The wallet should be running in order to generate PoS blocks.

Technically the PoS minting in a sense is not different form the PoW mining. Just the other, much less intensive algorithm but it also tries different nonces against the same set of data until that set of data is changed (block header and/or the set of eligible inputs)

The problem I have is that this computer isn't on 24/7. I do have a server machine that is, though. I guess I could just store all my coins there. I can't mine on it though. Guess I'll get that set up tomorrow.

you don't need hash power for PoS generating.
Wallet open is required, thats it. so put all the coins on a 24/7 machine is the best way for generating PoS.

how much coin is generated in this way, per day?

It depends on luck, how much eligible inputs you have, their age, their amount e.t.c. The algorithm is not straight simple and I did not have enough time to look into it to get a complete picture yet. Though, there is a lint to the original  whitepaper at ppcoin site that completely describes the idea.

you don't need hash power for PoS generating.

This is true to some extent, but there is a computing thread running at low priority that repeatedly tries to solve PoS block. While it nearly does not affect the computer's response time (i.e. you hardly feel that it does any work) the core is working at its full speed. Just open the task manager if you are on windows and see the CPU load (yes, you must have eligible inputs to see this actually)

the PoS diff is like 0.002xxx, so its not consuming a lot of power, which was one of the intentions for PoS, create an energy saving way to generate blocks an keep the network alive.

[renodaret]

new wallet just crashed with a C++ runtime error

[tekkx2k13]

new wallet just crashed with a C++ runtime error

on which system you are?

windows?

[bee7]

the PoS diff is like 0.002xxx, so its not consuming a lot of power, which was one of the intentions for PoS, create an energy saving way to generate blocks an keep the network alive.

I did not say that it does consume a lot of power. I said that there is a single thread running at low priority, but when there is nothing to do else the complete power of a single CPU core is given to this thread. Just after the PoS block is found that thread sleeps for half a second, but until it find a block it loops over and over again. Check the sources and you will see.

[tekkx2k13]

Does your wallet have to be open the entire time, or just when the PoS block is generated?

The wallet should be running in order to generate PoS blocks.

Technically the PoS minting in a sense is not different form the PoW mining. Just the other, much less intensive algorithm but it also tries different nonces against the same set of data until that set of data is changed (block header and/or the set of eligible inputs)

The problem I have is that this computer isn't on 24/7. I do have a server machine that is, though. I guess I could just store all my coins there. I can't mine on it though. Guess I'll get that set up tomorrow.

you don't need hash power for PoS generating.
Wallet open is required, thats it. so put all the coins on a 24/7 machine is the best way for generating PoS.

how much coin is generated in this way, per day?

It depends on luck, how much eligible inputs you have, their age, their amount e.t.c. The algorithm is not straight simple and I did not have enough time to look into it to get a complete picture yet. Though, there is a lint to the original  whitepaper at ppcoin site that completely describes the idea.

you don't need hash power for PoS generating.

This is true to some extent, but there is a computing thread running at low priority that repeatedly tries to solve PoS block. While it nearly does not affect the computer's response time (i.e. you hardly feel that it does any work) the core is working at its full speed. Just open the task manager if you are on windows and see the CPU load (yes, you must have eligible inputs to see this actually)

the PoS diff is like 0.002xxx, so its not consuming a lot of power, which was one of the intentions for PoS, create an energy saving way to generate blocks an keep the network alive.

and by the way only 6000 blocks left, then PoS generating will start again,

So don't forget to update to version 1.3!

[renodaret]

win 7

just did it again. it almost syncs all the way then crashes