[YAC] Proof-of-stake minting?

[dragon2nd]

I have no idea what Proof-of-stake is. But I've done some research and here's what I think it is:

YaCoin is a hybrid PoW+PoS cryptocurrency and it is supposed to start generating PoS blocks after one month.

Am I correct? If yes, how to generate YAC PoS blocks after June 8th?

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[BChydro]

You just need to own coins that are more than a month old. As in, coins in your own personal wallet.

[mullick]

In PPC there are proof of work blocks and stake blocks. You have to let coins sit at least 30 days without moving to start to become eligible to find a stake block. They increase in their likelihood of finding a stake block until they have sat for 90 days at which point their chances max out and do not increase further. If a stake block is found it is for about a 1% annual amount. So say you had 100 coins sit for 60 days and it finds a stake block you'd get 100*.01*60/365=0.164 coins stake reward and it will freeze your coins for about 5 days as it matures.

The proof of work blocks are the more standard kind of blocks mined by hashing. In PPC the block reward is 1/16th as much every time the network difficulty doubles so if a large amount of people are mining then these blocks can have a very low reward.Novacoin  differs from this model it uses scrypt instead of SHA-256 for the proof of work algorithm.

 

 

NovaCoin has dynamic ROI calculation instead of fixed 1%, for example. ROI depends on PoS difficulty just like PoW reward depends on PoW difficulty.

 

[tamehuang]

I still don't understand

[bnogal]

And what effects is having PoS to transactions?

PoW is needed still so transactions works?

[mullick]

Basically if you have coins in your wallet for 30 days you can start receiving pos blocks. The likelyhood of receiving one rises until 90 days when you are at your maximum chance for a pos block. If you have 100 coins eligible for a pos block it would be 100*.01*60/365=0.164yac If you receive a pos block it will freeze those 100 coins for about 5 days until your pos block is mature.

[HuuHachu]

How is it supposed to work ? Does the wallet have to be active all the time ? Do we have to mine 24/7 ?
Or are the POS blocks generated by other miners and credited to our address whatever the state of our client ?

[mullick]

I wish I knew. I had the same question and posted a 1ltc bounty to get the question answered. My first post was the accepted answer

[procrypto]

As I understand it, if you have the client running the whole time, proof of stake mining will occur. If you instead open the client in a year, you'd have the same chance of POS reward from your existing balance, however, you wont have benefited from the chance of POS rewards from the cumulative balance gained through POS in the interim period..

[Igorvat]

I have no idea what Proof-of-stake is. But I've done some research and here's what I think it is:

Proof of Work is a classical mining (if we not mention real miners working under the earth surface etc.) where one earns his coins as many as more power his ASICs are. They do not need to make other investments besides of eqipment.

Proof of Stake "miners" do not need to have any ASICs but they do need to buy a power server or a computer and they have to stake some amount of those coins they are going to get in future, it is kind of pledge or deposit. Actually they get some percent by checking and validating blocks from those chains or part of chains they responsible for.