can someone explain to me how do I mint this coin? Do I need to unlock the wallet and then what? does it need the wallet to be full sync? and how long does it take to show some zeits?
1st. Sync your wallet.
2nd. After the wallet is fully synced , Unlock the wallet.
* Blocks only start staking after they are over 24 hours old, after that the # of coins per block and the age compete with other blocks, the most coins with the oldest age will stake. Once a Block Stakes, its age returns to zero.
How do nodes compete for transaction fees and how are they rewarded ?
groggin gave the short answer,
This is the long winded version.
Proof of Stake explained:
http://earlz.net/view/2017/03/24/1901/proof-of-stake-mining-how-it-actually-worksAt the moment, our nodes are only competing to stake (earn interest), the transaction fees are currently being destroyed.
We only found out after the ULI switch , that peercoin code which
ZEIT owes some of it origin, destroys all transaction fees as an inflation offset.
I was talking with Poll4all to write the additional code, so Ray could import it into the github in a few months.
Poll4all for whatever reasons has become unreliable, so I have to find another programmer to write the update before Ray can import it into the Github and test it.
Hmm, Rambled there a bit,
Back to your question:
Nodes only compete to Stake, when they Win the right to stake , All Transaction in the Mempool when a block stakes is included with that block.
Example:
https://chainz.cryptoid.info/zeit/block.dws?4291370.htmThis fee amount (Destroyed -0.162974 ZEIT) will instead be added to your staked amount as a reward , once we get the new code programed and updated.
As you notice only 1 transaction is included in that 1 block besides the staked amount.
The more transactions included the more fees that can be earned, so the transaction fees can earn you more than the stake.
Bitcoin Can perform ~7 transactions per second.
ZEIT Can Perform ~140 Transactions per second.
Bitcoin has a variable fee system, so the rich can jump in front of the poor.
ZEIT has a fixed fee system, and all transactions are processed in the order they are created.
(Fair Design for everyone).
When you send out coins from your wallet, this transaction enters the mempool, when 1 of the wallets stake, all transactions in the mempool are included with that staked block, that when you receive 1 Confirmation.
FYI:
On Average, we have less than 100 transactions per day , at the moment, so we have time to update the transaction fee code, before the fees become so high, that they could start decreasing our total # of coins.
Poll
