Hello all
Been doing the BTC thing for a while but I am starting to get into the Alt Coin thing now and keep seeing PoS and PoW ... I know PoS = Proof of Stake and PoW = Proof of Work ... but what does that really mean
seems some coins are mine for 7 days on PoS and then switch to PoW? Also how does one get the interest from coins ... do I need to keep them in a wallet or something like that and not transfer them .... just seems very confusing to me is all so was wondering if some one could either "dumb it down" for me or give me a very basic website addy that explains it all out
Thanks in advance
Blorgg
I think it is still better if you Google for definitions and gain some understanding. Will try to provide some answers here.
PoW = perform work to help secure blockchain, e.g. hashing
PoS = using coin age as stake to help secure blockchain
seems some coins are mine for 7 days on PoS and then switch to PoW?
Think you meant 7 days on PoW then switch to PoS. the 7 days help to gain coins thru hashing then remaining days is via holding coins in wallet (PoS)
So PoS or interest from coins comes from holding them in wallet, depending on specification, it will gain age after a certain number of days and continue to do so until the max period. % gain depends on specs as well. You need to keep wallet running on PC.
