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Author Topic: [ANN][SLG] Sterlingcoin v1.6.0.1 | United Kindom | Cryptopia  (Read 435282 times)
Sterlingcoin
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September 27, 2014, 09:16:49 PM
 #1421

Does for staking wallet must be online all time?
closing it wont do any harm. the stake age will build up but it is better to leave it open as often as possible as it supports the transactions on the network (this will be more important when POW stage ends)

Quote
Yes you are rewarded stake for maintaining the network by keeping your wallet open and unlocked.

So now I have to opposite information. Which one is true?

And second question about staking: how much I can earn with staking. Suppose I have 100 SLG in coin: until now first staking reaward was bigest one, second was about half of first, and third one is half of second reward or 1/4 of first reward. All three are tiny pieces of one SLG.
So if I buy 1000  SLG and put in wallet make it open and staking, when will I earn lets say 1 SLG?


5.5% of 1000SLG is 55.0SLG then divide that by 365 = interest per day

Wink

Sterlingcoin - The cryptocurrency of and from the UK & British Isles for the world: http://Sterlingcoin.org.uk
SLG: SVCBaYnhFxqqgULfCLJFezzLTvXpPmhsZz
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September 27, 2014, 09:22:29 PM
 #1422

And about open wallet and closed wallet?
Must be open all time or not?
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September 27, 2014, 09:32:17 PM
 #1423

And about open wallet and closed wallet?
Must be open all time or not?

In order to earn stake your Sterlingcoin wallet must be open and unlocked for staking only.

Sterlingcoin - The cryptocurrency of and from the UK & British Isles for the world: http://Sterlingcoin.org.uk
SLG: SVCBaYnhFxqqgULfCLJFezzLTvXpPmhsZz
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September 27, 2014, 09:37:18 PM
 #1424

And about open wallet and closed wallet?
Must be open all time or not?

In order to earn stake your Sterlingcoin wallet must be open and unlocked for staking only.
so ...

...closing it wont do any harm. the stake age will build up but i.... IS NOT TRUE.
Thanks once more!
Staking continued Smiley
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September 27, 2014, 09:49:33 PM
 #1425

And about open wallet and closed wallet?
Must be open all time or not?

In order to earn stake your Sterlingcoin wallet must be open and unlocked for staking only.
so ...

...closing it wont do any harm. the stake age will build up but i.... IS NOT TRUE.
Thanks once more!
Staking continued Smiley

it is true m8 I suggest you do some googleing on POS if its closed the stake age does build up as it says in OP
PoS Min: After Maturity
PoS Max: Unlimited
PoS Interest: 5.5% Annually

you need to read up on how pos works m8 it will explain a lot clearer
frant100
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September 27, 2014, 10:05:59 PM
 #1426

And about open wallet and closed wallet?
Must be open all time or not?

In order to earn stake your Sterlingcoin wallet must be open and unlocked for staking only.
so ...

...closing it wont do any harm. the stake age will build up but i.... IS NOT TRUE.
Thanks once more!
Staking continued Smiley

it is true m8 I suggest you do some googleing on POS if its closed the stake age does build up as it says in OP
PoS Min: After Maturity
PoS Max: Unlimited
PoS Interest: 5.5% Annually

you need to read up on how pos works m8 it will explain a lot clearer

if you have 100 coins mature in your wallet and your wallet is open for 365 days you will get 5.5SLG interest
if you have 100 coins mature in your wallet and your wallet is closed for 364 days then you open it on the 365th day and it stakes that day you will receive 5.5SLG interest

so yes it builds up

problem with this is if everybody closes their wallet in pure POS stage there is no new blocks being created so the coin collapses because the creation of blocks is non existant so no one can send coins

were in POW/POS stage at the moment so staking is not important to the network as long as we have miners
but when POW stage ends we will be relying on people leaving their wallets open to secure and support the network

hope this helps you understand
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September 27, 2014, 10:14:09 PM
 #1427

And about open wallet and closed wallet?
Must be open all time or not?

In order to earn stake your Sterlingcoin wallet must be open and unlocked for staking only.
so ...

...closing it wont do any harm. the stake age will build up but i.... IS NOT TRUE.
Thanks once more!
Staking continued Smiley

it is true m8 I suggest you do some googleing on POS if its closed the stake age does build up as it says in OP
PoS Min: After Maturity
PoS Max: Unlimited
PoS Interest: 5.5% Annually

you need to read up on how pos works m8 it will explain a lot clearer

if you have 100 coins mature in your wallet and your wallet is open for 365 days you will get 5.5SLG interest
if you have 100 coins mature in your wallet and your wallet is closed for 364 days then you open it on the 365th day and it stakes that day you will receive 5.5SLG interest

so yes it builds up

problem with this is if everybody closes their wallet in pure POS stage there is no new blocks being created so the coin collapses because the creation of blocks is non existant so no one can send coins

were in POW/POS stage at the moment so staking is not important to the network as long as we have miners
but when POW stage ends we will be relying on people leaving their wallets open to secure and support the network

hope this helps you understand

Good explanation. So how much POS will be earned after POW ends at 6.3 million coins. Only 346500 coins in one year, unless there is compound interest on stake you already earn?

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September 27, 2014, 10:23:26 PM
 #1428

So in case of SLG

PoW Period: 6 Months
PoW Ends: Block 131,400
PoS Min: After Maturity
PoS Max: Unlimited
PoS Interest: 5.5% Annually

If I understand -until POW period is over ( in this case 6 month) it is not relevant is my wallet open or not until I have coins on it. If I now close my wallet and open it after 30 days, I got something for stake.
But after POW period is over, if my wallet is open then it give some "power" to network.
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September 27, 2014, 10:25:26 PM
 #1429

So in case of SLG

PoW Period: 6 Months
PoW Ends: Block 131,400
PoS Min: After Maturity
PoS Max: Unlimited
PoS Interest: 5.5% Annually

If I understand -until POW period is over ( in this case 6 month) it is not relevant is my wallet open or not until I have coins on it. If I now close my wallet and open it after 30 days, I got something for stake.
But after POW period is over, if my wallet is open then it give some "power" to network.


I believe so. Smiley

frant100
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September 27, 2014, 10:38:12 PM
 #1430

And about open wallet and closed wallet?
Must be open all time or not?

In order to earn stake your Sterlingcoin wallet must be open and unlocked for staking only.
so ...

...closing it wont do any harm. the stake age will build up but i.... IS NOT TRUE.
Thanks once more!
Staking continued Smiley

it is true m8 I suggest you do some googleing on POS if its closed the stake age does build up as it says in OP
PoS Min: After Maturity
PoS Max: Unlimited
PoS Interest: 5.5% Annually

you need to read up on how pos works m8 it will explain a lot clearer

if you have 100 coins mature in your wallet and your wallet is open for 365 days you will get 5.5SLG interest
if you have 100 coins mature in your wallet and your wallet is closed for 364 days then you open it on the 365th day and it stakes that day you will receive 5.5SLG interest

so yes it builds up

problem with this is if everybody closes their wallet in pure POS stage there is no new blocks being created so the coin collapses because the creation of blocks is non existant so no one can send coins

were in POW/POS stage at the moment so staking is not important to the network as long as we have miners
but when POW stage ends we will be relying on people leaving their wallets open to secure and support the network

hope this helps you understand

Good explanation. So how much POS will be earned after POW ends at 6.3 million coins. Only 346500 coins in one year, unless there is compound interest on stake you already earn?

that is an unanserable question
the coins have to be in a users wallet to gain coin age
most exchanges modify the wallet in which they store our coins so that they don't stake (so they claim) so if your coins are on an exchange they don't count as staking coins

this makes predicting how many coins to be staked by end of POW impossible to work out

I don't think carol vorderman could even tackle that question but I would enjoy looking down her top as she tries

oh I just had a thought of more info

100 coins stakes 5.5 coins annually and when the block matures it is added together and seen as a block of 105.5 /2 so your next stake will be 2 blocks of 52.75 which will stake seperatly and when they do they will be divided by 2 again and again and again until they are so small they rarely mint. this is where coin control comes in (not sure if our SLG wallet has coin control yet but it will have if not already )
when the transaction amounts get too low in value we can regroup these coins into bigger blocks by selecting the coins that have recently minted and sending them back to our own wallet to create a larger block which will mint a lot faster

hope this helps
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September 27, 2014, 10:43:48 PM
 #1431

So in case of SLG

PoW Period: 6 Months
PoW Ends: Block 131,400
PoS Min: After Maturity
PoS Max: Unlimited
PoS Interest: 5.5% Annually

If I understand -until POW period is over ( in this case 6 month) it is not relevant is my wallet open or not until I have coins on it. If I now close my wallet and open it after 30 days, I got something for stake.
But after POW period is over, if my wallet is open then it give some "power" to network.


yes that is correct

pow or pos dosent matter about open close

even when pure pos it dosent matter about open close but in pure pos it will affect the network stability and security
closed wallet wont affect stake profit over time but will affect network and that's why staking devides your staked block by 2 to make 2 blocks required for the next stage the 4 then 8 - 16 - 32 - 64 etc
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September 27, 2014, 10:50:07 PM
 #1432

Ok first part is clear to me, but to honest I dont understand

closed wallet wont affect stake profit over time but will affect network and that's why staking devides your staked block by 2 to make 2 blocks required for the next stage the 4 then 8 - 16 - 32 - 64 etc

My coins in wallet are "mining" and make new coins for me. But why staked blocks will be divided by 2 is unclear to me   Huh
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September 27, 2014, 10:52:52 PM
 #1433

So in case of SLG

PoW Period: 6 Months
PoW Ends: Block 131,400
PoS Min: After Maturity
PoS Max: Unlimited
PoS Interest: 5.5% Annually

If I understand -until POW period is over ( in this case 6 month) it is not relevant is my wallet open or not until I have coins on it. If I now close my wallet and open it after 30 days, I got something for stake.
But after POW period is over, if my wallet is open then it give some "power" to network.


yes that is correct

pow or pos dosent matter about open close

even when pure pos it dosent matter about open close but in pure pos it will affect the network stability and security
closed wallet wont affect stake profit over time but will affect network and that's why staking devides your staked block by 2 to make 2 blocks required for the next stage then 4 then 8 - 16 - 32 - 64 etc

not sure if it applies to this coin but a lot of POS coins require you to encrypt your wallet then unlock it for minting  or it wont stake (but coin age will still be applied)

need dev to clarify on this one please if you don't mind (of course you don't mind I noticed nothing is too much trouble for you guys) pitty these devs didn't create this coin sooner. we got ourselves a good bunch of devs here
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September 27, 2014, 11:10:27 PM
 #1434

Ok first part is clear to me, but to honest I dont understand

closed wallet wont affect stake profit over time but will affect network and that's why staking devides your staked block by 2 to make 2 blocks required for the next stage the 4 then 8 - 16 - 32 - 64 etc

My coins in wallet are "mining" and make new coins for me. But why staked blocks will be divided by 2 is unclear to me   Huh


the reason for it is to keep the network running smooth

when POW is over the network needs to replace the new POW block created  every 2 minutes with new stake blocks created every 2 minutes but there wont be enough users with open wallets to do this so the network will collapse

the way around that is for the wallet to divide each staked block by 2 which will create twice as many blocks then when everyone stakes again we get 4x then 8x then 16 times and then there is enough people staking many blocks to allow transactions to take place every 2 minutes and every block counts as a confirmation in a transaction

I think we don't have coin control yet (I may be wrong I cant be bothered looking) but when the dev sees the coin can support itself in pure POS mode then they will give us coin control so we can regroup our small blocks back into big ones
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September 27, 2014, 11:12:04 PM
 #1435

So in case of SLG

PoW Period: 6 Months
PoW Ends: Block 131,400
PoS Min: After Maturity
PoS Max: Unlimited
PoS Interest: 5.5% Annually

If I understand -until POW period is over ( in this case 6 month) it is not relevant is my wallet open or not until I have coins on it. If I now close my wallet and open it after 30 days, I got something for stake.
But after POW period is over, if my wallet is open then it give some "power" to network.


yes that is correct

pow or pos dosent matter about open close

even when pure pos it dosent matter about open close but in pure pos it will affect the network stability and security
closed wallet wont affect stake profit over time but will affect network and that's why staking devides your staked block by 2 to make 2 blocks required for the next stage then 4 then 8 - 16 - 32 - 64 etc

not sure if it applies to this coin but a lot of POS coins require you to encrypt your wallet then unlock it for minting  or it wont stake (but coin age will still be applied)

need dev to clarify on this one please if you don't mind (of course you don't mind I noticed nothing is too much trouble for you guys) pitty these devs didn't create this coin sooner. we got ourselves a good bunch of devs here

Correct as stated in one of our first posts concerning PoS. Encrypt wallet first, this will lock, then go to settings, unlock wallet, ensure unlock for staking is ticked and unlock with password.

Staking is now enabled.

The second you transfer Sterlingcoin OUT of the wallet stake stops. You then have to unlock once more.

If you RECEIVE Sterlingcoin staking will not stop.

Sterlingcoin - The cryptocurrency of and from the UK & British Isles for the world: http://Sterlingcoin.org.uk
SLG: SVCBaYnhFxqqgULfCLJFezzLTvXpPmhsZz
frant100
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September 27, 2014, 11:20:00 PM
 #1436

So in case of SLG

PoW Period: 6 Months
PoW Ends: Block 131,400
PoS Min: After Maturity
PoS Max: Unlimited
PoS Interest: 5.5% Annually

If I understand -until POW period is over ( in this case 6 month) it is not relevant is my wallet open or not until I have coins on it. If I now close my wallet and open it after 30 days, I got something for stake.
But after POW period is over, if my wallet is open then it give some "power" to network.


yes that is correct

pow or pos dosent matter about open close

even when pure pos it dosent matter about open close but in pure pos it will affect the network stability and security
closed wallet wont affect stake profit over time but will affect network and that's why staking devides your staked block by 2 to make 2 blocks required for the next stage then 4 then 8 - 16 - 32 - 64 etc

not sure if it applies to this coin but a lot of POS coins require you to encrypt your wallet then unlock it for minting  or it wont stake (but coin age will still be applied)

need dev to clarify on this one please if you don't mind (of course you don't mind I noticed nothing is too much trouble for you guys) pitty these devs didn't create this coin sooner. we got ourselves a good bunch of devs here

Correct as stated in one of our first posts concerning PoS. Encrypt wallet first, this will lock, then go to settings, unlock wallet, ensure unlock for staking is ticked and unlock with password.

Staking is now enabled.

The second you transfer Sterlingcoin OUT of the wallet stake stops. You then have to unlock once more.

If you RECEIVE Sterlingcoin staking will not stop.

thanks for a prompt response devs
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September 27, 2014, 11:20:07 PM
 #1437

frant100 - what else to say then thanks - saying whole process with simple words Smiley
DEV- thanks for detailed explain !
So If i send some coins to market I will need to repeat process so staking start again?
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September 27, 2014, 11:26:26 PM
 #1438

frant100 - what else to say then thanks - saying whole process with simple words Smiley
DEV- thanks for detailed explain !
So If i send some coins to market I will need to repeat process so staking start again?

Correct.

Sterlingcoin - The cryptocurrency of and from the UK & British Isles for the world: http://Sterlingcoin.org.uk
SLG: SVCBaYnhFxqqgULfCLJFezzLTvXpPmhsZz
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September 27, 2014, 11:27:51 PM
 #1439

frant100 - what else to say then thanks - saying whole process with simple words Smiley
DEV- thanks for detailed explain !
So If i send some coins to market I will need to repeat process so staking start again?
as I read yes if you send out coins it will interrupt the staking process so you will need to unlock the wallet for staking again via the settings menu
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September 27, 2014, 11:28:52 PM
 #1440

Whole process is now clear!
Thanks dev!
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