Hello , all
I have a question
When each block stacks, does each block have to go through the maturity of 7 days again?
I know some wallet does, that but don't know if this coin does this...
kprell40
Hello kprell40, yes, that is correct.
Colossuscoin2's proof-of-stake system combines randomization with the concept of "coin age," a number derived from the product of the number of coins times
the number of days the coins have been held.
Coins that have been unspent for at least 7 days begin competing for the next block.
Older and larger sets of coins have a greater probability of signing the next block.
However, once a stake of coins has been used to sign a block,
they must start over with zero "coin age" and thus wait at least 7 more days before signing another block. Also, the probability of finding the next block
reaches a maximum after 28 days in order to prevent very old or very large collections of stakes from dominating the blockchain.
This process secures the network and gradually produces new coins over time without consuming significant computational power.
Coinage is measured by the amount of Coins times the number of days they have been stationary in your wallet.
After one Week of being stationary in your wallet, Coins will be eligible to "Stake" and will compete on the network to prove ownership.
Once you have some Blocks of Coins that are above the minimum age, the little green arrow will light up in your wallet.
Coinage accumulates automatically, you do not need to have your Colossuscoin2 wallet running but once your Coins are past the minimum age of one Week,
they will only Stake once your wallet is open, online and connected to the network. All fees are paid to Stakers which increases the Proof of Stake Block rewards.
At a minimum age of 7 days people can receive a a static block reward of 5000 Coins per Stake and as time goes on it increases the active Coins Staking on the network.
Staking is important because it provides consensus and security for the network, the more people Staking on the network the stronger it is.
The Staking is fairly straightforward, all Proof of stake Blocks reward 5000 Coins per Block at 2 minute Block times.
Average Block to Stake currently is between 50,000 - 100,000, this is the amount of Coins in one transaction sent to
an address in your wallet. Lower amounts would take longer to Stake with a maximum of 28 days when Coinage stops growing.
Coinage is calculated as the number of Coins * the amount of days past.
