Proof-of-stake mining is similar to Proof-of-work at a technical level. It involves a sort of
lottery, similar to proof-of-work,
but the difficult of this lottery is weighted depending on how many coins you are staking and how many Coins you set aside for staking.
In proof of work, miners compete to add the next block (a set of transactions) in the chain by
racing to solve a extremely difficult cryptographic puzzle.
The first to solve the puzzle, wins the lottery.
In proof of stake, your chance of being picked to create the next block depends on the fraction of coins in the system you own.
A validator with 3000 coins will be three times as likely to be chosen as someone with 1000 coins.
So think of it more as a lottery, and the number of coins present in your wallet are your
tickets. The more coins you have, the more likely you are to win the lottery &
be allowed to process the current block. To clarify, this isnt an actual lottery, you get to keep your coins for the next round of staking if unsuccessful.
PoS creates an incentive for all to keep their wallets running 24/7, creating more nodes & connections for everyone to use, thus strengthening the network as a whole.
Minting begins at the
minimum of 7 days (not exactly 7 days) later after coins were transferred to your address (your wallet need to be unlocked for staking and open all this time).
The more coins you stake, the better chance you have at successfully creating a block, because of the weighted difficulty. Current "difficulty" : 13677.98752233
