Re: [ANNOUNCE] paccoin a new SHA256D coin is being introduced
by
Rocky23
on 08/01/2018, 05:49:16 UTC
The PacCoin wallet https://paccoin.net/paccoin-windows-wallet-installation Using POS/Minting to get more PacCoins: https://paccoin.net/paccoin-windows-wallet-installation The PacCoin wallet has been designed to be user friendly for PoS minting rewards. PacCoin wallet versions 5.0 and beyond require no additional steps to mint coins, you simply generate an unencrypted wallet that you intend to leave untouched for 30 days, send the coins to the wallet, and wait with the wallet on or offline during the aging process. Once the blocks have successfully aged, connect back to the network and you will now be competing for stake. ...
Using POS/Minting to get more PacCoins:
PacCoin has the normal Proof of Work (PoW) blocks of 500 coins but PacCoin also has the capability to generate new coins using whats called Proof of Stake (PoS). Many crypto-enthusiasts dont know what this is and how it works, so well try to explain in simple terms.
Proof of stakes real purpose was meant to secure the network. PoS is a system that rewards the coin holders for helping to secure the network. PacCoin does this by minting PoS blocks. PoS blocks are very similar to PoW blocks. The big advantage to PoS blocks is that there are no ASIC miners needed to earn them! Just secure the network and this makes a 51% attack almost impossible to achieve. You would need to have a huge amount of PacCoins at 51% as well as 51% of the hashpower to invalidate both the PoS and PoW blocks making a 51% attack VERY expensive!
Now, how do we suggest you get more PacCoins? Easy! All users with a wallet running with coins older that 30 days are able to generate new blocks. The network will generate a new block using some coins of your wallet. After the confirmations, you get your coins back plus a reward for having your coins locked to generate a new block!