Quote from: raiuk on February 09, 2014, 09:28:03 AM

Quote from: nequaquamvacui on February 09, 2014, 09:26:03 AM

Quote from: raiuk on February 09, 2014, 06:59:23 AM

Quote from: landslide on February 09, 2014, 06:38:21 AM

Read through the OP, this coin has a great concept!

what happens after 5 weeks. All miners will leave, no one is going fight for 1 mint. How is this supposed to work?

Google for Proof-of-Stake Algorithm. After 5 weeks new coins are generated as a form of interest, no need for miners. The network will be secured even without miners. When holding a certain amount of coins for a certain amount of time in your wallet, new blocks will be generated automatically from it.

the question is who will process SEND transactions.

I suppose it works similar like with Nextcoin, which is explained here: http://bitcoin.stackexchange.com/questions/20007/how-does-proof-of-stake-mining-work

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In Nextcoin, proof of stake is used. So the "mining" process there is just about holding coins and leaving your computer on. It doesn't involve powerful CPUs.

Each block (every 60 seconds), a random Nextcoin is selected to be the next "miner". There are 1 billion coins so the odds of a single wallet being selected is the number of Nxt in that wallet divided by 1 billion. (Also, it's possible to calculate and agree on who that node is so the transactions need only be sent to that particular wallet.)

If a node with the selected wallet is running, it will collect the transactions, make a block, and send it to the rest of the network and collect the fees. If the computer is turned off, however, then the entire network will have to select a different nextcoin to make the transaction. This time, the unresponsive wallet will be ignored. The network would suffer in that the time to make a block is decreased, but the thought is that people wouldn't leave their computers off if they have a lot of NXT because they're missing out on all the fees that they could have collected.