Re: [ANN]Faircoin - The First Fairly Distributed COIN -10 minutes to launch
POS only significantly reduces the hasing power needed, you still need a p2p network for a p2p currency to work don't you?
P2P network does not mean mining. If everyone has a wallet with connected peers and does not mine, the P2P network is still established.
Difference with the POS is that you dont need to hash for it, but rather be lucky. Therefore you dont actually "mine" the coins and thus dont need pools.
At least thats how i understand it.
mining/minting there are still hashes to be made, arent they?
just that the difficulty is far far lower, because the deterministic factor is not hashpower, but the stake in the coin?
anways, i definitely have to read up in detail on this
