noob question:
What does PoS mean?
thanks
What does PoS mean?
thanks
PoW: proof-of-work, mining, will stop after 6 weeks
PoS: proof-of-stake, minting, coins are generated without mining based on the amount that you have in your wallet (for at least 20 days in this case)
When you say "proof-of-stake, minting, coins are generated without mining based on the amount that you have in your wallet" you mean that i will have some extra coins added into my wallet without doing nothing at all, just for keeping the coins for at least 20 days?
In wiki i read "Proof-of-stake is a method of securing a cryptocurrency network through requesting users to show ownership of a certain amount of currency."
Sorry for my stupid questions but i cannot find someone to explain this to me.
Regards
Actually its both.
actually POS is also a way of minting. but it doesn't take any of the cpu or other hardware's power.
POS is a method of mining blocks called stake-blocks. In this case after 20 days a transaction is recieved, that transaction becomes eligible for POS minting. So instead of using the hashing power of your hardwares the POS minting uses the no.of coins and coin-age of that transaction to mint the Stake Block. The reward also depends upon the no.of coins and coin age, meaning when a transaction mints a Stake block it calulates the stake percentage for the transaction for the un-rewarded coin-age. In this case you'll recieve an average of 25% p.a during the first year