Quote from: G K G on March 07, 2014, 01:15:50 PM

Yes POS helps is a better method for securing the netwok because it is more resistant to 51% attack. In a POW minting , if one node has 51% or more of the network's hashing power, it can possibily perform a 51% attack.
But to perform a 51% attack in POS system you'll need to have 51% of the total coins in circulation, which is highly impossible. In this case one needs to have more than 50billion coins to do a 51% atttack.

Quote from: G K G on March 07, 2014, 01:10:09 PM

Quote from: locopao on March 07, 2014, 12:44:09 PM

Quote from: guntherp on March 07, 2014, 10:57:50 AM

Quote from: aircrusan on March 07, 2014, 10:46:00 AM

noob question:

What does PoS mean? Huh

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

Thanks a lot!