I have some questions about PoS... I've read about it and understand the general concept, but I think an example with real numbers would very useful.
So can someone describe what will happen for someone holding 100000 ECCoin? If I have 100k today, will it start paying PoS interest in 42 days or is it from the time PoW ends? Is there a minimum amount required?
Thanks!
No minimum required. 25% is the annual rate, so 100K you hold 42 days, will generate approximately
100000 * 0.25 * 42 / 365 = 2876 ECCs.
And then you hold 102876 ECCs, hold another 42 days will generated you
102876 * 0.25 * 42 / 365 = 2959 ECCs, and so on and so forth.
This helps but also confuses me more at the same time...
You make it seem like interest payouts (aka
PoS rewards) are only paid out every 42 days, but isn't it 42 days of holding? The example shows that after 84 days, I'd have 102876 ECC, but aren't there any rewards paid on days 43 to 83 on the 100k stake?
So on the first day of PoS rewards, 2876 ECC are earned from holding 100k as shown, and wouldn't the same be earned the on day 2 of
PoS? Then after 42 days of holding the first 2876
PoS reward, it starts earning PoS reward as well?
I guess what he said is that you hold 100K for 42 days, then you will get 2876 ECCs in pos blocks, then you have 102876 ECCs now, holding them another 42 days will generate another 2959 ECCs for you. Pos is exactly like interests, and the 2nd time you like get the compound interest, your 2nd interest is based on 102876 that's why you get more 2nd time.