Post
Topic
Board Announcements (Altcoins)
Re: ANN CureCoin is launched 5/10/2014
by
bardacuda
on 17/05/2014, 00:08:33 UTC
same as PPCoin:)
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What is minting, exactly?
All coins in the network collect coin age. Your stake is calculated from this coin age, measured by last transaction, and multiplied with the amount of coins (time * coins). Transferred coins lose their age and start a new "life" as fresh coins. When you keep coins for 30 days, they are old enough to start the minting process. From that moment on the software tests the "search space" given by the coin age, the limited options are tested if they "solve the puzzle" like in Bitcoin mining. You can simply think of this by comparing it with a raffle. But it is a raffle that lets you keep the tickets every time you do not win a round. And with it the chance of producing a valid solution of the next puzzle increases. More coins equal more raffle tickets. So 100 coins at an age of 30 days are twice as likely to solve the "puzzle" as 50 coins with 30 age days. The maximum age a coin can have is 90 days, after this the coin does not age further. When a puzzle is solved you can mint 1% of your input, by sending 101% of the coin to yourself. With it you "consume" your built-up coin age. As you test against a limited number of raffle tickets (the "limited search space"), this requires significantly less power. Attacks become more difficult as well, instead of controlling 51% calculating power to take over the block chain, you need 51% of the coins that are put up as stake! When a block is minted, your new coins will be unspendable for a period of 520 blocks (~ 3.6 days with 10 minutes blocks). **More information can be found in the Peercoin whitepaper.**

Minting Return
Statistically you will get 1% interest on average on your coins per year if you mint. You only mint when your wallet is open, but as the resources use is a lot lower this will not lock up the computer or waste much power. Your wallet is unlocked, but you will still need your passphrase for transactions. An alternative strategy would be to wait until you have a lot of coin age and have a larger chance of minting a block. This would be around 90 days after transaction. However your return will be a little less compared with constant minting. Future wallet version will support in-wallet minting, possibly without decrypting.

The Curecoin-QT wallet software takes care of this whole process automatically, but it needs some configuration before it can start.
#In console, type this - walletpassphrase 99999999 true -hit enter.Give it a minute or so for the wallet to unlock.Good to go.


Thank you for the very informative reply. So you still need the password to do transactions, but your wallet is not encrypted? So does this mean if someone were to acquire my wallet.dat file that they can empty it without having the password?

EDIT: Also, how do you know when you've "solved the puzzle"? Will the wallet client tell you?