Quote from: parker928 on June 02, 2014, 05:28:20 PM

Quote from: Kevondo on June 02, 2014, 04:48:57 PM

Quote from: socal on June 02, 2014, 03:14:14 PM

ok i missed something obviously I thought we were in PoS therefore how are we mining VRC?

Still in its infancy, the crypto world we R traveresing is a cyber-conundrum. The vast majority of people can't get their head around How BTC works. Those immersed in it R pressing on into the unknown creating code that's nebulous to all but those with IT and coding chops.

Here's how I THINK! Vericoin is proceeding.

POS is over. There is no publicly, active, mining going. Nor will there be. 26 Million Vericoin have been created.

HOWEVER. Staking creates/mines coins to pay the interest on coins being staked. So the Block chain is being added too by this action

Coins must be in Wallets to Stake. If U keep your wallet open it's good for the stability of the network and the coins "age/mature" and are awarded interest every 8 hours they remain in the wallet continuously. While staking, these coins cannot be spent/transferred. You can set a reserve in your wallet so you can ALWAYS have the number of coins that U may want to trade or spend available.

The accounting of Spendable, Available, and unconfirmed is tracked by the wallet.

If u open your wallet once a year U will receive the staking interest for all coins that have been in there for more than 8 hours. Then they will begin aging/maturing again. In the once a year scenario I believe (not sure) all the staked coins would then mature in 8 hours and pay interest

For always Open Wallets: As Coins start aging when they arrive in your wallet, every 8 hours they remain there "Staking" they generate interest. All interest is compounded. It's virtually impossible to get all your vericoin to stake simultaneously.

The VeriCoin Multipool

All hash (scrypt or X11 only) pointed @ the MultiPool is managed by an algorithm which selects the most profitable coins to mine @ that time. The coins being mined are anonymous to everyone but the pool master. The spoils from mining will then be sold on the open market for BTC on the exchange offering the best price. The total resulting BTC will then be used to BUY Vericoin (again @ the best price) on the open market and then distributed to the share holders in the MultiPool.

Payouts will be made @ an interval to be decided but more than once a day.

All this will happen automatically once the algo for the Multipool is complete.

Can U C the intricacies of coding that this algo requires? This is why it takes time and why we R lucky to have

The Best Development Team in Crypto

working tirelessly in the best interest of the Crypto Community to make this daunting piece of software known as Vericoin a true Masterpiece

Dev's or anyone in the know please make me aware of any inaccuracies

perfect

Only inaccuracy I see is that they can simply ask other devs for help (who throw up multipools every week) and be done in a snap. Still, they are working hard and that is much appreciated

Nice summary, also!