Ninjastic
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Board Announcements (Altcoins)
Re: [ANN] [SWIFT] BitSwift | 100% PoS w/ 4mil Total Supply (PoD + Crypto Certify)
by
acejudas
on 10/10/2014, 16:59:52 UTC
Quote from: GailSan on October 10, 2014, 04:21:22 PM
Quote from: Eastbay on October 10, 2014, 03:27:56 PM
Quote from: broseph on October 10, 2014, 02:59:15 PM
Quote from: GailSan on October 10, 2014, 02:54:57 PM
Im almost frightened to post using my new account because Im a new member Undecided

Can someone explain staking to me. Im getting some small amounts of Swift sent to
my wallet. Is this anything to do with my 4000 Swift coins? Is it interest or something?



To put it very simply, when you leave your wallet open for staking you are helping the network out. For doing that, the network rewards you with coins that are equivalent to anual interest based on the amount of coins you have.


Yes POS is just like POW only difference is the "hashing power" instead of coming from MH's from a ASIC its calculated by the total amount of coins you have staking compared to the total amount of coins in the supply, and then the annual interest (say 10%) is divided between the staking wallets

Staking also pushes the blockchain foreward just like POW mining so it will help secure the BitSwift network the more spread out the staking coins are

you definitely dont want to have no one staking or else some asshat is going to hit us with a double-spend attack like what happened to NAVAJOCOIN, speaking of P.O.S. and im not talking about staking....


and dont worry about posting with a new account, i too have been around for about a year and often lurk wayyy more than i post

Thanks for the help. Appreciated  Smiley
Ok so I do have to keep the wallet open to get my interest.
I wasnt sure about that. I do like free Swift  Grin



Staking is awesome. None of my BitSwift is on the exchange, haven't been since day 1.  Holding my coins here to secure the network for months and years to come. BitSwift for the win.