I'm sure someone has asked in the last 53 pages but i dont have the time nor patience to dig, what's the POS % on this? 5%? and also just to make sure i have been informed correctly, launch in 4 1/2 hours? thanks guys sorry if you have been over this already. Normally i would read all of it as i'm sure there is plenty of good troll comedy back there somewhere and i'm a sucker for troll comedy. I assure you i will check it later when I have the time. Thanks and good luck.
to my understanding there is no POS on blocknet shares. The amount issued during IPO will be the only "coins" or "tokens" that will evert exist.
hmm, i didnt think so either but the wallet has the stake feature.
POS is set to 3% interest
Interest is needed to keep the network strong so people will run their wallets from time to time. Self-evident for people that have read up on POS and POW.
Here is a short summery for those wondering. Block-chain technology is a decentralized time-stamp server. The time-stamp can be generated in two ways, POW where miners generate them or POS where open wallets reach consensus based on PC clock.
When all coins are mined POW coins like bitcoin and litecoin will rely on transaction fees to pay off miners for their service of generating new time-stamps.
POS pays interest to ensure that those with wallets opens their wallet from time to time to help generate a timestamp.
This is why Blocknet has to have POS.
An alternative could have been building it on-top of another coin like NXT, but that's a whole different story of pros and cons.