Quote from: gazzamc on March 07, 2014, 10:28:45 AM

Quote from: guntherp on March 07, 2014, 10:27:35 AM

Do we know when PoS will start?

When your coins have been in the wallet for 20 days or more... I believe.

Found it. Wasn't mentioned in the post here

Zeitcoin (ZEIT)

Zeitcoin is an innovative, secure and energy efficient PoW/PoS coin. It uses a faster PoW distribution mechanism to distribute the initial coins, then after 6 weeks the coin is basically transferred to a pure PoS coin, where the generation of the coin is mainly through the PoS interests.

Zeitcoin also adopt a variable PoS rate, which gives the highest payout at 25% the first year, then decrease 5% per year until the 4th year it reaches annual interest rate of 5%, then it will remain at this rate.

Because after 6 weeks it is basically a pure PoS coin, it does not need to be intensively mined, as the PoW payout will remain the minimum. Most coins will be generated through PoS, thus it is a coin that will save a lot of energy compared to other coins.

Zeitcoin will have a total of 99 billion coins. Initially each block will deliver 250000 to 1000000 coins randomly. The PoW payout will be halved each week (7 days). After 6 weeks, the PoW payout will be fixed at 1 coin per block.

PoS will start after at least 20 days of holding of the coins in the wallet. With PoS, the coin is more resilient to 51% attack.

Other Specifications: - 30 seconds block target - 250000 to 1000000 coins per block initially - PoW payout will be halved every week for the first 6 weeks - After 6 weeks, the PoW payout will be fixed at 1 coin per block - Difficulty retargets every block - PoS variable interests: - 1st year: 25% - 2nd year: 20% - 3rd year: 15% - 4th and subsequent years: 5% - Total coins will be 99 billions - 4 confirmations for transaction, thus fast 2 mins confirmation for transdactions - 50 confirmations for blocks - 1% premine for bounties, giveaways, development, support and maintenance, new feature developments etc.

guntherp

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