What is Pos?

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kevle
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Tue Oct 03, 2017 1:23 pm

Proof of Stake (PoS) was first introduced to the world in 2011 and implemented in 2012. A huge problem with big coins like Bitcoin and Ethereum which still use Proof of Work (PoW, the well-known “mining”) is the fact that miners need an immense amount of energy for 1 transaction. PoS is about to change that. With PoS one so-called “node” will be chosen to simply process the transactions without needing to solve complex math puzzles, like in PoW. Other nodes will verify the block. In order to penalize any attempts at cheating, the node’s owners must lock some of their coins in a virtual safe (staking) and this stake will be forfeited if any funny business is detected. The more coins you stake, the more likely it is you will be chosen to create the next block.

To put it simply: you leave your INFO wallet open and wait for rewards while at the same time you’re helping to maintain the InfoCoin network. This system proofs to enable more transactions per second and PoS currencies are a lot more cost efficient. There is no mining, no need for expensive computer equipment and therefore no fear for a large electrical bill.
InfoCoin: Crypto by the Community, for the Community INFOMOD Discord TwitterWebsite ScratchGame


Ngiyup
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Thu Feb 15, 2018 12:05 pm

I am still looking for the meaning of "your weight 3456, network 2345. Stake est 2 minutes". At this point, still dont receive reward after +/- 1 hour.

Desperado
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Sat Feb 17, 2018 5:41 am

I have wallets that have more wieght than the network yet they do not stake. In particular my Copper coin wallet. My Info and Katana wallets stake like Champs

Tuberinan
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Fri Mar 23, 2018 3:51 am

I like pos mining very much as I don't have an opportunity to buy mining hardware and I don't think it is relevant when most major players are turning to pos.
So I only need to Buy coins, transfer them to the desktop wallet and keep the wallet online.
Right now I mine Cryptonex (cnx) and receive 12% annually. The most important thing is that cnx coin growth isn't included in 125, so my coins are increasing in price, and at the same time they bring me 12% in addition to it. I benefit much from cnx mining.


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