How to earn more PPC using PoS blocks

edited March 2014 in Peercoin

Hello.


PPC besides the "normal" Proof of Work (PoW) blocks has also the capability to generate you new coins using Proof of Stake (PoS). Many miners don't know what this is and how it works, so I'll try to explain in simple terms.

Proof of stake is a method of securing the network. And it's a system that rewards the miners for helping securing the network. They do this by minting PoS blocks. PoS blocks are similar to PoW blocks. Except no power hungry mining is required to earn them. They secure the network in the same way as PoW blocks and make 51% attacks very difficult. You would need to have a sufficient amount of the currency up to 51% as well as 51% of the hashpower to invalidate both the PoS and PoW blocks making a 51% attack very costly.

Now, how do I get more coins? Easy! All users with a wallet running with coins older that 30 days are able to generate new blocks. The network will generate a new block using some coins of your wallet (locking them during the normal 520 confirmations used on PPC). At the end of the 520 confirmations, you get your coins back plus a reward for having your coins locked to generate a new block!

See, that's easy! :D

Some usefull links:
More in depth explanation -> https://en.bitcoin.it/wiki/Proof_of_Stake
PPCoin Proof of Stake Minting Setup Guide -https://bitcointalk.org/index.php?topic=187714.0

The GMC admins
khaos & Serraz

Comments

  • So would need some PPC coins in a wallet and have that wallet be over 30 days old? Hmm.. have to wait until I get some coins then before I could actually try this out after a month had gone by whith them in the wallet.

  • te wallet needs to be running 24/7 and cannot be locked or encrypted to earn stake. but stake generation will not start untill the coins are 30 days old

  • So is it only the coins that need to be a least 30 days old or the wallet? So if you had coins in your wallet that came from someone else and had been around for 30 days?

    So if I had a wallet with 1 coin in it, would have to wait until 30 days later before would be able to do that. Or if any of the coins in that wallet had existed more than 30 days prior that it would work.

  • correct say you bought coins a month ago they will generate stake as long as the wallet is open 24/7.Same as if you mined them elsewhere. once the coins reach day 30 they are able to generate stake.

  • Just to let you know, setting this up on a mac requires a little bit of work, but there is a great guide here:



    Happy mining!
  • Is there a different ppc qt wallet now or something, the one I have never connects to the network. It always says no connections yet my other wallets work fine.

  • it will say cehckpoitn too old until it has finished downloading the blockchain. but i downloaded the latest one from their website and it works fine

  • @Drakona


    Your client is not getting enough nodes to sync. Edit your ppcoin.conf and add the following lines:

    addnode=66.90.146.146
    addnode=91.156.102.128
    addnode=110.174.124.20
    addnode=67.14.164.114
    addnode=37.209.40.22
    addnode=50.71.216.165
    addnode=109.108.236.208
    addnode=173.28.37.150
    addnode=68.102.86.156
    addnode=213.251.187.24
    addnodd=188.134.122.31
    addnode=72.38.179.122

  • Strangely enough after I restarted my computer it started to work. Thanks for the attempted help though. Now just need some coins for it. lol..

  • Well, restarting stuff is the IT way of fixing things :D


  • If you've already locked/encrypted your wallet, you can unlock it for minting purposes only.


    Open the console within the wallet.  type in the following with your wallet passphrase:

    walletpassphrase <passphrase> 999999 true

    You should now see a green lock symbol in the lower right hand corner of the wallet, and it should say  "Wallet is Encrypted and currently unlocked for block minting only"
  • How the heck did you figure that out?

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