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I was able to mine Ripple for a time using boinc, will Stellar offer something like this? are there other ways to mine Stellar?

  • 2
    There is no mining in either Stellar or Ripple. Both systems had all their currency units created at inception. I am at a loss as to what you were doing when you were "mining Ripple"? Where you perhaps offering your computing power in exchange for being paid XRP? – Murch Apr 23 '15 at 22:36
  • Ripple and stellar dont have a mining mechanism. They verify transactions in decentralized servers and as far as I know you cant be a server. So Im not sure what you mean by minimg ripple and stellar. – abeikverdi Apr 24 '15 at 1:47
  • Someone was paying you to run Boinc. Just like someone could pay you for goods and other services. It had nothing to do with mining. I'm sure there will be other opportunities in the future to buy Ripple or Stellar or to get paid with them. – Dr.Haribo Apr 24 '15 at 9:20
19

The Stellar network does not have a mining-based currency. At the network's genesis, 100 billion stellars were created. The only other stellar creation mechanism is inflation. To account for both economic growth and lost stellars, there is a fixed 1% annual rate of new stellar creation. These new stellars will be generated on a weekly basis and distributed via a direct voting method.

Mining in the Bitcoin network: 1) creates the currency 2)distribute the currency 3) verifies transactions across a distributed, decentralized system.

Stellar achieves the first by generating the stellars at genesis. Distribution of stellars is regulated by the Stellar Development Foundation, the nonprofit that supports the protocol. 95% of all the stellars are set to be distributed to as many people worldwide as possible through a series of giveaways specified in their mandate. Stellar achieves the third—decentralized agreement—with the Ripple Consensus Algorithm. In future, Stellar plans to switch to a new consensus algorithm called Stellar Consensus Protocol (SCP). The technical details of SCP are detailed in a white paper by Stanford Professor David Mazieres.

One can acquire stellars by trading on an exchange, trading within the Stellar network, being a recipient of inflation voting, and/or through the Foundation's giveaway programs.

  • "Distribution of stellars is regulated by the Stellar Development Foundation,". How do I distribute the lumens (formerly, stellars) if I am a private blockchain leveraging Stellar? – cogitoergosum Feb 7 '17 at 8:15
1

"All these Stellar Cores—the network of nodes—eventually agree on sets of transactions. Each transaction on the network costs a small fee: 100 stroops (0.00001 XLM). This fee helps prevent bad actors from spamming the network."

They collect transaction fee's and offer their core to download.. Sounds like mining fees to me. However they never mention "mining"

So to mine install the "core" software I guess. Trading for XLM or being gifted XLM is not the same.

  • running the core software does not mean you will receive rewards based on transaction fees like bitcoin miners do. See the FAQ: "The network also collects a base fee for each operation in a transaction. The funds from base fees are added to the inflation pool. As a balancing measure for the ecosystem, anyone who holds lumens can vote on where the funds in this pool go. Each week, the protocol distributes these lumens to any account that gets over .05% of the votes from other accounts on the network." – Noam Hacker Dec 29 '17 at 21:29

protected by Community Jan 17 '18 at 19:00

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