In Nextcoin, proof of stake is used. So the "mining" process there is just about holding coins and leaving your computer on. It doesn't involve powerful CPUs.
Each block (every 60 seconds), a random Nextcoin is selected to be the next "miner". There are 1 billion coins so the odds of a single wallet being selected is the number of Nxt in that wallet ...
For Peercoin specifically, PoW and PoS blocks are independent. Just as you're betting your consumed electricity and CPU-time vs. the possible PoW-blok's reward, in the PoS blocks you're betting your coin-age: the amount oF PPC you own multiplied by the number of days they've sitted idly at your wallet. It must be a minimum of 30 and a maximum of 90 days for ...
If it is a web wallet that holds your private keys, then it is certainly possible that the service is staking your coins for you, but this may or may not be a feature that the developers of the particular web wallet have implemented. It is also possible that the web wallet creators take the stake as a payment for their service, which I hope the service would ...
The general problems you are describing are inherent flaws in PoS, but you've caught onto some of the basic principles that are going to impact the security and integrity of the cryptosystem.
Anyway, even if we can't roll back in time, could we edit the program to try as many hashes as possible every second. For example, suppose we try 100 times to hash ...
Peercoin's code is based on Bitcoin's code. We started a Wiki to document the differences. This Wiki can be found at this address: https://wiki.peercointalk.org/index.php?title=Main_Page
You can start with the block structure for example: https://wiki.peercointalk.org/index.php?title=Blocks
We do not have any technical paper apart from this.
PPCoin and other coins use Proof of Stake in addition to Proof of Work. Stake is how long a coin has been idle multiplied by its value. If you've been holding many coins for a long time, you can spend their coin age in lieu of poof of work. The fear is that someone will hoard coins, gather a bunch of age, and then double-spend and use his accrued coin age ...
Despite being an interesting and fun problem, it will be likely pointless, due to arbitrage.
Since there is at least an open exchange supporting each currency, and since we can safely assume there is at least one single bot or person exploiting arbitrage, you will most likely get the same value for every currency.
Here it is:
Note that this chart goes only up to March 2014. In the future, when proof of stake dominates, there will be a steady 1% inflation every year, but also 0.01 PPC will be destroyed every transaction. It is not known exactly what will happen, i.e. whether the 1% inflation or the destruction of coins every transaction will be a more significant ...
Crypto Street is a platform launched to do exactly this. We support BTC, LTC and FTC for now. We plan to add additional altcoins as they prove viable or in some way substantial.
(DISCLAIMER: I am one of the owners of the site).
Yes, but it's not a great idea to do that. Coins need to sit in a wallet for at least 30 days before they start generating stake. I would never leave coins in an exchange\online wallet idle for 30 days.
It would take around 1.6 TH/s to mine that as BTC and then exchange it, or 2 TH/s to mine that much PPC (not counting minting the PPC that you're mining, which is supposed to work out to 1% per year).
Cointerra sells a 1.6 TH/s miner for $3,500. With this $17,500 investment (plus any computers, electricity, maintenance, time, etc. associated with that), yes,...
Centralized checkpoints is a mechanism whereby nodes trust a certain hardcoded key to make new checkpoints. This means that in case of a fork, the key owner can make the network choose any branch he wants, even the one which is shorter. If this key is compromised, an attacker can use it to mount an equivalent to 51% attack with any hash rate. This, together ...
In case of fork, according to whitepaper, the chain with highest consumed coin age wins:
The protocol for determining which competing block chain wins as main
chain has been switched over to use consumed coin age. Here every
transaction in a block contributes its consumed coin age to the score
of the block. The block chain with highest total ...
Good day! Finally I found a solution, I hope it will useful to someone.
The problem was that I tried to sign inputs before adding outputs and other info into transaction. So now I add inputs with method addInput(). Before I did it with addSignedInput() method. After adding all inputs and outputs in my TX I try to sign every input manually:
for (int i = 0;...
A Bitcoin address always start with 1 or 3.
A [Litecoin] address always starts with the letter L.
A Peercoin address starts with the letter P.
Assuming you can figure out how to check the first character in php, you can distinguish between different addresses. Then you can program whatever value you want into the transaction. Good luck!
I'm not familiar with PPC, regarding NXT it has proven itself to be secure and scalable in the last 18 month defeating many attack attempts.
It has many features that are not available in a plain vanilla Bitcoin blockchain and cannot be directly compared to Ripple which is not blockchain based as far as I know.
To get started with NXT visit nxtforum.org
Since most crypto-currencies are a fork of Bitcoin, you can get nitty gritty technical details from the Bitcoin wiki, specifically from the technical category.
Say you want to know the specifications for communication, the Protocol Specification article will help you out with how packets should be formatted down to the bit. It will have all sorts of ...
This issue helped me solve my issue:
running the command
sudo lsusb -v
I get this out put, is this correct?
idVendor 0x03eb Atmel Corp.
idProduct 0x204b LUFA USB to Serial Adapter Project
iManufacturer 1 BFMG
iProduct 2 Bitfury BF1
add the lines below to this ...
Proof of Stake uses fundamentally the same process as Proof of Work, but with a few key differences.
In Proof of Work miners are searching for a hash of the transactions in mempool + data from the last blockheader, and that hash must be below a certain target value to be accepted by the network. The target is the inverse of difficulty, essentially the new ...
Yes, CGMiner dropped GPU mining support from version 3.8 upwards - you need to get 3.7.0 which still has it and still works like a charm (at least on Windows and Linux). Be careful to check at a profitability calculator if it's worth it - given too many people with ASICs have diverted them for other SHA256-powered coins, you might not cover your costs.
Search space in cryptography refers to the sum of how many different solutions there can be. For example, a bit has a search space of 2 - 1 and 0, white a byte has a search space of 2^8 or 255.
In this context, the search space refers to how many different possible hashes there can be for the proof of stake (I believe) algorithm.
alice finds the most blocks. 520 confirmations + 30 days of no-stake makes a maximum of 12 blocks per year from the same coins. compound interest makes no impact at all with 12 compounds and 1% ROI .she makes max 1.00437%
bob makes a perfect 1.00% but loses a lot of stake and risks not finding a bloc in that week.
charlie makes 1.00-1.00437% depending how ...