22/10/2017
So I'm getting a lot of questions how people can stake in SWISSCOIN, how does it work, what is PoS etc etc, so I wanted to make this brief post that will take you through the basic of PoS and how you can start staking with swisscoin.
First of, a PoS algorithm is not that different from a PoW, in PoW you have to use heavy hardware using lots of electricity power to solve a mathematical problem creating the longest consensus, this process is called "mining" and is the process that confirms and validates the transactions done in the blockchain.
The reason people "mine" is because if you are the owner of the computer used to "mine" that particular block you will be rewarded with new coins distributed by the blockchain for each solved block, this is also a way to control the issuance of the currency and create a growing demand while being circulated.
while in PoS we do not "mine" the blocks with computer power (hash power) we rather use the coins we already have to "stake" a block, meaning we put our own assets in validating the transactions through the software, the more volume you have in your staking (volume = coins) the more often you will be staking. In a PoS like swisscoin there is no further issuance of coins, there is the full total supply from start and that's it.
So what's in it for those staking, since no more coins are issued? What will make people hold their coins and stake the network?
That answer is pretty easy, in PoS, since there are no further issuance of coins, the system is rewarding the person staking a block with the transaction fees in the particular block you juts staked, this can be anything from 0.01 SIC to several hundred SIC depending on how many transactions is in the block you are staking.
The staking is randomly chosen by the software and is only dependent on the volume you put up, the higher volume you stake the more often you have a chance of being selected as the staker by the program, remember it uses your current coins to add value to a block in order to create the consensus (longest continues algorithm) to "forge" the block
This way of running a blockchain network has proven to be more cost efficient, more safe and more decentralized as in PoW it tends to be more centralized mining when the difficulty is high as very costly machinery is needed, in PoS it stays decentralized as no hardware is needed, you only need to keep your coins in your offline wallet and keep it open and you will be participating in staking and can earn more coins from doing nothing.
We see major top 2 currencies such as ETH change their PoW to PoS now as they see more benefits for both the coins and the community by doing this, they are also leaning towards the facts that PoS is more cost efficient and eco friendly due to no hardware and no huge electricity costs will appear.
Download the SWISSCOIN credit wallet today and start staking your coins to make more 👏👏
After all said and done
Swisscoin has proven to be a Cryptocurrency. It is now listed on
https://coinmarketcap.com/currencies/swisscoin/
And on the first exchange @
https://www.coinexchange.io/market/SIC/BTC
their block explorer can be seen at
https://www.blockexperts.com/sic
Or
explorer.swisscoin.eu
desktop wallet @
WINDOWS OS
https://storage.swisscoin.eu/system/SIC-Offline-Wallet-Windows.exe
MAC OS
https://storage.swisscoin.eu/system/SIC-Offline-Wallet-MAC.dmg
Linux OS
https://storage.swisscoin.eu/system/SIC-Offline-Wallet-Linux64
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